The outskirts of Pune are seeing renewed interest in real estate.

- Jatin Suratwala

Managing Director and Chairman, Suratwwala Business Group

How do you assess western region as the backbone of the Indian real estate market?

The west continues to be the best! Be it the west of India or the west of Pune, both these parts have the most promise. In the Indian context, the west of the country is the richest with states that contribute the most to India's revenues. Gujarat and Maharashtra are among the most industrialised states which provide the most industrial output, jobs and consequently, revenues. These make the whole region the prime real-estate areas be it for industries, residential or commercial uses. The coming up of high-speed rail-tracks from the north to ports in Gujarat and Maharashtra makes the corridor one of the richest and industrially most diversified. 

What are the latest market trends in the region, especially in Pune?

From 31 March 2022, the Government of Maharashtra has lifted all restrictions that were brought about to contain the spread of the Covid-19 pandemic. That excludes the use of face masks and maintaining social distancing as a measure of caution. No reading between the lines is really needed to know that all the trends are positive, be it in the commercial, residential or industrial realty spaces. Start-ups are coming up in large numbers and a recent study mentions that of all the new office spaces coming up, a clear 10% shall be taken up by newbies. In absolute terms, this means an increment of 1.5 million sq ft space over the 2019-21 figures! The likes of Hinjewadi, Aundh, Baner, Sus Road, Manjri, Nagar Road and surrounding areas shall see big-time boom. Another development that's a true positive is the metro line! Besides making life easy for commuters, it promises realty at strategic locations for office space that could add to what I mention above.

How is Budget announcements a boon for affordable housing projects in and around Pune?

The immediate last Budget provisioned a sum of Rs 48,000 crore towards affordable housing for the whole country. Pune being a town of immense industrial significance which has lower income groups that need monetary assistance to buy their own tenement, this shall be a boon both for the buyers to buy their own homes, and to the sellers, i.e. builders and realtors who are either short of money or have inventory but no buyers. Both ways, both the party, and by consequence the economy shall benefit.

What are the opportunities for your company in the region in the current scenario?

After the successful completion of the Tower A of Suratwwala Mark Palazzo, and stupendous response to Tower B, the future towers would have office spaces worth Rs 20 to 30 lakh for sale. For the current phase, we offer easy buying options like Relax Plan, Rent Protection Plan and Assured Rental Plan that have gain immense popularity among the existing buyers of Suratwwala Mark Plazzo. Going forward, we would try and come up with similar customer-centric schemes for all our future builds that would make immense sense to the public and also bring larger number of people into the field of realty.

What are your future expansion plans for the region?

Going Up is the only option for India given our population and consequent lack of space. That, and the need to be where the action is means that you shall see more towers from Suratwwala Group coming up in the right place at the right time for the right price.

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