The availability of skilled manpower supported by availability of cost effective commercial real estate – especially in terms of Grade A projects – continues to drive demand for office properties in Pune.
A new high note is being struck on the Chennai real estate map at Old Mahabalipuram Road (OMR), which is fast turning into the epicenter of commercial property development. The developer interest in this sizzling hot stretch, which first accounted for 22 kilometers and was later on enhanced to a further 23 kilometers, has now transcended the local market.
Even as we continue to discuss the acute shortage of industrial land in Mumbai, the fact remains that there are rather significant land parcels held by the MIDC along Mumbai’s Thane-Belapur Highway. The prices for plots on this stretch currently range from Rs. 5-8 crore/acre.
It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.
2010 saw increased buoyancy on Pune’s residential market, which has been in steady recovery since 2H09. The confluence of price correction ( 10%-25% in 2009) along with rational mortgage rates offered by banks has increased affordability. Moreover, with the improving economic conditions as evident from the increased absorption of office space, there is improved employment security, creating fresh demand for housing in the year 2010. There has been spate of residential launches in the city, with a 10-12% increase in capital values witnessed across all the residential pockets of the city.