Pune City

Pune, earlier called 'Poona', is one of the oldest and most important cities of India. Being the fortress of the Peshwas during the 18th century of the Maratha Empire, Pune has always had one of a kind prominence in the context to India. Today, it is known as the 'Oxford of East' because of all the old and prestigious educational institutions it houses.

The biggest city after Mumbai, in the state of Maharashtra, is Pune. And it plays a big role in a multitude of industries and sectors for the country. From early industrial setups in Pharma and Automobile to the recent surge of IT and software companies, Pune is the hotspot for business and employment. This nurturing of commerce has let Pune grow and evolve in real estate as well. Even though the city has evolved leap and bounds since the early 18th century, the transformation is even more stark between now and post-Independence India.

During the 1950's when new as well as big Industries began to set up shop on the outskirts of Pune, they brought with them tons of opportunity in terms of employment and business. This attracted the population of all economic strata who needed homes and offices. Creating a load of demand for real estate in and around the city. That was the time when people wanted to live as close to the center of Pune. This trend was prominent when auto industries and educational institutions primarily fuelled the financial engine of Pune.

But with changing times and foreign investment being fused in India, the reality demands of people in and around Pune changed a lot. It is well connected with Mumbai and has good connectivity with other major cities of India and direct flights with several business hotspots like Singapore. This strategic standpoint of Pune brought the IT and Technology companies to its land. The arrival of these organizations meant more influx of people into the city. More people into a city, which honestly, wasn't the ideal place for people to have the quality of life. This led to a realty boom and the development of suburbs outside the city to accommodate this new ecosystem.

A whole corridor of suburbs, like Baner, Hadapsar, Hinjewadi, Magarpatta and few others, are present around Pune city. Townships like Lavasa and Amanora were built in the regions of Western ghats near Pune. The new development completely changed the idea and demands of home buyers. Earlier being near the center was highly preferred but with increasing congestion, pollution and poor infrastructure the very same choice was looked beyond.

People now wanted to live in a space and locality that had some planning and quality for living. Better infrastructure and uncongested townships were preferred. This demand gave the developers an open ground for playing and suburbs in coherence with these newly setup IT companies were built. Now even the main Pune city is being resurrected with a proper plan for infrastructure and progressive approach, to keep up with the rapid growth of the city.

Despite witnessing a downfall for 2 years in the real estate demands due to the economic slowdown, the developers are hopeful of gaining momentum, as the market saw a 3% rise in demands in the last quarter and hopeful they should be, as there is no solid ground for the growth to stagnate. Right now, Pune is the favorite investment ground for foreign investors, as the city is witnessing a nurturing of the start-up ecosystem. In terms of start-up boom, Pune is not much behind from any other major city. This new money fulfilling the rising demand for infrastructure and enabling real estate developers to go that extra mile in terms of business and construction. Apart from that, the city has always been known for its pleasant climate. Being in the vicinity of the scenic western ghats, homebuyers have always been attracted to Pune. With the rise of the robust suburban cities and increasing economic opportunities, the need and want for good realty needs little explanation.