Builders Banking on Pune for Land Banks

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by George Gonigal

Pune, the erstwhile infotech hub, is more in news for its real-estate transactions than it's IT and ITES growth. Pune's property segment has witnesses unprecedented growth because of the booming IT and ITES segment. This caused a surge in the demand of the office, residential and commercial space, one after the other.

This has caused the city to expand beyond limits. This increase in demand of supply of property has prompted the real estate builders to pick up more land banks in the city. Since the heart of the city is choked, almost all major selling/ buying of buying of land banks are happening in the peripheral areas.

Leading national and Pune-based developers are buying land banks that can be built upon or sold in future. Some big corporate houses have also bought significant land banks in Pune. The Maharashtra Industrial Development Corporation (MIDC) is a close competition to the private developers and the corporate houses. Most of the land in the peripheral areas now belongs to the MSIDC, which allots this land to the SEZs or for setting up of state industrial units.

The prime areas are Baner, Talegaon and Chakan - Chiroli. The areas surrounding Chakan - Chiroli are anyway in demand ever since the site has been identified for airport construction.

Last year, Bangalore-based real estate and infrastructure developer IDEB Projects had expressed its desire to buy 550 acres in Pune. Other significant real-estate developers that have sizeable land chunks in Pune are Lok Housing, Kumar Builders and Sobha Developers among others.

The corporate houses include Infosys, Wipro, TCS and Satyam and Dr Reddy's and Ranbaxy. Even multinationals such as General Electric, Microsoft and Oracle have realised that land bank reserves serve as a tool investment. Companies such as GE, Infosys, Satyam, Intel and Timken have bought land worth Rs 325-330 crore. Recent media reports suggest that over 540 acres of land has been acquired by various corporates in Pune and Mumbai in the last two years.

George Gonigal provides you the best and latest information on Pune Real Estate Builders, if you want to Buy Apartments in Pune. he suggest you log on to magicbricks.com

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