One of the top five cities for investment in property according to experts, Pune is in the midst of major residential action. Prices in the peripheries of Pimpri Chinchwad, jumped a whopping 60% in a year but this may only be the beginning.
So why did Pune emerge as one of the top five real estate investment destinations? Extensive government backed initiatives have led to a supply galore of IT and ITES Special Economic Zones (SEZ). About 300 acres, attracting an investment of above Rs 1300 crore, will be developed as SEZ's over the next seven - eight years. If that wasn't enough the 3000 acre Bharat Forge SEZ, has already led to real estate boom in peripheral location of Pimpri Chinchwad, near Pune.
Experts say that the vast talent pool in the city will continue to attract big names. Residential prices in the northern peripheries of Pimpri Chinchwad have jumped 60% in a year, currently ranging from Rs 1600 - 2400 per square feet today.
Long considered a manufacturing hub, PCMC is likely to shape into a residential resevoir. While Hermes group is planning a large residential complex over 22 acres; Goel Ganga group has begun construction for their township here.
Experts believe that cashing in on the proximity to both the upcoming Bharat Forge SEZ and it hub of Hinjewadi, prices here will continue to increase by 35 - 40% annually.
