Pune continues to grow as an increase in business opportunities. The reason behind that is a migration of the labour, employee, and student increased. The demand for commercial and housing space, especially rental housing.
The retail, hospitality, and entertainment[e.g., hotels, resorts, cinema theatres) industries, economic services (e.g., hospitals, schools) and information technology (IT)-enabled services these industries directly or indirectly affected by the real estate development.
The real estate sector increases employment in Pune. such as it ranks second in all sector after agriculture. This happened because of the liking the sector has with the other sectors of the economy, especially with the housing and construction sector. About 300 industries are dependent on the real estate industry such as cement, steel, brick, timber, building materials.
Increase in penetration of IT companies whether Indian or foreign leads to an increase in demand for office spaces which increases rents in that particular area. Pune, mostly all IT organisations are concentrated in 2-3 areas. These areas are also the most expensive places for offices and homes. Apart from this feature, many other hospitality firms and educational institutions are rising as Pune is the best city in India for education and related sector.
Real estate sector is not standing independent and alone but it is standing on the pillars of its raw material. The slowdown in the industry supplying its raw material will lead to a slump in the real estate sector. The confidence of buyers, the fundraising ability of developers, the volume of loan given by banks affect the growth of this sector.
The Real Estate Regulatory Bill(RERA) is changed the point of view of buyers and increase the confidence in the sector.
The cost of a property tends to become higher when developers undertake customization of space on the lines of an investor’s needs. For example, if buyers want extra facilities like modular kitchens, higher quality paint, and flooring, or other user-defined changes. This leads to arising in the eventual price charged to the buyer. The valuation of a property depends on the specifications of materials used, layout, design, durability and life cycle of the property.
The property price is affected on materials and other physical attributes such as roof covering, the height of the building, waterproofing and dais level, during the process of construction used, This also affects the price of a particular property. Home loan rates have a remarkable effect on property prices. When interest rates for home loans are high, it reduces the demand for the property since it makes borrowers reluctant to
spend extra money over the high-interest rate. Similarly, when loan interest rates are low, the demand for real estate increases.
Wakad is growing at a fast pace and has received the maximum number of building permits. The area is close to the Rajiv Gandhi Information and Technology (IT) Park in Hinjewadi. Other areas such as Rahatani, Ravet and Punawale villages, which are near the IT Park which have boomed in construction activity. Some of the other areas which have seemed boom in construction activity on the other side of Pimpri Chinchwad are Chikhli and Moshi.
While the building permission department in Pimple Saudagar has earned an annual income of Rs 14.39 crore, it has earned Rs 70.68 crore in Wakad.
The fringe areas of Rahatani, Ravet, and Punawale, which are also close to the Hinjewadi IT Park, are witnessing a boom in construction activity as the once agricultural and open land is being transformed into a concrete jungle with the new housing and commercial projects. Ravet is the second fasted-growing fringe area in the city. Rahatani, which is adjacent to Pimple Saudagar, has also witnessed rapid development
Moshi is also one well-known location where rapid development of construct is done. This area located along Indrayani river has also Pune-Nashik highway passes through it. Moreover, it is situated close to the industrial belt of Pimpri, Chinchwad, and Bhosari.
Following are the top builders in Pune.
Builder:Kolte Patil Developers
Builder: Godrej Properties
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