NRI Real Estate and Property Investment in India
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Defunct Mill Lands Add New Dimension to Pune’s Real Estate
Friday, September 21, 2007

Factory premises in Pune’s Pimpri-Chinchwad would sport a different landscape in the next few years, as more and more of these are utilizing available space to residential and commercial projects.

Racold Appliances, Greaves Cotton, Elpro International, Garware Nylon and Formica India have woken up to the real estate boom hitting the area.

With abundant space available within their premises, found it a profitable option to convert it for real estate projects. Half of Greaves Cotton’s holding is being used for a multiplex, while 37 acres of Elpro’s property in Chinchwad will be used for commercial and residential projects in Pune.

Elpro’s real estate division will devote 7 lakh sq. ft to commercial space, while 3 lakh sq. ft will be used for 9 residential towers.

The commercial space could be taken up by Reliance Retail and Adlabs after it is completed in 2010. Garware Nylon’s 20 acre property in Pune has been sold for real estate development, and Formica India may also use its defunct factory property for real estate.

Bajaj Auto’s Akurdi premises spread over 165 acres. Pimpri Chinchwad has a better infrastructure than Pune, and could prove to be the next investment hotspot for Pune property investors.

The neighbourhood is gradually getting merged with Pune, and the local municipal corporation has made some investment in its civic facilities.

With the IT sector slated to add 65,000 jobs in the city, Pimpri-Chinchwad would play a definite role in boosting the property market of Pune.

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»Real Estate Equity Fund Invests in Pune

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