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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.
TOURIST ATTRACTIONS:
- 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.
DEMOGRAPHICS:
- 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.