Changing The face Of Real Estate Scenario In The Suburbs Of The City

Pune the seventh largest metropolis in India, has been witnessing a huge growth in the real estate sector. The main reason behind this upswing in the market is due to the IT establishments and connected corporations within the town. Due to the booming IT Infrastructure industry, Pune has become one of the main locations for investment.

As the demand of the quality residential areas has increased, the land in the suburbs of the city has become a huge investment bank. Owing to this, the city witnessed a rise in several residential and commercial formations. This resulted in the rise of many suburbs as an extension of the main city.

Areas which are expected to witness development in the reality sector:

Some of the most prominent areas expected to develop in the coming years are West, North-West and North-IT. The Pimpri Chinchwad Municipal Corporation (PCMC) and the Maharashtra Industrial Development Corporation (MIDC) are developed areas and are attracting large number of Pune Municipal Corporation (PMC) citizens due to better employment opportunities.

The Phase I and phase II of Hinjewadi are attracting large number of investors with IT infrastructure mushrooming up in the areas. The Phase II of Hinjewadi has been developed as a Special Economic Zone (SEZ) and is expected to attract a great number of multinational companies.

With the inclusion of Chakan and Rajgurunagar under the municipal council due to huge industrialisation of the area, it is expected to attract a large number of investors and thereby witness a rapid development in real estate. Bharat Forge, 45 km in the north of PMC, has recently come under SEZ and is witnessing strong real estate growth due to the large number of Auto companies in the area.

Khed, near Bharat Forge SEZ, is witnessing large scale development and is attracting large number of investors, which will result in high demand for land. The current rate for flats in this area is around 2200-2400 per sq ft. But coming under the administration of municipal council, the rates are likely to increase by 200-500 per sq ft.

Areas in the PMC such as Baner, Balewadi, Sutarwadi, Pashan and Aundh will see a major development in realty sector with a growth in residential properties. Although major developments are taking place in most of the areas, PMC is the most preferred location for investment due to large number of IT Infrastructure services and Auto companies.

Reasons for the transformation in the realty sector:

Many suburbs in Pune are still under the administration of gram panchayats. Due to the large-scale industrialisation in these areas, the need for municipal council administration has increased. This ensures better infrastructural development which will benefit residents and thereby these areas are likely to see a growth in real estate sector.