A Game-Changer For Pune Real Estate
by Arvind Jain, Managing Director - Pride Group
Airports have always
proven beneficial to cities in terms of their potential to boost real estate
development and overall economic activity. In the first place, they enhance
business activity, and this brings with it a greater demand for commercial real
estate.
The housing market of any city has close correlation with its
commercial activity - business spawns employment, and employment spawns
purchasing power and therefore appetite for home ownership. It also boosts the
requirement for rental housing from transient workforces.
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| Mr. Arvind Jain, Managing Director - Pride Group. |
The effect of Pune's
proposed new international airport will be two-fold. In the first place, it
will increase Pune's viability as a business destination, and thereby boost
interest by more and more domestic and international companies to open up shop
here, or to expand their existing operations.
This will have a multiplier
effect on the demand for residential real estate, as well. Secondly, the city's
overall demand profile for real estate will change, as demand will be driven
towards areas surrounding the new airport site.
Airports are massive
infrastructure undertakings that generate residential demand from people
employed there, as well as the various adjunct services associated with them.
Rajgurunagar, which is
the proposed location for the new international airport, lies approximately 40
kilometres to the North of Pune City. This location already enjoys multiple
economic drivers since it is close to the established industrial hubs of
Talegaon, Chakan and PCMC.
The arrival of the new international airport will
push both economic and real estate growth towards these areas, which have had
some profiling disadvantages so far.
The fact that they have carried the
'industrial area' image in the past has resulted in them developing primarily
as budget housing destinations for blue-collar residents.
With the new
international airport at Rajgurunagar, this is set to change. We will see
higher demand for larger, better-positioned residential complexes.
Moreover,
the airport will also bring with it an increased requirement for a more
comprehensive network of connecting roads, which will definitely boost the
overall viability of real estate in all adjoining areas.
Areas which enjoy
favourable positioning from both Pune City and PCMC are going to be among the
biggest gainers from the new international airport. There will be tremendous
demand for quality housing in locations which provide good connectivity and
ready access to both Pune and Rajgurunagar.
Among these, Charoli has already
established itself as Pune's new township district with the arrival of an
ultra-modern 400-plus acre integrated township. More importantly, Charoli and
adjoining areas like Dhanori provide ready access to both the existing airport
as well as the new international airport.
About The Author:
Mr. 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's 400-acre luxury mega-township Pride World City at Charoli
is recognized as the most modern and progressive real estate development
in Pune.
For media contact
Mr. Jay Kalghatgi
Client Interface - Copyconnect
Mobile: 9320142248
Client Interface - Copyconnect
Mobile: 9320142248
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