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According to a Times News Network report, the most vibrant retail real estate market in western India in the last 2-3 years is to be found in the city of Pune. Experiencing a economic revival due to the increasing inflow of IT / ITEs companies, Pune’s growth has given an added boost to the city’s real estate pushing retail in the forefront.
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Pune Real Estate: A Vibrant Market
According to a Times News Network report, the most vibrant retail real estate market in western India in the last 2-3 years is to be found in the city of Pune. Experiencing a economic revival due to the increasing inflow of IT / ITEs companies, Pune’s growth has given an added boost to the city’s real estate pushing retail in the forefront. Well-known brands and retail giants wishing for a slice of the real estate pie are setting up property ventures e.g. Central Mall belonging to the Pantaloons group. Not to be left behind, retailers with large portfolios i.e. Pyramid and Shopper’s Stop are also expanding their retail operations in Pune city.
A research undertaken by Trammell Crow Meghraj reveals over 5-million sq. ft. of built retail space will be available on the Pune real estate market within the next 24-months, while another 5-million sq. ft. still in the planning stage is scheduled to come up in the year 2010.
Amongst, the flourishing mall developments to come up in the high-street retail areas of Pune area are Nucleus Mall and Magnum Mall in the vicinity of MG Road and Kakade respectively. Other upcoming retail markets are along Bund Garden Road and Nagar Road, in large part due to their close proximity to predominantly residential areas of Kalyani Nagar, Koregaon Park and prominent colleges / IT townships of Senapati Bapat Marg, Magarpatta City, Ganeshkind Road.
With a booming retail real estate sector, in the next two years, Pune will see the Pyramid Supermarket chain come up in Kolte Patil, Kondwa on Nagar Road and Kakade City in Kothrud, as well as, an International Convention Centre on Senapati Bapat Marg.
As well-known national brands enter and quickly expand, setting up multiple outlets in the Pune retail market, various developments of retail real estate have experienced a 25% increase in rentals. And, despite recent developments, Trammell Crow’s retail real estate experts are of the opinion that an organised retail market in Pune is still very much at a embryonic stage, and tight control is required to make it sustainable. Unless, Indian mall developers arrive at a true understanding of a business model of mall development, restricting development to location, pricing right, positioning malls in areas of high population circulation, offering a popular product mix and offering infrastructural support, supply will outstrip demand. Innovation e.g. a theme or a hotel within the mall is what is necessary to help keep ahead of the competition. For example, Ishanya Mall – The Design Centre, a Pune mall a “one stop mall for interiors and exteriors” is a good example of what mall developers in the western region should emulate for success.
With great potential, Pune offers a tremendous opportunity to those interested in retail real estate development, as long as, developers make mall space efficiency, product compatibility, inside / outside mall infrastructure and quality development a part of their project. Using this as their mantra, mall developers are sure to make a rip-roaring success of their mall development project. The time was never riper for mall development investments in Pune!
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