Every Indian state has unique social, physical, and economic characteristics, and they present several opportunities for domestic and foreign investors looking for beneficial real estate investments. Maharashtra is a state that attracts investors for specific reasons. In Maharashtra, Pune and Mumbai are the most sought after destinations. Mumbai – the financial, entertainment, and commercial capital of India were always favoured by investors owing to its growth possibilities. However, Pune was always considered as its weaker cousin. Although there has been no role reversal, Pune has emerged as the second hottest investment destination in India. Today, it is competing with Mumbai in terms of financial and commercial success. Let’s see why this city attracts more investors to this city than other growing metro cities of India.
One of the Fastest Emerging Cities in the World
Is it? Yes. You have heard it right. Pune features on the list of one of the fastest emerging cities in the world. This was confirmed by the Mercer 2017 Quality of Living Ranking, which listed Pune at rank 145 on the list of 440 world cities that competed for the position of the most habitable cities. Mercer’s Index refers to Pune as the city that hosts IT and automotive companies.
A Strong IT and Automotive Hub
According to Suresh Castellino, the Executive National Director of Colliers International, for several years, Pune existed as a small city that attracted companies like Tata Motors, Bajaj, Finolex, and others. The city had great weather, and a slow pace of life, which attracted pensioners from the neighbouring city of Mumbai. The development of Mumbai-Pune Expressway and Hinjawadi changed it all. Today, it is home to several domestic and international IT/ITes companies and has become a strong IT corridor of India. The IT companies in Hinjawadi and neighbouring areas of Baner, Balewadi, as well as eastern suburbs of Kharadi, Yerwada, and Magarpatta attracts lots of IT service professionals to the city. As a result, the demand for residential properties has fuelled in the city. The property rates have also increased.
Do you know Pune is:
- The city offers an eclectic combination of an automobile, IT, and manufacturing companies, as well as private and government sector research institutes.
- The second-largest IT hub of the country with most IT companies having registered offices at Hinjawadi, Yerwada, and other suburbs of Pune
- A home several large and small automobile and engineering companies
- The second-largest city of the state of Maharashtra after Mumbai
- Among the top five FDI investment destinations of India, and it has bagged maximum domestic and FDI investments under “Magnetic Maharashtra” and “Make in Maharashtra”.
- The seventh-richest city in India with an estimated GDP of $60M.
- The most popular start-up destinations in India, hosting over 400 start-ups
The Progressive Education Hub
Why is Pune called the “Oxford of the East”? The answer being – it has more than 811 colleges, which produces more than 30% of the graduate workforce. This has created a sort of IT revolution in the city. The educated citizens of this city have contributed to the growth of the city in many ways.
Pune administration plans to increase public transportation by 50% through e-buses and e-auto rickshaws. In addition to this, the Pune Metro system is planned, and as of now, it features three lines. The first line will be laid between PCMC building and Swargate, the second line will run between Vanaz and Ramwadi, and the third line will be laid between Hinjawadi and Shivajinagar.
The Pune Municipal Corporation (PMC) is the only municipality to raise over Rs 200 Crores to fund its Smart City Mission Project.
Several things make Pune an NRI and domestic investors heaven. Do you have a residential investment plan in mind? Perhaps, we can help you with materializing it. Get in touch with our experts today!