Pune will have more big builders in the residential market

Courtesy: By Star Estate
Posted on: 2023-04-17
Pune will have more big builders in the residential market Pune will have more big builders in the residential market

Birla Estates, the real estate arm of the Aditya Birla Group, has made its debut in the market by acquiring 5.7 acres of area at Sangamwadi inside the city. With this acquisition, Birla Estates has joined the growing list of corporate realtors that have established a foothold in Pune.

According to the secretary of the Pune chapter of the National Real Estate Development Council (NAREDCO), the most recent move demonstrates that Pune possesses both the purchasing power and the potential to attract and accommodate industry players of all "sizes, shapes, and price brackets."

Birla Estates claims that Sudarshan Chemical Industries Ltd was the seller of the land in Sangamwadi and that the transaction took place in 2004. (SCIL). According to the statement made by the corporation, the allotment of land in question can be found in "one of the central locations in Pune" and "has an estimated income potential of around 2,500 crores."

Despite suffering serious damage as a result of the pandemic and the lockdown, Pune's real estate business has not only made a quick recovery but also stunned the industry by reaching new heights. This has occurred despite the fact that both of these events occurred simultaneously.

According to a study about house sales in the first quarter of 2023 (January to March), the city of Pune saw a total of 42% increase in flats sold compared to the same period in 2022. According to what was found, the Mumbai Metropolitan Area (MMR) and Pune alone were responsible for 48% of the total sales in the top 7 cities during the first three months of the current calendar year. It's interesting to note that the majority of the transactions take place in the luxury property market.

There is a good balance of local, regional, and international real estate companies operating in Pune's market at the moment. According a number of other realtors, the arrival of MahaRera was crucial for bringing order to a market that had previously been rather fragmented. Companies such as Godrej, Tata Housing, Mahindra, Paranjape Schemes, Goyal Ganga Group, and VTP are representative of a certain section of the market, whilst players such as Prithvi Edifice, Rama Group, and others serve a particular segment of the market.

The proprietor of Prithvi Edifice stated that the fact that Birlas has entered the market is evidence that there are customers there. He stated, "They view this move somewhat differently because Pune has buyers who can afford various groups that are looking and investing in the city."

The debut of Birla into the Pune market takes place during a period in which global headwinds are rattling many economies. According to the proprietor and other industry professionals, despite layoffs and a chill brought on by indications that the economy may be in a recession, Pune's real estate market is doing well.

End users have traditionally been the primary focus of the market in Pune, in contrast to Mumbai, where investors make up a significant proportion of purchasers. According to the proprietor, "Therefore, somebody like the Birlas wouldn't approach a region like Erandewane because there is space for growth in many sections."

The Managing Director and Chief Executive Officer of Birla Estates referred to the company's foray into the Pune market as the beginning of an "exciting new phase" after the company had established itself in the markets of the Mumbai Metropolitan Region, Bengaluru, and the National Capital Region.

"Pune is one of the major commercial and residential markets in the country, and this land with significant revenue potential is located in the middle of the city. The entry into the Pune market is essential to both expansion plan and goal of being one of the leading property developers in the country, added The Managing Director and Chief Executive Officer of Birla Estates. Birla Estates creates luxurious residential property in many demanding areas across India, with headquarters in Mumbai and regional operations in the National Capital Region and Bangalore.