Leading international property consultancy JLL India today announced the successful forging of a partnership deal between K Raheja Corp and Gera to develop and operate a prime 30-acre land parcel in Pune’s IT hotbed Kharadi. The land parcel will be developed into an ultra-modern IT SEZ under the Gera Commerzone banner, and will yield 3.5 million sq ft of leasable space.
The Pimpri-Chinchwad Municipal Corporation or PCMC, a twin city to Pune and one of India’s most prominent industrial hubs, is strengthening its economic prowess by adding sophisticated manufacturing and information services along its periphery, in Chakan and Hinjewadi respectively.
Considering retail to be an essential amenity, the Maharashtra state government recently shared the draft of a new retail trade policy. To help retailers achieve optimal potential, the state government has suggested making some exceptions and relaxations in the current regulatory framework. Among the key suggestions is the introduction of retail entertainment zones (REZs).
Already, an increasing number of young families are making Lonavala their home, since it offers a good quality of life and a decent commute to both Pune and Navi Mumbai. It is only a matter of time before Lonavala becomes an end-user driven residential market
Unlike in Delhi-NCR (where residential real estate prices saw massive depreciation during the last two years) and Mumbai (which saw a marginal appreciation in the same period), Pune maintained its status as a safe residential realty investment destination. With assured returns on houses at a constant rate of year-on-year appreciation, Pune has been a favourite location with investors who are averse to high risks.
India has always been labelled as a ‘reluctant urbanizer’. The percentage of the population living in urban areas in 2001 was estimated to be at 28%. Despite the explosive growth of cities like Mumbai, Delhi, Bangalore and Pune, the percentage of people moving to the urban centres did not cross 31% mark in 2011. Nevertheless, there is a rising anticipation across the nation that in the next decade or so, the rate of urbanization will rise massively in India.