Maharashtra has contributed hugely to the development of real estate in the country. The state is home to some of the most expensive properties, concentrated in Mumbai, Navi Mumbai and Pune. These three cities have a mature property market, with high end residential apartments, commercial projects, luxury hotels and malls. Though Mumbai has some of the most expensive properties in the country, Pune too has acquired a punch after information technology and business process outsourcing jobs gravitated to the city. Similarly, Nagpur Properties got a fillip after being chosen for development of new industrial townships by the Maharashtra Industrial Development Corporation and Nashik is transforming its dream of accelerated property development into a reality, after the Ministry of Commerce & Industry, Government of India approved an infrastructure project for development of a multi-product SEZ in the city.
Upcoming commercial developments
Although the commercial property market in the state has not revived, “There is a lot of demand”, as Imran Seliya, Project Incharge, Pearls Dhanashree Infrastructure Pvt Ltd states, “for infrastucture projects, especially malls”. His company is developing the D Pearls Mall at Lal Chowki which he says is the only mall between Kalyan and Dombivali. It comprises a double basement+2 storied shopping mall for retail outlets, restaurant, food court, and three screen multiplex with 653 seats. Some of the other upcoming commercial developments in the state include:
1. Bremen Business Centre by Associated Builders in Pune comprising a G+5 storey block with 3 level multi parking facility and 3 level shopping area.2. Big World by Soman Sun City Builders & Developers over 6,000 sq ft in Thane, comprising a G+5 storey shopping complex providing spaces for retail outlets and food court.3. A 20 MW power plant by Mouda Energy Ltd near Nagpur.
Upcoming residential developments
'The residential market never went down. In fact it has been further boosted by the development of infrastructure in the state,” adds Seliya. He cities the example of Link Road. 'The development of the Link Road between Borivali and Andheri has increased the residential demand in that entire stretch,' he says. Akansha Vargan, Office Incharge, Soman Sun Citi Builders & Developers, too believes that the residential market has picked up exceptionally well since July 2009. Developers are launching long-pending projects, some of which include:
1. Sollanaa by Samarttha Gayatree Properties, in Pune comprising 8 towers of G+9 storey having 500 flats of 1/2 BHK and amenities like amphitheatre, meditation hall, clubhouse, landscaped garden and party lawn.2. Uttam Town-scapes by Fortune Developers & Infrastructures in Pune comprising G+10 storey towers having 370 apartments of 2/3 bhk and amenities like clubhouse, swimming pool, jogging and walking tracks, tennis court, etc.