Which Infrastructure Projects Are Influencing Pune Real Estate Positively in 2022?

In recent years, Pune real estate has been one of the brightest lights of the Indian real estate industry as a whole. Since more than one and a half decades, Pune has been designated as a development centre due to the increase of IT firms, industrial expansion, etc. In spite of the fact that the exponential expansion of Pune's IT industry and other key industries began around four years ago, it has been accelerating since then.

Due to a multitude of causes, including the extraordinary demand for residential real estate in Pune, the expansion of the logistics sector, the emergence of Pune as an IT centre, and the growth of several industries like autos, etc., the Pune real estate market has gone from low to moderate to rapid.

Since the Covid-19 crisis, both the supply and demand for commercial real estate in Pune have grown.

Despite the mounting concern after the pandemic and the government's demonetization push, Pune's real estate market had a remarkable comeback in customer attitude as a result of several infrastructural investments and a great increase in residential properties.

The impending metro line, greater intra-city connections, well-planned extension of the road network, and the planned airport have been the key growth drivers for the city of Pune. They have also stimulated residential development in peripheral places surrounding the city. While many other cities are still struggling to recover from recent pandemic-related losses, Pune's market shown resiliency.

The rental real estate market in Pune was favourably influenced by business expansion and infrastructure growth. The average monthly rent in areas like as Kharadi, Chikhali, Moshi, Narhe, and NIBM Road increased by 10 percent. Moreover, Pune's progress towards the smart city objective played a crucial influence in attracting and motivating investors.

Today, Pune's expansion continues to be supported by major infrastructure projects such as the Pune metro, which are anticipated to enhance residential and commercial real estate by enhancing convenience and connection. After the Mumbai-Pune Expressway started operating in 2002, the city saw rapid growth and became the largest IT centre in the nation.

Pune's consistent infrastructure and commercial (IT/ITeS hubs, CBDs, SEZs) growth did not dissuade investors. In the next years, investors and end-users may be attracted to Pune by a number of upcoming initiatives, such as the Pune Metro Rail and a second projected airport in the Purandar region. 

Pune's real estate agents have already recognised the significance of these developments. In addition to passing through Pimpri-Chinchwad, Mahalunge, Lonikand, and Pirangut, among other fast-growing Pune suburbs, the famed ring road project will also traverse Pimpri-Chinchwad, Mahalunge, and Lonikand, among others.

Along the 128-kilometer length, the Pune Metropolitan Region Development Authority (PMRDA) has already announced designs for about 50 township proposals. Among them, only the Mahalunge-Mann seems to be evolving rapidly. 

The HiTech City project is a well-planned and one of the biggest township developments, including more than 600 acres of residential and commercial areas.

Even the construction of the New Pune International Airport, officially known as the Chhatrapati Sambhaji Raje International Airport, is planned for 2,400 hectares inside the Purander tehsil. The expansion of the Pune airport has breathed new life into the hitherto dormant villages of Charholi Budruk and Dhanori, which are now seeing the construction of high-end residential developments by the city's foremost real estate developers.

Multiple ambitious initiatives are now in the works for Pune, which are projected to boost its residential and commercial real estate in Pune and alter the way people commute in Pune.