Pune is widely considered the cultural capital of Marathi-speaking Maharashtrians. Pune has a reputation for its several esteemed colleges and educational institutions — the reason why it is called the Oxford of the East.

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Pune as a city has been growing from strength to strength. It has the perfect mix of balanced weather conditions and improving infrastructure. It was established as an academic city of India and traditionally known as the 'Oxford of the East'. It is the cultural heart of Maharashtra. It has four universities, 20 engineering colleges, 200 other colleges, and over half a million students. Once a quiet city, it is now the setting an example for fast growth and excellence in infrastructure and housing and IT. It is a haven for job seekers. It is expanding from all sides.

The City has stretched its limits from its Western end at Hinjewadi where the IT Park is situated and its South East end. Pune holds its sway over both the young and the old. Businessmen and the affluent are keen to acquire second homes in Pune.

Pune hugely leverages on its proximity to Mumbai, India's financial and commercial capital. The expressway makes for a lovely three-hour drive from Mumbai to Pune. Pune real estate scenario presents a healthy breather from the prohibitively high property prices in Mumbai. Lonavala on the Mumbai Pune Expressway is also a potential location next to Pune. It is emerging as a preferred choice for second homes for many Mumbaites and NRIs.

Infrastructure and Facilities

Currently Pune is the 7th ranking industrial metro of India. It is fast scaling up on the infrastructure front. In fact, Kothrud, a colony in Pune has achieved a place in the Guinness book of world records for having the fastest urban growth rate. Earlier on, Pune was an automobile hub which attracted major investments from both domestic and international firms. It is working towards consolidating its position as the 'Detroit of India.'

The city is becoming more vibrant and necessitating a spruced up infrastructure. Roads are being concretized, a metro is being planned, and also a new airport. Pune has direct flights to Dubai and Singapore. There are plenty of recreation areas, strong presence of local as well as foreign banks and shopping areas in the current and upcoming developments.

Pune's glorious list of institutes includes Fergusson College, Symbiosis institutes, AFMC (Armed Forces Medical College), Pune Institute of Engg & Technology, SNDT Women's University and one of the 12 United World Colleges.

Ruby Hall Clinic and Jehangir Hospital are prominent hospitals with well equipped staff consultants, panel doctors and paramedical staff. Ruby Hall Clinic has state of the art facilities in cardiology, cardiac surgery, and neurology complete with a nuclear science center, diagnostic center, intensive care units, a blood bank and cancer unit.

Magarpatta City, a self sufficient township has also attracted interest from the IT companies due to the IT Park being developed within the township. The government promoted Rajiv Gandhi Infotech Park at Hinjewadi has attracted scores of infotech majors from around the world along with top IndianIT players like TCS, Infosys and Wipro having a major presence here. Privately promoted IT Parks are also big in number. Pune attracts 20 per cent of the total industrial investment in the country and accounts for $2 billion in IT exports, one of the highest for a single city.

A 400,000 sq.ft. mall catering to residents of the Pimpri Chinchwad area, a major industrial belt as well as IT professionals in Hinjewadi is being planned. The Pune
Municipal Corporation (PMC) is moving slowly on its Integrated Road Development Project. The PMC has fixed up a ceiling of 100 meters on high-rises. A high-rise building can be constructed only on 30 meter wide roads with specific plot sizes. A building of 50-70 meter height would require a minimum plot size of 6,000 square meters while that of 70-100 meter height would require a minimum plot size of 8,000 square meters.
The city's infrastructure is keeping good pace with the staggering real estate activity.

Real Estate Developments in Pune

In Pune, lease space comes for a fraction of the cost in Mumbai. Prices of commercial space at Pune's IT parks when compared to Pune or even Hyderabad is competitive. This has had IT companies bursting into a flurry of activity creating demand for commercial and office space and concomitantly residential housing facilities. The city's highly qualified workforce has attracted IT companies. The IT infrastructure prompted housing boom in the city. Locations like Hinjewadi and Wakad Nagar Road, Hadapsar Road, Kharadi and Sholapur Road are offering real estate solutions for office spaces.

Professionals in IT companies readily pay a premium and take on rent or even buy higher-end apartments and flats in the city. Builders have been prompt in constructing residential complexes that are sold out within months of launching the projects. Suburbs of Pune are also being realized for their property value and quality housing. Decentralization in certain areas including the original Central Business District (CBD) of these areas a long with development of micro-markets are offering new opportunities.

The rental market in Pune is buoyant and inviting. The idea of investing surplus cash in a property or two in Pune and leasing it out is fast catching up, especially among the NRIs from the Gulf.

Flat on rent for students' accommodation is also a trend that hardly allows the upbeat mood to dissipate. Pune has shown impressive growth on the retail front. Leading developers have a variety of premium properties to offer and plan innovations.

Appreciation

The higher capital and rental yield rates spells a good time to take long term positions in residential properties. A decently rising residential property prices appreciation hovering somewhere between 30 and 40 per cent and expected to go up further is very telling about the opportune time of investing in property in Pune It is in parts driven by demand from the IT and other fast-growing sectors. Many NRIs from the Gulf are also investing in properties in Pune, as they consider it a safe bet.

Residential activity has been continuous in areas like Aundh, Kondwa, Wanowrie, and Nagar Road, which are on the periphery of the city but now very coveted for quality and stylish housing. The impact has spilled over to nearby areas like Wakad, Bhugaon, Aundh, Balewadi and other surrounding parts. Kondhva which also houses the National Institute of Bank Management is also emerging as a quickly growing suburb.

The demand for residential property is high in elite localities like Koregaon Park, Boat Club Road and Sopan Baug. Koregaon Park has capital values ranging between Rs 2,400-3,000/sft. Other areas seeing real estate appreciation include Wakad and the important Pimpri-Chinchwad.

Magarpatta City is an integrated township with prices ranging between Rs 1047-1520/sft. It commands 40 per cent of the total market share of all IT companies coming into Pune. Residential areas around the upcoming IT corridor of Hinjewadi are poised for an upswing in capital values. Capital values in these locations expected to appreciate between 10-15 per cent with overall returns including lease yields between 15-22 per cent in the next two-three years.

A huge number of people are parking their money in flats and apartments to further renting out to students. The city's close proximity to Mumbai has an effect on the real estate scenario of Pune even as it attracts more investment which has facilitated sprawling of prices.

NRI Real Estate Trends

The demand for premium category apartments, deluxe villas and housing complexes from NRIs speaks significantly about the real estate trends in Pune. Developers like. City Development Corporation, Omaxe and Vatika are aggressively tapping this niche market. Some premium options in Pune like Panchshil Reality's new development, 'Waterfront', will have unique features. Apartments will overlook an expanse along the riverfront where a bird sanctuary is proposed to come up.

The recent trends follow the belief that this high end clientele are choosy and quality oriented and have a partiality for international standard amenities and lifestyle. With easily available loans, revised government policies and changes in investment laws that allow NRIs to freely move their investments in and out of the country has given pace to this trend.

The developers have matched up to the requirements by bringing in a lot of interesting and innovative designs and styles. The features include air-conditioning, concierge facility, maintenance facility, high-end finishes, health club, swimming pool, landscaped gardens and club house with sports facility, steam bath facility, back up for lifts, staircase and lobbies. Super - luxury penthouses with terrace garden and swimming pool are also on offer.

Apartments hold all kinds of necessary security features and other amenities.
For the NRI investors, some the semi premium category apartments are being booked to serve as a quality investment and security option.

A project at Wakad in Pune is worth Rs 500 crore and being planned for Californian style bungalows, row houses and apartments with three million sq. ft being developed to provide the best of amenities

Economy

Pune is a major industrial centre, growing rapidly every year. It is home to one of the world's largest two-wheeler manufacturers, Bajaj Auto. Other automobile majors are Tata Motors, India's largest passenger car and commercial vehicle manufacturer, DaimlerChrysler, it has an assembly line for its Mercedes-Benz brand, Kinetic Engineering, Force Motors Ltd (previously known as Bajaj Tempo). Engineering goods industries situated in pune are Bharat Forge Ltd, world's second largest forging company, Cummins Engines Co Ltd, has its Research & Technology India center, Thermax Limited a global player providing sustainable solutions in energy and environment, Alfa Laval, Sandvik Asia, Thyssen Krupp (formerly Buckau Wolff), KSB Pumps, Finolex, Greaves India and Forbes Marshall, among others.

Electronic goods giants like Whirlpool and LG have appliance manufacturing plants. Food majors like Frito Lay and Coca Cola also have their food processing plants. Apart from this pune houses many mid and small industries. The international air connectivity had helped many volume produce growers in the surrounding districts to export their goods conveniently.

Pune has a burgeoning software industry, thanks to the presence of IT parks like Rajiv Gandhi IT Park at Hinjawadi, Magarpatta Cybercity, MIDC Software Technology Park at Talawade, Marisoft IT Park at Kalyaninagar, International Convention Center (ICC) , Weik Field IT Park etc. Many of India's major software players such as Calsoft,Cybage, Sasken, Infosys,INFOTECH ENTERPRISE LTD,Tata Elxsi, Fluent, Xansa, TCS, John Deere Technology Center, Tech Mahindra, Wipro, Patni, Satyam, Cybage, KPIT Cummins, Aztecsoft (Disha), Persistent Systems, Geometric Software Solutions Limited, Neilsoft , Nihilent Technologies and Kanbay Software have a major presence in Pune. Global majors like Accenture, BMC Software, NVIDIA, HSBC Global Technology, IBM, DELL, Red Hat, Siemens, EDS, Amdocs,UGS, I-Flex, Cognizant, Symantec, SunGard Data Systems, Versant Inc., Zensar Technologies, Syntel Limited, T-Systems and SAS Research and Development India Pvt Ltd have a major presence in Pune. IPdrum, which is a new entrant in the Voip business, has also established a branch office in Pune. Pune is also emerging as a prominent city for Business Process Outsourcing due to the availability of skilled English speaking manpower. BPO companies like Convergys, WNS, Infosys BPO, EXL, Wipro BPO, vCustomer and Mphasis have started operations in Pune.

To meet the demands of this explosive economic growth in Pune, the state is planning a 1,000 MW power plant which will exclusively serve Pune. MIDC is the lead agency for the project.

Latest Real Estate Project in Pune

The demand for high-end projects in Pune is increasing by the day. Developers coming up with innovative ideas have added a new dimension to the housing industry.

Sudev Ventures are developers of intelligent and stress-free homes with landscaping and a health center, plus a special area for children. Marvel Grandeur by Marvel Group has designed a building which has an elegant glass facade and a high-end touchscreen automation system that occupants can operate electrical appliances and gadgets without having to move around. Additionally, there are features of international standards like a telephone gateway that enables the residents to operate the electrical equipment in their homes from anywhere in the world. The demand for quality homes, better amenities, good construction and designing and planning among other features is being increasingly met.

Some are exclusive projects of 56 units with the latest amenities including scenic views, senior citizen gardens, children parks, gymnasium, jacuzzi etc. There are a host of offer row houses, bungalows, villas and 2-3 BHK terrace apartments to choose from.
Also, a friendly neighbourhood, pleasing ambience and picturesque surroundings are common to all these projects. Nature parks, amphitheatre, and shopping malls are also increasingly becoming a constant.

Magarpatta Township in Hadapsar is aimed at IT professionals working within the township. The 'walk to work' township has a host of state-of-the-art amenities to offer to its residents and several such townships will come up this year.

Pune offers high end commercial, retail and residential space. There is a profusion of flagship projects. The projects are geared to improve lifestyle along with good infrastructure like wide roads, recreation areas, local as well as foreign banks, and also the growing number of shopping areas to make for a comfortable life.