Before the arrival of big shots of the IT industry in Pune, Pune was hidden behind the small and medium-size businesses. The only crowd that made plans to settle in Pune was that of the groups of retirees. After all, Pune was the paradise of pensioners. Pune maintained its image of being the ultimate calm and sophisticated city of West Maharashtra till a decade back. When IT, ITES industries and international banks opened their offices in Pune, the picture changed.
These office properties not only bought youth and professionals to this city, but also caught the attention of the commercial real estate industry. When one business succeeds, ten similar businesses erupt. This is true in case of Pune too. After the success of the first IT Park, we now have three IT parks, in the most prestigious areas of Pune like Hinjewadi, Aundh and Kalyani Nagar. Real estate developers like Vascon have also constructed IT parks like Marisoft and Weikfield.
Besides the IT sector, the automobile industry has shown keen interest in Pune. The Chakan-Talegaon area is proudly home to the most well-known automobiles industries which includes two-wheelers, three-wheelers and also four-wheelers. Another factor that has contributed towards the rapid growth of commercial real estate in Pune is its proximity and climate. Pune is quite near to the financial capital of India, i.e. Mumbai. It is easy to maintain business in Mumbai as well as Pune by staying at Pune. The pleasant climate of Pune is favourable for both living and doing business. This is the reason as to why we have townships like Paradise Tower and Palladium built by the top builders.
These and several other factors like education, standard of living, economical rate of development and so on will encourage more top real estate developers to invest in Pune. The net space absorption in Pune is said to 1.58 million in 2011, and the year isn’t over yet! Buildersin Pune are not stopping now, Pune is sure to see some more IT parks, automobile industries, international banks in the coming years. Thanks to the commercial real estate development, Pune is swiftly moving towards the title of the most developed metro city in India. So Puneites, welcome commercial real estate industry with open arms!
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