Unique Development Potential
by Mr. Arvind Jain,
Managing Director -
Pride Group
Maharashtra and development are more or less synonymous concepts. This is a state that works very hard, and on a multitude of levels. Almost every manner of work happening in Maharashtra is either directly or directly or indirectly tied into real estate development. Be it IT/ITeS, manufacturing or the services industry, the demand for housing and commercial spaces is a given.
In Maharashtra, developers are constantly engaged in meeting the demand for housing at every budget level, from the LIG to the HNI segments, and they have been rather successful at plumbing the nature and direction of demand. Home ownership in Maharashtra is not just about stability and security - the desire to own a home is an inalienable part of the Mahashtrian psyche.
As Maharashtra is a work-oriented state, the most apt and successful residential projects are geared towards providing housing for the working class. Be it white collar or blue collar, every working Maharashtrian wants to own a home. This is where the highest growth will be; in fact, any development plan that does not factor in the needs and aspirations of Maharashtra's working class will fall short.
For Maharashtrians, the first and foremost real estate investment is always the family's primary home, which should offer reasonable accessibility to one's place of employment. Given that residential property close to workplace hubs tends to appreciate the fastest in any case, the primary home is also the most important real estate investment one tends to make.
After the first home is secured, it makes perfect sense to scan one's city for the more promising of emerging locations wherein to invest into a property for the purpose of rental income generation. The higher the rental income potential of a property is, the faster will be its capital appreciation as well.
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| Arvind Jain, Managing Director - Pride Group |
In Maharashtra, Mumbai and Pune continue to be the fastest revving real estate dynamos. Though a lot has been said about overpricing, oversupply and market stagnation in Mumbai, the fact is that it is the country's financial capital. It remains unmatched in terms of its ability to draw people from all over the country who seek to make their living and hopefully fortune there.
However, this is a city with very finite geographical borders and land is scarce, which makes any kind of real estate very expensive. Areas like Navi Mumbai and Thane are currently the new havens for growth because of their more realistic pricing. However, one cannot write off Mumbai as yet. It will take a large-scale market correction to bring it back into the running, but it is still a very important market in Maharashtra. Meanwhile, most investors are now rightfully betting on Pune.
This city has held its own even during the worst of real estate market slowdowns, and continues to grow on all fronts. Its growth is driven by a number of sectors, including information technology, automobile industries and other manufacturing, healthcare as well as a thriving services sector.
Pune is seeing a massive inward migration of talent, even as its high-class educational institutes continue to churn out highly qualified manpower every year. As a result, demand for residential and commercial real estate is very high in Pune, making it the ideal real estate investment destination.
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