Employment Opportunities in Pune Drive Real Estate Boom
In older days, Pune was known only for having proximity to the financial capital of country whose property market was alive because of rural demand from Maharashtra’s hinterlands. These days, Pune is no longer considered as a small city. It has an ideal blend of service sectors and manufacturing companies and it has become a groundbreaking powerhouse of economy in all aspects. It has job generation rate which is quite difficult to match for other cities. Good news is that Pune will no longer be known as sidekick city of Mumbai.
Today Pune boasts several large-scale corporate houses without bothering to connect with Mumbai. This city enjoys a lot of youthful element that cannot be missed and Pune has become a most anticipated place for retirement. The emergence of Pune from the shades of high-end neighborhood occurred due to significant development of automobile, manufacturing and IT and ITeS industries. In Pune, office spaces of Grade A have been leased in around 4.7 million sq. ft. in the year 2013. As a general rule, one job is generated in every 100 sq. ft. on average. In 2013, Pune had generated over 47000 jobs. When it comes to see the overall job growth rate in the past 5 years, the current year is witnessing double growth in Pune.
With around 17.40% of total Indian market share, commercial office space has been witnessing huge demand for leasing. In 2013, 47000 jobs were not only a major occurance. In the year 2010, Pune had seen healthy and leading trend of leasing commercial office spaces. For Pune, it was a boom year in the decade. Along with service industry, a huge share of manufacturing has been witnessed. In Pimpri-Chinchwad region, Chakan has been evolved as most anticipated location along with Jejuri, Ranjangaon, Khed, Shirwal, and Kurkumb.
The shelf life is very limited of a residential project which has been introduced with pricing range closing at Rs. 1.5 Cr. over the past 30 months. But the situation is opposite in Pune. A huge demand for residential units from Rs. 50 Lakh to Rs. 1.5 Cr has been seen in Pune.