Maharashtra

Maharashtra is home to the most expensive residential and commercial properties in the country, concentrated in Mumbai, Navi Mumbai and Pune. Residential and commercial property rates in Navi Mumbai have soared ever since the Special Economic Zone (SEZ) and the Greenfield Airport Projects in Panvel were announced. It is no longer a city living in Mumbai’s shadow, with its fair share of premium residential properties, glitzy malls, multiplexes, hotels and large commercial spaces. Similarly in Pune, property prices have appreciated between 10 to as much as 70 per cent in Hinjewadi, Baner, Kharadi, Kalyani Nagar, Wakad, Pimple-Nilakh and Pimpri-Chinchwad. Talegaon on the Mumbai-Pune expressway is seeing fast paced development as property developers are taking up large projects in view of Indian corporates and multinationals setting up their manufacturing facilities there. Jones Lang LaSalle, leading property consultants, forecasts a healthy real estate market in Nagpur as it is a favourite offshoring destination for IT companies. Maharashtra, thus is and, will remain the investor’s safest bet, as its industrial climate rests on India’s most qualified and committed workforce. Upcoming residential properties It is a famous statement about Mumbai that you can get a job here, but it is very tough to get a shelter. This statement depicts the scarcity of residential space in the city for common people. This phenomenon is common not only in Mumbai, but also in all other big towns and cities of Maharashtra. The residential property market in Mumbai, Pune, Nashik and other big cities has matured. For instance, in Pune, the price of residential proper-ties has increased by 10 per cent to 70 per cent within last couple of years. This hike is prominent in some specific areas like Baner, Kalyani Nagar, Hinjewadi, Kharadi, Wakad, Pimpri, etc. The residential properties found here are of premium segment. The same condition prevails in other prominent towns of Maharashtra. Some of these upcoming projects in the state include: Orchid Crown: This is a project by DB Realty in Mumbai spread across 7 acre appromixately. It comprises three 75-storey towers housing 3, 4 and 5 BHK apartments. Sandesh City: This integrated township by Sandesh Group and Silikon Real Structure Pvt Ltd spreads across 90 acre in Nagpur. It has 1, 2, and 3 BHK apartments, row houses, twin bungalows, independent bungalows, villas and even plots for sale. 3 Carnations: This is residential project comprising 3 BHK premium apartments on three floors by DS Kulkarni Developers Ltd at Baner, Pune. Upcoming commercial developments Commercial properties in Mumbai are amongst the top ten most expensive Asian office locations. The most popular and demanding categories among the commercial properties are shopping malls, multiplexes, IT spaces and branded retail outlets. Similarly, commercial real estate in Pune is developing at a breakneck speed. Nashik too has a huge commercial and industrial market that is expanding further with entry of more companies. The development of SEZ over 1,010 hectare has brought the most spectacular developments in the commercial real estate market of the city. Overall, the commercial property market in the state is booming with a slew of projects coming up across the state. Some of these include: Business Bay: This Project by KSL Realty and Infrastructure Ltd at Andheri East, Mumbai comprises of stilt + 9 floors well accessed by high-speed elevators and well-designed lift lobbies. Swaroop Business Park: This project by Swaroop Group at Andheri comprises a tower having B+G+12 floors for office space with basic amenities. International Convention Centre: Pimpri Chinchwad New Town Development Authority plans to set up an international convention centre at Pimpri in Pune.