While the global economic slowdown of 2008-09 had some impact on the Indian economy, Pune’s realty market remained virtually unscathed.
It is an acknowledged fact that in the last one decade Pune has seen an enviable escalation in realty. The rise in construction activity has been widely attributed to Pune’s new face as the emerging IT hub of India following at the heels of ‘over crowded Bangalore’ and beating Hyderabad that has recently been overwhelmed with the Telengana issue.
“Pune is the safest, most stable and most rapidly progressing realty market,” says Mr Shashank Paranjape, Managing Director of Paranjape Schemes, a city-based developer.
“From 2001 onwards, the city witnessed a phenomenal growth. But it was only in 2003-04 that the Pune realty market actually took off,” explains Mr Satish Magar, promoter of mega township Magarpatta and Chairman, Pune chapter of Confederation of Real Estate Developers’ Associations of India.
“While IT is still the major driving force behind the real estate market, the demand and growth has also been fuelled by other industries. Pune also has more favourable conditions for living as Mumbai and Navi Mumbai are now largely unaffordable and saturated,” he says.
According to Mr Magar, Pune has four growth engines — IT, auto, educational and migration. “Migration to Pune from rural Maharashtra is on the rise due to the excellent demand for skilled and unskilled labour, leading to the growth of the city,” he emphasises.
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