Read More About Pune & it's Real Estate Property Market
The cultural capital of the state of Maharashtra, Pune is also known as the Oxford of the East and the Queen of the Deccan.
It is the seventh most populous city in India and the second largest in the state.
Pune district with its many magnificent forts and mountain strongholds was the long-standing bastion of the erstwhile Maratha Empire led by the legendary warrior-king Chhatrapati Shivaji Raje.
Today Pune is a cosmopolitan and vibrant city, second only to neighboring Mumbai.
An important commercial and manufacturing hub, Pune has managed to retain its old-world charm visible in many parts of the original city, with the demands of a fast developing, modern city.
Surrounded by lush green hills and scenic lakes, in addition to popular hill-station getaways like Khandala and Lonavala, Pune is blessed with a temperate climate for most part of the year.
The city can be counted among the greenest urban metros in the country today.
Shaniwar Wada: Built in 1736, Shaniwar Wada was once the palace of the Peshwa rulers. This palace is located in the narrow winding old part of the city and is open from 8 am to 6.30 pm.
Osho Commune International: Controversial mystic Rajneesh's famous ashram is located at 17 Koregoan Park, a green and elite suburb of Pune. The Ashram offers a variety of expensive courses on meditation.
Parvati Temple: Located on the southern end of the city, this temple used to be the private shrine of the Peshwa rulers. Also features a museum housing replicas of ancient paintings and old manuscripts.
Raja Dinkar Kelkar Museum: This quaint building houses a fascinating collection of Indian artifacts collected by the late Dinkar Kelkar, that include: carved palace doors, pottery, 17th century miniatures and a priceless collection of nut crackers, lamps and musical items.
Saras Baug: Evenings are the best time for a stroll through this beautiful garden that houses a famous Ganesh Temple atop a small hillock in the center.
Peshwe Udyan: A zoo maintained by the Pune Municipal Corporation. It houses a variety of species of wild animals and a popular toy-train ride for kids.
Katraj Snake Park: Started in 1986, this park is on the Pune-Satara Highway and includes a collection of reptiles, birds, a baby leopard, crocodiles and others. The highlight is a six-year-old, nine feet long King Cobra.
Pune University: Pune' s oldest education institute formed in 1948. Its sprawling campus is located on 400 acres of lush grounds with quiet roads and small open canteens towards the city limits.
Vishrambaug Wada: This is a three-storied mansion, known for its beautiful entrance and balcony with carved woodwork typical of the Peshwa period. The Wada's eye-catching wooden facade is memorizing in its beauty, and has beautiful columns carved in the Suru form.
Bund Garden: Located on the right bank of the Mula Mutha River, a short distance from the railway station. A stroll in the breeze and a cool evening boat ride in the back waters created by the 'Bund' on the river attract many visitors.
Aga Khan Palace: The gracious buildings with salons and suites that you see standing amidst well laid out gardens is more than just a palace, it’s a historical landmark donated to India by the Aga Khan IV in 1969.
Pune is located approx 170 km south of Mumbai.
Marathi and Hindi are the two main languages that are spoken here.
The largely cosmopolitan population also speaks English and Gujarati, among other Indian languages.
It has a growing industrial hinterland, with information technology, engineering and automotive companies.
The city has a very good transport system and has several hotels for varying budgets ranging from plush five-star properties to moderately priced motels and inns.
With a total population estimated at over 8 million (in 2014), Pune is one of the fastest growing urban areas in Maharashtra.
Excellent growth in software and education sector has resulted in generating more job opportunities for the working class here.
A large number of students from various parts of the world are studying here at the city’s many reputed research institutes, information technology hubs (IT) and educational institutes.
Nearly 71% of total population in Pune is Hindus. Muslims, Buddhist, Jains, Christian and people from other faiths form the rest of the population.
JOBS & EMPLOYMENT OPPORTUNITIES:
Pune has the eight largest metropolitan economy and the sixth highest per capita income in the country.
The city is a prominent location for IT, automobile and manufacturing segments with a number of leading companies having a significant presence here.
Auto majors like Tata Motors, Mahindra & Mahindra, Mercedes Benz, Force Motors (Firodia-Group), General Motors, Land Rover, Jaguar, Renault, Volkswagen, and Fiat have set up Greenfield facilities near Pune.
Several leading auto component manufacturers like Saint-Gobain Sekurit, TATA Autocomp Systems Limited, Robert Bosch GmbH, ZF Friedrichshafen AG, Visteon, and Continental AG are also located here.
Pune is also home to a large number of IT majors that include; as Tata Consultancy Services, Infosys, Amdocs, KPIT,BHTC, Cybage, e-Zest Solutions, Opus Software Solutions and Accenture to name a few.
The Hinjewadi IT Park (officially called the Rajeev Gandhi IT Park), is one the largest hubs for IT and ITES-related companies here with the sector employing an estimated 70,000-plus people in the city.
The Meetings, Incentives, Conferencing, Exhibitions trade is expected to get a boost once the Pune International Exhibition and Convention Centre (PIECC) is operational by 2017.
The 97-hectare PIECC will boast a seating capacity of 20,000, with a floor area of 13,000m2. It will have seven exhibition centres, a convention centre, a golf course, a five-star hotel, a business complex, shopping malls, and residences.
According to industry estimates, Pune is the largest hub in India for German companies. Over 225 German companies are estimated to have set up their businesses in the city.
The neighboring industrial township of Pimpri Chinchwad is also dotted with over 4,000 small-to-medium manufacturing units.
TRANSPORT & CONNECTIVITY:
Pune International Airport at Lohegaon, operated by the Airports Authority of India is the city’s only airport.
In addition to domestic flights to all major Indian cities, this airport also operates direct flights to international destinations like Dubai and Frankfurt.
Local trains (EMUs) connect Pune to the industrial town of Pimpri-Chinchwad and the hill station of Lonavala, while daily express trains connect Pune to other major cities including Mumbai, Hyderabad, Delhi and Nagpur among others.
Both public and private transport is equally popular in Pune.
Public buses within the city and its suburbs are operated by the Pune Mahanagar Parivahan Mahamandal Limited (PMPML).
The PMPML operates the Pune Bus Rapid Transit system, the first of its kind in India.
The Maharashtra State Road Transport Corporation (MSRTC) runs buses from its main stations in Shivajinagar, Pune station, and Swargate to all major cities and towns in Maharashtra and other states.
Private companies too run buses from Pune to most major cities in India.
ROAD INFRASTRUCTURE STATUS:
Pune is well-connected to other cities via a network of highways. NH-4 connects the city to Mumbai, Bengaluru and Kolapur. NH-9 to Hyderabad and NH-50 to Nasik.
State highways connect the city to nearby destinations like Aurangabad, Ahmednagar and the pilgrim town of Alandi.
The Mumbai-Pune Expressway, India's first six-lane high-speed expressway built in 2002, has reduced travel time between Pune and Mumbai to about three hours
Pune is served by two intra-city highways: Old Pune-Mumbai Highway and Katraj-Dehu Road Bypass, a part of National Highway 4.
The Nashik City-Pune Highway NH 50 will be part of the golden triangle (Nasik-Pune-Mumbai).
KEY INFRASTRUCTURE PROJECTS:
A Metro Rail Project has been proposed in the fast developing Pune Metropolitan Area.
The project is expected to be operational by 2021.
To be operated by the Pune Metro Rail Corporation (PMRC). It will have 4 lines with a total planned length of 82 km, which will be built in 2 phases.
Pune Metro Rail is being planned in consultation with the Delhi Metro Rail Corporation Limited, the company which operates the Delhi Metro.
The project will be a combination of elevated and underground sections, with initial routes being planned between Pimpri-Swargate and Vanaz-Ramwadi.
The area between Chakan and Rajgurunagar is being considered as a site for the new Pune International Airport by the MIDC. The project is slated for completion around early 2018.
The Maharashtra State Road Development Corporation (MSRDC) has proposed to develop a ring road so that the heavy traffic inside the city area gets diverted to the outskirts.
The proposed 162-km ring road will require an investment of approx INR 10,400 cr, and will connect several parts of Pune, Pimpri-Chinchwad, Wakad, Baner, Chandni Chowk, Katraj, Alandi, Kesnand, Wadki and Pashan.
REALTY MARKET OVERVIEW:
Despite the overall slowdown, Pune’s property market has witnessed steady gains in a few pockets of the city, owing to a sustained demand from its growing IT/ITES sectors.
The city witnessed the launch of an estimated 230 new realty projects in the last year (2014).
Aundh, Baner, Bawdhan, Vimannagar, Hinjewadi, and Airport Road are some of the areas seeing a hectic pace of residential development.
Some of the major real estate developers in the city include: Gera Builders, D S Kulkarni Developers, Rohan Group, Kumar Urban Development Ltd, Nandan Buildcon, Kolte Patil Developers Ltd, Marvel Realtors and Vastushodh Projects Pvt Ltd to name a few.
One of the biggest launches in the city’s realty market was the launch of the prestigious Trump Towers, a JV between the Panchshil group and the US-based Trump organization.
The project includes twin towers set in a glass and granite façade, offering 234 residences each.
Each unit measures approx 6,100 sq ft priced at a whopping INR 22,000psf.
The city is expected to see a considerable boost in ready-to-move-in residential units in 2016.
Pune’s commercial space segment saw an infusion of approx 1.4 million sq ft of investment-grade office space in the first half of 2014.
The off-CBD micro-market location of the city saw significant project completions at Bavdhan, Gultekdi and Baner during the second quarter of 2014
CBD micro-markets of Boat Club Road and Koregaon Park had seen significant supply addition in Q1 2014.
Sustained demand for Grade A office space ensured the heightened pace of transactions in the city during the second quarter of 2014.
During the second quarter ended June 2014, Pune’s office market saw more than a 150 per cent increase in absorption rates on a quarter-on-quarter basis.
The CBD of MG Road, Koregaon Park, Bund Garden, Kalyani Nagar, Dhole Patil Road, Ferguson College Road, and Jungli Maharaj Road saw an increase in demand for small-to-medium-sized office spaces in the second quarter of 2014, even as rental values remained largely stable.
More than 85 per cent of the total office space leased in this micro-market was in IT developments.
Demand from corporate occupiers for this location led to a rise in rental values by about 2–3 per cent quarter-on-quarter in the commercial and IT office segments.
On the supply front, the city is expected to face a shortage of new SEZ space in the medium term.
Pune’s thinning supply pipeline for new SEZ space is expected to raise rental rates by about 20–25 per cent in 2015.