Pune, the cultural capital of Maharashtra, is on an upsurge as far as real estate
growth is concerned. Pune is getting noticed for its availability of talented
professionals at relatively low costs. The city's proximity to Mumbai is drawing
attention from companies located in the south. Pune, a modern cosmopolitan city
of India is the place where the historic past meets the present. It is one of
those rare cities with a twin image: that of a traditional place and a modern
industrial metropolis. It is a major industrial centre with a global presence.
The evergreen city has a burgeoning software industry and most of the India's
major software players have their presence in Pune. The city is also emerging
as a prominent place for Business Process Outsourcing (BPO) companies. So any
sort of investment in Pune is sure to be profitable.
COMMERCIAL- The IT/ITES sectors have clearly been the major drivers of
the market. Pune scores over many other destinations as it has better physical
and social infrastructure including availability and dependability of power, telecommunications
and better physical connectivity within the surrounding urban settlements. Pune's
retail market has gone through substantial changes and advent of malls has introduced
a new retail culture to Pune city. At least 12 malls in various parts of Pune
are either operational or in different stages of construction and planning. Bund
Garden Road, Erabdwane, Aundh are the areas that will be seen as emerging retail
areas of Pune along with Mahatma Gandhi Road, Laxmi Road and Deccan Gymkhana known
for high street retail areas.
RESIDENTIAL-The city has proved to be one of the most vibrant
markets although the purchasing power here is less as compared to Mumbai. Corporate
investments have resulted in the city's residents enjoying higher disposable incomes
and better quality of life. The middle and high-income groups are interested in
buying properties. There is a big market for apartments in the range of Rs. 900-Rs.
1000 sq ft area as well as Rs. 1200 Rs. 1800 sq ft area. Apartments of 350 sq
ft area are seeing demand from people moving up from unauthorized housing and
Kolkata is increasingly getting noticed because of low cost availability of talent and low attrition rates. The state has a stable power supply situation and a proactive state government taking initiatives to promote IT & ITES sector. Improving quality of real estate supply due to entry of reputed national developers and a few proactive local developers will further fuel the growth of this city.
COMMERCIAL- Kolkata's office space development is being solely
guided by the IT/ITES sectors and the development modes are shifting away from
the erstwhile CBD at Park Street-Esplanade towards the upcoming subsidiary business
districts at Salt Lake sector-V and Rajarhat-New Town. The Salt Lake sector-V
area, by the virtue of being the earlier entrant, is still the one with most number
of developments, both existing and in the pipeline. Nevertheless Rajarhat. New
Town is fast developing as the next destination. In retail, Kolkata is expected
to be having 5-6 malls by 2007, but observing the locations of the upcoming malls
and the population they target, it can be forecasted that these malls will be
competitors to each other.
RESIDENTIAL- The city is experiencing a major boom in the residential
market. The capital prices of the residential units in the prime suburban areas
shot up by 20-40 percent. The investment in this sector seems to be fruitful for
the next 2 years.
Known for its planning and arehitecture, Chandigarh is undoubtedly one of the "most preferred" destinations for foreign direct investment (FDI) in Real Estate. Real estate boom in Chandigarh is not restricted to corning up of numerous malls and large-scale projects. Middle-level projects too, particularly residential, are passing through a phase of stiff competition with builders vying to offer facilities that makes them "different" from each other. For any foreign investors, Chandigarh is highly promising as it's gradually emerging as an important investment hub for real estate sector.
COMMERCIAL- Chandigarh with its periphery is fast emerging as a place
for investment for Indian as well as foreign realtors. There are expected investments
from the biggies in and around Chandigarh in coming years. To name a few- Chandigarh
IT Park by companies, including Infosys, Wipro, Bharti Airtel, Tech Mahindra,
Parsvnath etc, the 12.5-acre hotel and infocity project by DLF, 70-acre Theme
Park, proposed film city project, etc. RESIDENTIAL - Some big real estate developers
have already started their projects and some are in queue. 30-acre plot area is
bought by Wipro and Infosys. Parsvnath Developers has acquired about 4 million
sq feet for developing residential complex. Apart from this, a host of top realtors
including Emmar-MGF, DLF, Unitech, Ansal, TDI, Omax and Nitishree have pitched
in to set up townships and malls. This has resulted into spiralling the real estate
Its proximity to Delhi and Agra and its rich heritage makes I it the center of attraction for the real estate developers. And top of it Rajasthan government's IT policy mission statement "IT will be the driving force behind human development and growth in the new millennium" will add extra punch to it. Government is busy preparing road map for creating world-class infrastructure so that an investor-friendly atmosphere could be created. And the result is- bigwigs in realty sector have started pouring in money in city's commercial and residential development.
COMMERCIAL - Jaipur is a prominent real estate investment destination
for businessman and services personnel from all across the country. It is one
of the fastest growing tier II city and attracting major real estate players not
only from the country but also the cross border investors are investing here.
Its closeness to the NCR and superb connectivity with major cities of the country
gives it a strategic location advantage. One of the largest projects in Jaipur
is the Vatika Group's Vatika lnfotech City spread over 800 acres on the Ajmer
Road. An 8-lane expressway is also being developed. Ambition, Apex Squares and
Gectanjali are the commercial apartments by Manglam Builders and Developers.
RESIDENTIAL - The major residential development in Jaipur is
taking place at the periphery of the city. Most of the residential projects are
coming up on the sides of Jaipur-Delhi, Jaipur-Ajmer and Jaipur-Agra Highway.
Manglam Builders are coming up with many residential projects including integrated
townships such as The Grand Geejgarh, Eden Garden, Ganpati Drshan, Manglam City,
Manglam Vihar, Manglam Kanak Vrindavan and Manglam Kanak at the prime location
in the city. Others like Vatika Group and ARG Group are also coming up with such
TRY OUT OTHER OPTIONS
Metros and mini metros are hot cakes for the real estate developers; but there are some others cities, which are magnetizing the think tank of the big corporate houses. Nagpur, Agra, Mohali, Ahmedabad, Chandigarh, Ranchi, Jaipur, etc are attracting more firms, which have begun to evaluate the viability of locating in these cities and India is now seeing a gradual widening of its real estate base into a larger group of cities.
Mohali, one of north India's fastest growing IT towns is the latest to be hit by the great Indian real estate boom. Mohali and many of its adjacent areas are witnessing a sharp rise in property prices. Many North Indian real estate majors have lined up projects for Mohali. The Punjab government's empowered committee has cleared residential-cum-commercial rojects planned by Unitech, ATS Infrastructure, Taneja Developers and Infrastructure Ltd, Parsavnath Builders, EMMAR-MGF and Ansal Buildwell. The Punjab Urban Development Authority (PUDA) too is planning a group-housing township near Zirakhpur.
Other towns like Jalandhar, Ludhiana and Amritsar (in Punjab), Kanpur, Lucknow, Agra, Saharanpur, Moradabad, Allahabad, Aligarh (in UP), Kundali, Sonepat, Rohtak, Hisar, Panchkula (in Harayana), Alwar, Rewari (in Rajasthan), Rudrapur, Dehradun, Hardwar (in Uttrancahl) are the ones which can give the investor a second option.
Not only the metros or top cities of India, but the second rung cities are also captivating the attraction of big realtors. We, takers of property, are the king and have so many options available to choose from.