South Pune, the rising star for Real Estate Investment
Girish Kamble, CEO- West, Tribeca
Pune, 27th March 2024: Pune, a thriving industrial city today, is an attractive market for both investors and home buyers. Pune has quickly emerged as one of the fastest-growing cities for real estate, owing to the establishment of the automobile sector that has triggered Pune’s growth story. This influx of labour and professionals into the city created a demand for housing and hospitality, which attracted a large number of real estate developers.
Pune’s status as an education and IT centre has further fuelled the property boom, attracting professionals and students alike. The city’s cosmopolitan culture, pleasant climate and vibrant lifestyle have contributed to its popularity among home buyers, resulting in the continued growth of the property market in Pune.
In recent years, Pune’s real estate market has undergone significant growth and development, making it a prime destination for investments. The strategic location, robust infrastructure, and burgeoning job opportunities have contributed to a surge in demand for both commercial and residential properties, leading to a steady appreciation of property values.
The affordability of land coupled with the Pune-Mumbai Expressway has attracted large industrial houses, including IT companies and ITeS, to set up shop in Pune. This influx has increased the labour force, resulting in significant demand for rental and freehold properties. According to recent reports, around 2 million square metres were leased in the commercial sector in the last quarter alone, with global IT giants signalling a promising future for Pune.
Various factors contribute to the fluctuations in property prices in Pune, including supply and demand dynamics, infrastructure development and proximity to commercial centres, educational institutions and healthcare facilities. Connectivity, transport and upcoming development projects in the area also play a crucial role in shaping property values.
There is a growing preference for gated communities and integrated townships that offer a safe living environment and a range of amenities. The rise of co-working spaces and commercial complexes in Pune has further fuelled the demand for commercial property.
Recent developments such as the expansion of the Pune airport with new terminal to be operational by early 2024 and the “Missing Link” on the Pune-Mumbai Expressway promise to improve travel efficiency and add to the city’s appeal. The Samridhhi Mahamarg has reduced the travel time between Pune and Nagpur, and the planned Navi Mumbai airport will make the international airport accessible from Pune in just two hours. Also, the planned bypass at Tiger’s Point & Lion’s Point in Lonavala will have a 6-meter-wide and 125-meter-wide glass skywalk by 2027, which will boost tourism.
With the central areas reaching their development limits, growth has spread to Baner, Pimpri-Chinchwad and the western and southern parts of Pune. And amidst this urban renaissance, South Pune stands out as a beacon of modern living, offering a harmonious blend of luxury, convenience, and natural beauty. As the city evolves, South Pune has become a preferred destination for those seeking a higher quality of life. The newly inaugurated Atal Setu has further enhanced connectivity from South Mumbai to Pune. The renewed plan for development of the long pending Purandhkar airport will further aid the development of South Pune
Tribeca, along with esteemed developers like Acropolis, has been instrumental in shaping South Pune’s real estate landscape. Through visionary projects like The Ark, Yoo One, and Tribeca Highstreet, they have transformed the area into a bustling hub of activity, attracting both residential and commercial interests.
The Ark, symbolizes South Pune’s ascent to prominence in the real estate market. Its innovative design and upscale amenities have set a new standard for luxury living in the city. Boasting the world’s largest rooftop terrace, it has already put Pune on the global map. Building upon this success, Yoo One and Tribeca Highstreet, the largest high street retail in Pune have further enriched the area’s urban fabric, offering residents and visitors alike a vibrant mix of residential, commercial, and retail spaces in a verdant forest area.
Beyond its physical infrastructure, South Pune is undergoing a socio-economic transformation, thanks to projects like The Ark, Yoo One, and Tribeca Highstreet. These developments have not only elevated the area’s status but have also attracted prestigious brands and businesses, enriching the community and enhancing its appeal.
Looking ahead, South Pune’s growth trajectory remains promising, driven by continued investment in infrastructure, strategic urban planning, and a commitment to sustainable development. As the city continues to evolve, South Pune is poised to emerge as a premier destination for real estate investment, offering unparalleled opportunities for those seeking to experience the best of urban living.
