Developers Unite to Push Pune Real Estate Markets

Developers Unite to Push Pune Real Estate Markets

by George Gonigal

"Pune is among the top seven cities of the country and enjoys a number of advantages that a few other cities in India have to offer. Good water supply, moderate climate, quality human resources and superior connectivity to mention a few," said Atul Goel, chairman of the Promoters and Builders Association of Pune (PBAP) while speaking to the media persons, on January 08. He said that in absence of political support, Pune real estate is also likely to follow Bangalore which is suffering grave infrastructure issues.

The PBAP, in order to showcase real estate developments in Pune, would launch its eighth mega property exhibition from January 11 to 13 at the SSPMS grounds, in Pune. As per an estimate, more than 68 Pune real estate builders will display their 300 projects during the exhibition. Pune's Divisional Commissioner Nitin Kareer and PMC chief Parveensinh Pardeshi would also be present at the occasion to share his views on how Pune can continue to be an attractive economic centre of India.

Another real estate builder of Pune pointed out that Pune Real Estate market has not grown on just one factor of IT industry, but the industries of automobile, parts-manufacturing, health and other services sectors have also played an equally significant role in its development.

"The local economy of the city is growing by leaps and bounds. Thousands of people come into the city every year, as there are ample job opportunities in the city. This really keeps the demand for rental homes in Pune high," said Rajeev Raheja, a Pune-based real estate dealer. As per the industry estimates, Pune needs as many as 40,000 residential properties every year to meet the housing demands of its citizens.

To keep pace with growing commercialization, rapid real estate development and increase in population, the city needs at least 15 percent of its total area for roads. Real estate builders also point out that policy-level issues must be dealt on priority.