Infra projects Redefining Pune's real estate landscape

Pune was labelled as the growth centre since early 2006 by all experts due to the growth of IT companies, but the exponential growth did not take place till around 2018. The city bounced forward from COVID and has now become the leader in residential and logistics demand. Commercial supply is equally on the rise post the Covid-19 crisis.

Despite the growing uncertainty post the pandemic and demonetisation drive conducted by the government, Pune's real estate market witnessed a strong revival in client sentiment because of numerous infrastructure developments and tremendous growth in residential properties at the same time.

The major growth drivers for the Pune city have been the upcoming metro line, increased intra-city connectivity, well-planned growth of the road network, and the planned airport boosted the residential development in peripheral locations in and around the city. While many other cities are still trying to cope with the recent loss faced due to the pandemic, Pune's market displayed resilience.

Business expansion and Infrastructural development impacted the rental market positively. Localities like Kharadi, Chikhali, Moshi, Narhe, and NIBM Road saw average monthly rents growing by 10 per cent in general. Moreover, the development of Pune towards making it to the smart city mission played a vital role in encouraging and engaging investors.

Today, the city's growth continues the backbone of key infrastructure projects like the Pune metro, which are expected to boost residential and commercial real estate by improving convenience and connectivity. The city also underwent a swift expansion after the Mumbai-Pune Expressway began functioning in 2002, establishing it as the biggest IT hub in the country.

Consistent infrastructural and commercial (IT/ITeS hubs, CBDs, SEZs) development in Pune did not let investors get discouraged. Realtors of Pune have already realised the importance of several developments in the pipeline like Pune Metro Rail and another proposed Airport in the Purandar area that may attract even more investors as well as end-users in the years to come. The famous project of the ring road is also set to make its way through some of the fastest-growing suburbs in and around Pune like Pimpri-Chinchwad, Mahalunge, Lonikand, and Pirangut among others.

In a visionary move, the Pune Metropolitan Region Development Authority (PMRDA) has already released plans for approximately 50 township schemes along the 128-km stretch. Of these, it is the Mahalunge-Mann, which seems to be developing at a rapid pace. The HiTech City project is a well-planned and one of the largest township projects, which will be a mix of residential and commercial areas spread across more than 600 acres of land.

Even the development of the New Pune International Airport, also known as the Chhatrapati Sambhaji Raje International Airport is planned over an area of 2,400 hectares in the Purander tehsil. The expansion of the Pune airport has infused a new lease of life to the formerly redundant villages of Charholi Budruk and Dhanori, which are now witnessing the development of high-end residential projects by leading developers of Pune city.

Currently, the city has multiple ambitious projects in the pipeline, which are expected to give a thrust to its residential and commercial real estate, and at the same time, change the way people travel in Pune.

- Vineet Goyal

Jt. Managing Director Kohinoor Group

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