When
we look at Pune's real estate market, we see ample justification for it having
emerged as one of India's most aspired-for residential property investment
destinations today. Its advantageous connectivity to Mumbai is only the
tip of the iceberg, though this fact did play a big role initially.
Pune
also has an unmatched economic profile, with a huge number of multinational
companies and industries active in and around the city. Pune's economy is
significantly driven by foreign business, and this fact has resulted in the
city becoming an independent economic microcosm that no longer depends on
Mumbai - or, for that matter, any other city.
The
jobs being created by the multitude of large domestic and global industries
have made Pune one of the most important employment markets in India - and employment
drives demand for real estate. This dynamic has resulted in a quantum boom in
real estate development.
Without
a doubt, Pune's urban growth has been phenomenal, and each year sees more and
more people migrating into the city from all over India. The fact that Pune's
population is growing so rapidly has made it necessary for new infrastructure
to be put in constantly.
 |
| Mr. Arvind Jain, Managing Director - Pride Group |
However,
even though we are seeing constant infrastructure upgrades in the city, the
fact is that the Pune Municipal Corporation has been largely unable to meet the
pressing requirements for better roads, parking, public transport or
electricity and water supply.
This
is indeed worrisome, as Pune will expand dramatically over the coming years,
both geographically and in scope. One of the most important aspects that
will need to be looked at is inter and intra-city road connectivity. Pune's
many residential and commercial nodes need to be much better connected, and its
connectivity to other key must also be upgraded cities.
The
work at hand includes the construction of new roads and widening of existing
roads, building more flyovers and subways to reduce traffic congestion, and
more reliable public transport.
In
this scenario, the upcoming 90-meter wide Ring Road that will provide connectivity
between the Pune Municipal Corporation and the neighbouring Pimpri-Chinchwad
Municipal Corporation (PCMC) is an infrastructure initiative which will make a
huge difference.
But
more than connectivity, the manner in which the Ring Road has been planned once
again highlights how important PCMC has become in the overall Pune growth
story.
The
PCMC presents a picture of urbanization which is very different from that of
Pune. PCMC has been globally acclaimed for its accent on planning and
infrastructure. As a municipal corporation, it has won multiple important
awards on various counts.
In
terms of its real estate sector, it is by far the hottest chapter in Pune real
estate's growth story, thanks to its thriving industrial and automobile
manufacturing belt.
In
fact, the MIDC area in PCMC is a veritable Who's Who of massive multinational
and domestic companies that are generating a tremendous number of jobs each
year, and thereby driving the demand for homes in areas which provide ready
access to these workplace hubs.
Among
the most promising locations under PCMC's purview, areas such as Charholi enjoy
the best of both worlds. Located on the border of the Pune Municipal
Corporation and PCMC, this area benefits equally from the Bhosari-Chakan industrial
belt and the Hinjewadi IT hub.
It is also provides superlative access to
important locations in the Pune Municipal Corporation such as the Pune Airport,
the entire Nagar Road belt, Kalyaninagar and Koregaon Park.
It
is interesting to note how the distance between the PMC and PCMC has shrunk
over the years, even as Pune is growing exponentially. The Pimpri-Chinchwad
Municipal Corporation is no longer an outlying sister city but is now, for all
practical purposes, considered as part and parcel of Pune's larger landscape.
As
such, there is a high level of combined, symbiotic growth which will put Pune
in an even stronger position in terms of attracting investments into its real
estate sector in the future.
About
The Author
Arvind Jain is Managing Director of The Pride Group, a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, Pride Group has built and delivered over 10 million sq.ft. of constructed area. Pride Group has recently launched Pride World City, the 400-acre luxury mega-township at Charholi, Pune.
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