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The city of Pune has certainly covered a long journey from being known as pensioners’ paradise to the Tech city. These days, investors and builders seem to be making large money from Pune real estate market. This has given a strong push to wealth and development in the city.

The activities have indeed put Pune on global business map in a dramatic way. It offers a plethora of opportunities in the field of retail, IT industry, BPO industry, and the hotel industry.

Everyone belonging to Pune property market is cashing in on the prospects that the city of gold offers. High and retail market space is the most preferred sector in the market. Pune education sector is also making rapid strides and has witnessed a huge influx of students coming in all across the world. This is contributing to the success of Pune and assisting it to come up as a global education destination.

The IT sector in Pune is encouraging the young generation to come forward and contribute to the economy’s progress. The city shares a big chunk of the $350 billion Indian retail market which is likely to grow at a rate of 13% per annum.

Pune Economy

Pune corporate sector is also taking full advantage of the city’s retail boom and making hay while the sun shines. Ongoing activities in Pune real estate clearly underline great improvements in the infrastructure, economy, and policies of Pune.

Pune properties are marking the growth along with prospects, excellent connectivity and educational facilities. Whether talk of industries or education sector, both are nurturing and shaping up in a decent manner.

Optimum Growth Expected

Pune is expected to see a sharp appreciation of around 500% in the service and industrial sectors. The actual potential lies in Pune residential property, shopping malls, education, and the hotel industry. These segments are undoubtedly fast flourishing. As a centre of education, Pune produces around 1,50,000 graduates each year, thereby adding to the manpower and fuelling the mentioned growth rate.

Pune has become a cosmopolitan city that is largely attracting the likes of all. The city’s infrastructure is developing at a surprising rate and constructive changes have taken place in the last 5 years.

The city has exclusive real estate projects in its pipeline. There is a project ‘Business Bay’ which will be an exclusive residential-cum-commercial project. It will accommodate high end retail outlets, corporate offices, and the residential units.

The construction work of the International Convention Centre (ICC) is on peak. Its third phase is also going to be over. Then, there is a real estate project by Kolte Patil Developers Limited, a prominent name in the commercial and residential development. The company is planning to take Pune residential segment on high by developing properties such as integrated townships, service apartments, and high end residential projects.

Courtesy: Indianrealtynews.com

Real estate major DLF is all set to extend its retail footprint to tier-II and tier-III cities. And for this the company is planning to invest around Rs 2,500 crore in setting up destination malls and shopping centres in these cities.

A whopping 30 million sq ft of retail space is what DLF plans to develop over the next 36 months, spread across 30-35 cities. Some cities that have been identified for expansion include Amritsar, Jalandhar, Coimbatore, Kochi, Vadodara, Rajkot, Surat, Nasik, Lucknow, Kanpur and Varanasi.

Apart from destination malls and shopping centres, other specialized formats such as luxury malls are also being planned along with Mall of India at Gurgaon, which is being dubbed as the world’s biggest mall.

In the words of DLF senior executive director (retail) Ajay Khanna, “We believe that there is a huge potential in tier-II and tier-III cities. To provide the initial depth to our retail plans, we will be spending close to Rs 1,250 crore each on building the two formats, destination malls and shopping centres across the country. The development of destination malls and shopping centres will be spread over an area of 15 million sq ft each.”

The branding too will be differentiated according to the format and the shopping centres will be called City Centre or Galleria, Mr Khanna said. The company is yet to decide on the brand name for the larger destination malls. “The overall signature brand, of course, will be DLF in both the formats,” he added.

DLF sees a huge demand for the smaller shopping centres and is looking at building them in the central business districts. The larger destination malls, on the other hand, will be developed in the more spacious and strategic suburban areas to cater to a bigger catchment of the community in the respective cities.

“The destination mall format will be more of a sold model where retailers will be able to buy the spaces within the mall while the shopping centre will revolve around the theme of leased model,” Mr Khanna said.

The group’s first shopping centre outside Gurgaon is slated to open next month at Shalimar Bagh in Delhi.

Courtesy: Indiarealestateblog

Citigroup is investing around $250 million in
Bangalore-headquartered real
estate major Nitesh Estates. However, the
exact quantum of stake could not be ascertained.

The deal, the single-largest in India’s
hospitality sector, will see Citi partner Nitesh
in the latter’s hospitality foray, which involves
setting up at least five luxury hotels, said
sources close to the deal.

Citigroup Property Investors will invest directly
from its global fund into holding entity Nitesh
Estates as well as special purpose vehicles
(SPVs) for setting up properties, which may also
include shopping malls. Citi’s Asia-Pacific real
estate fund head David Schaefer led the
investment into the 31-year-old Nitesh Shetty-
managed realty group.

However, Nitesh Estates executive director LS
Vaidyanathan declined to comment on the deal.
Citigroup is picking up a minority stake in the
holding company. Citi will, however, hold
substantial slakes in individual SPVs setting up
the chain of hotels, sources added.

The latest deal with Citigroup does not include
India’s first Ritz-Carlton property, which Nitesh
is developing in No responses yet