The renaissance of real estate development in Pune can be attributed to many facts. The industrial revolution coupled with the emergence of IT sector and intellectual migration for pursuing higher education has fuelled a paradigm shift in portraying the image that was once known for its defence base and Pensioners’ Paradise. Top property developers in Pune could feel the pulse of this new wind that was blowing with an air of development and propel the real estate industry to invite a new dawn that promises better living and spells prosperity.
Every industry requires manpower and manpower needs accommodation. The inhabited cluster of people will expect retail shopping centre along with entertainment avenues. Thus the overall real estate industry grows. With the advent of IT industry the demand for housing development sector received an aggravated momentum with the constant support of top developers in Pune. This also acted as a high octane fuel for the commercial real estate with the construction of Hinjewadi IT Park, Magarpatta and Eon IT Park.
The employment migration further boosted this self-perpetual development. With attractive pay packages, life styles of the young migrants have changed. People are now looking for luxury and premium properties at prime locations like Koregaon Park, Viman Nagar, Kalyani Nagar, Baner and so on. Top developers in Pune are grabbing this opportunity to showcase many of their iconic projects both in residential and commercial segment. Prosperity cannot be confined to a particular locality—it immediately impacts its surrounding area. The same is true with Pune’s real estate growth story.
Intellectual capital needs a warehouse to nurture and upgrade its knowledge and skills and Pune being the Oxford of the East can provide necessary infrastructure in terms of reputed educational institutes for technical and management studies. This has opened up the doors to external migrants while preserving its talent pool. Because of this intellectual influx the demand for temporary abode i.e. rentals witnessed a multi-fold growth fuelling the real estate band wagon to move further.
The overall market sentiment is positive and now it’s time top developers in Pune really needed to shoulder with each other to take this growth to the next quantum level.