Property Market in Pune - The Tech City

Pune has successfully emerged as the most preferredthe supply. Pune property market is one the most
centre for multinational companies due to its strategicactive markets of Western India and one of the
location. This city, located on outskirts of the state offastest growing too. More and more investments are
Maharashtra is witnessing a boom in its real estatebeing poured in by the leading property developers,
sector. In spite of the global slowdown, the demand forlocal realty players and multinational companies setting
residential and commercial property in Pune has beentheir foot in the city.
growing. This 'tech city' was never really put forwardVarious affordable housing projects are also planned
for its realty market until recently and has today,along the borders of the city. The focus on these
become one of the hottest property destinations.bordering areas has risen due to high capital and rental
Some of the important reasons that contributed to risevalues and real estate developers are obviously
of real estate in Pune could be low rate of interestsgrabbing the opportunity with open arms. The demand
offered by banks, its proximity to Mumbai, immensefor medium budget housing is also continuously seeing
potential for growth, excellent infrastructure, goodan upward trend in Pune. According to the estimates,
climatic conditions and many others. This 'cultural capitalPune is required to construct more than 50, 000
of Maharashtra' has a well know name as anresidential setups every year in order to meet the
education hub since it houses large number ofhousing needs of the inhabitants. Maharashtrian
esteemed colleges and educational institutions.Government has given the nod for various real estate
Students from all over the country throng the city,projects like integrated townships by private players
raising the demand for all kinds of residential propertiesunder the model of Public Private Participation (PPP).
like apartments, houses, flats, etc.Some of the projects include 'Amanora Park Town' by
It is primarily the flourishing of IT industry that drives theCity Group; Greensville Sky Villas and Emerald City in
demand of real estate in a city and the same appliesKharadi, Regent Park in Baner by Gera; Bloomfield in
to development of Pune. Along with variousAmbegaon by Amit Enterprises; Princetown in Undri by
commercial establishments being set in the city likeKumar Properties; Picasso in Hadapsar by Kumar
commercial complexes, offices, world classProperties and others.
infrastructure, etc., there is a need for creating morePopularly known as 'Oxford of the East', Pune is now
living spaces. The professionals employed in these ITthe centre of development with a slew of both IT and
and BPO industries also have to be accommodated inresidential projects coming in. It has now become a
the city which needs building up of various types ofcompetitor to India's 'Silicon valley', Bangalore in regard
residential properties, thereby, fuelling the demand forto the IT investments. Pune was once famous as
housing.'Pensioner's Paradise', a sleepy suburb with a cover of
The real estate industry of Pune has not beengreenery, the salubrious climate and the pollution free
affected much even during recession and even thesurroundings. But, it has now forsaken the identity of
prices were found to be quite stable. There was abeing a laid-back city and started in full gear to come
very minimal drop in prices back then and with marketclose to IT destinations like Bangalore and Hyderabad.
already picking up, they are all set to rise. The demandThe 'Queen of Deccan', Pune is clealy an upcoming
for property in both residential and commercial sectorcosmopolitan city.
has been increasing so much so that it has exceeded