Pimpri Chinchwad: The rising face of Pune real estate
Pimpri Chinchwad, a city in Pune district, has emerged as the new real estate investment destination. The region consists of twin cities of Pimpri and Chinchwad which are located in the vicinity of 15 kilometers from Pune. It is one of the most populated regions of Maharashtra and happens to be one of the most prominent industrial areas in the city. The real estate is thriving in the area owing to the industrial development and expansion of IT industry off late.
The area falls under Pimpri Chinchwad Municipal Corporation (PCMC) and clubbed together with Pune, it is one of the biggest industrial areas in India. The real estate in Pimpri Chinchwad is growing by leaps and bounds and residential demand to understand the elevated status of the region as one of the real estate hubs.
Industrial boom
Pimpri Chinchwad area has long been a home to industries, especially automobile companies like Bajaj Auto, BEL Optronic Devices Limited, TATA Motors (formerly TELCO), Kinetic Engineering, Force Motors, DaimlerChrysler, etc. Among other major firms set up in the area are Forbes-Marshall, ThyssenKrupp, Alfa Laval, Sandvik Asia, KSB Pumps, SKF, etc.
IT industries have been coming into the area with the setting up of Rajiv Gandhi Infotech Park. IBM India, Wipro, Infosys, Accenture, KPIT Cummins, SQS India Infosystems Pvt. Ltd. are some of the IT majors in the area.
PCMC area shelters almost 4000 industries – small, medium and large scale. With all these industries coming in, there have been hordes of employment opportunities generated in the region. As a consequence, massive population influx has happened which has skyrocketed the demand for housing facilities.
Connectivity with other cities
Pimpri Chinchwad forms a part of Pune urban agglomeration and enjoys excellent accessibility via road and train. It is located on the confluence of NH 50 linking Nashik and Pune and the highway between Mumbai and Bangalore.
The PCMC area is connected to cities like Mumbai, Chennai, Bangalore, Pune and Hyderabad through many rail networks. Pune Lonavala suburban local trains run through the area. Metro connectivity to the area has been proposed under Pune Metro.
The Pune airport is only 20 km away from where regular flights to other metros in the country are easily available.
Residential boom in Pimpri Chinchwad
Demand from consumers have set up PCMC as an area where more and more developers are coming up with residential projects targeted at spectrum of diverse home buyers. Recent studies show that demand is high for residential properties within the price bracket of up to Rs 40 lakh. In Pune and Pimpri-Chinchwad region, there is an annual demand of five lakh homes every year in the price bracket of Rs 25 lakh to Rs 35 lakh.
Areas like Wakad, Pimple Nilakh, Pimple Saudagar, Spine Road, Pradhikaran, etc offer perfect options for senior management professionals. On the other hand, Ravet, Talegaon, Moshi and Akurdi offer affordable and low cost housing options. Professionals who find prices of apartments in Pune too high are looking forward to settle in PCMC area.
Property prices as well as rentals have been constantly on a rise and a rise of 10%-12% has been recorded in the past year. The average property price is around Rs 4600 per sq ft and the rentals are in the range of Rs 11-13 per sq ft.
Developers expect the area to become a model city in the coming years. The recent addition of 25,000 acres to PCMC means that there is space for an additional two million homes in the area. PCMC now boasts of large industrial units, IT Parks, hotels, shopping plazas, educational institutes and health care facilities and the supply of residential units with common facilities is healthy. Another positive aspect about the region is its pleasant weather and greenery. The developers expect urban development to take place in the area in a planned manner, making it the most sought after real estate destination in the coming future.
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Image courtesy of ddpavumba at FreeDigitalPhotos.net
