When we look at Pune’s real estate market, we see ample justification for it having emerged as one of India’s most aspired-for residential property investment destinations today. Its advantageous connectivity to Mumbai is only the tip of the iceberg, though this fact did play a big role initially.
Pune also has an unmatched economic profile, with a huge number of multinational companies and industries active in and around the city. Pune’s economy is significantly driven by foreign business, and this fact has resulted in the city becoming an independent economic microcosm that no longer depends on Mumbai – or, for that matter, any other city.
The jobs being created by the multitude of large domestic and global industries have made Pune one of the most important employment markets in India – and employment drives demand for real estate. This dynamic has resulted in a quantum boom in real estate development.
Without a doubt, Pune’s urban growth has been phenomenal, and each year sees more and more people migrating into the city from all over India. The fact that Pune’s population is growing so rapidly has made it necessary for new infrastructure to be put in constantly.
However, even though we are seeing constant infrastructure upgrades in the city, the fact is that the Pune Municipal Corporation has been largely unable to meet the pressing requirements for better roads, parking, public transport or electricity and water supply. This is indeed worrisome, as Pune will expand dramatically over the coming years, both geographically and in scope.
One of the most important aspects that will need to be looked at is inter and intra-city road connectivity. Pune’s many residential and commercial nodes need to be much better connected, and its connectivity to other key cities must also be upgraded.
The work at hand includes the construction of new roads and widening of existing roads, building more flyovers and subways to reduce traffic congestion, and more reliable public transport.
In this scenario, the upcoming 90-meter wide Ring Road that will provide connectivity between the Pune Municipal Corporation and the neighbouring Pimpri-Chinchwad Municipal Corporation (PCMC) is an infrastructure initiative which will make a huge difference.
But more than connectivity, the manner in which the Ring Road has been planned once again highlights how important PCMC has become in the overall Pune growth story.
The PCMC presents a picture of urbanization which is very different from that of Pune. PCMC has been globally acclaimed for its accent on planning and infrastructure. As a municipal corporation, it has won multiple important awards on various counts. In terms of its real estate sector, it is by far the hottest chapter in Pune real estate’s growth story, thanks to its thriving industrial and automobile manufacturing belt.
In fact, the MIDC area in PCMC is a veritable Who’s Who of massive multinational and domestic companies that are generating a tremendous number of jobs each year, and thereby driving the demand for homes in areas which provide ready access to these workplace hubs.
Among the most promising locations under PCMC’s purview, areas such as Charholi enjoy the best of both worlds. Located on the border of the Pune Municipal Corporation and PCMC, this area benefits equally from the Bhosari-Chakan industrial belt and the Hinjewadi IT hub. It also provides superlative access to important locations in the Pune Municipal Corporation such as the Pune Airport, the entire Nagar Road belt, Kalyaninagar and Koregaon Park.
It is interesting to note how the distance between the PMC and PCMC has shrunk over the years, even as Pune is growing exponentially. The Pimpri-Chinchwad Municipal Corporation is no longer an outlying sister city but is now, for all practical purposes, considered as part and parcel of Pune’s larger landscape. As such, there is a high level of combined, symbiotic growth which will put Pune in an even stronger position in terms of attracting investments into its real estate sector in the future.
About The Author
Arvind Jain is Managing Director of The Pride Group, a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, Pride Group has built and delivered over 10 million square feet of constructed area. Pride Group has recently launched Pride World City, the 400-acre luxury mega-township at Charholi, Pune.