Pune, the erstwhile Poona has lately been in the news for its expanding real estate domain across its sub sectors. Being the eighth largest metropolis in India and having sixth highest per capita income in the country, Pune has been the logical choice for expansion in the construction sector. However, the triggers for the growth which has been overactive in the past two years, have other facets to its existence.
The location of a large number of quality higher education and research institutions in Pune, worked as the accentuating factor for this city. In the present day, Pune has steadily grown into a major IT and ITeS hub, along with the sprawling zones of manufacturing units in the automotive industry and other engineering sectors. Moving forward, in tandem to a large population of skilled and literate inhabitants, the service sector grew leaps and bounds in this city.
A pioneer in the IT sector like the Microsoft has invested a huge amount of capital in order to setup their facility in Pune. Along with the IT sector, giant Engineering Corporation like the Kirloskar Group and the leaders in automotive industry like General Motors, Volkswagen, and Fiat have developed Greenfield projects in this city and earned the sobriquet of MOTOR CITY for Pune. Subsequently, the growth of industries in Pune has enticed the developers for developing contemporary residential and commercial assets in order to support the growing population base.
Areas around the educational institutes and the airport have rapidly developed in order to accommodate sprawling residential localities. Over the last few years, expanses in the eastern and western Pune have been the attention for developments in the construction sector. Contrary to the larger cities and the decline of absorption rates in the residential sector being recorded there over the recent past, Pune has comparatively fared well.
The availability of cheaper assets when compared to the metros and the burgeoning industrial sector along with contemporary retail zones have come to define Pune growth as an ideal destination for habitation and occupation in India. Evidencing better than the other cities, Pune has been reckoned as a safe and promising destination for investors and end-users in the real estate sector over the recent past. The appreciating property rates and duly positioned infrastructure assets have elevated Pune into one of the frontrunners of growth in the realty market of India.