Pimpri-Chinchwad experiencing a surge in demand for commercial complexes and business centres

The growth in Pimpri-Chinchwad's real estate sector has given a facelift to twin towns' growth. While credit also goes to automobile and IT sectors, people associated with real estate believe it is now their time to enjoy fast-paced growth. And commercial realty in the vicinity is the sector to watch out for.

If industry insiders are to go by, commercial realty in the twin-cities is now shifting gears. Demand for exclusive commerce complexes concerned with offices and dedicated shops is rising in Pimpri-Chinchwad. Earlier, much of the development was concentrated in Pune, whereas Pimpri-Chinchwad existed as an industrial township.

Rajesh Kumar Sakla, founder of Siddhivinayak Group, informs that growing population has meant good scope for entrepreneurs and corporate to set up their own offices in here. "Pimpri-Chinchwad was known as an industrial town with good job opportunities but travelling was a big hurdle as transport facilities were poor. Hence several industries opted away from having their offices at Pimpri-Chinchwad. But now the demand is rising as the cities are developed," he said. Sakla has built a complex 'World of Mother', an exclusive 80,000 sq ft commercial complex mall exclusively for women entrepreneurs. Apart from Sakla's venture, Ganesh Vision, located at Akurdi adjacent to Fame Jai Ganesh Multiplex is also attracting several small professionals. "As the city was expanding, the demand for doctors, architects, accountants, tax consultants, CAs and shops such as grocery, medical, beauty, hardware shops saw a rise as well. People started investing in shops and offices. This trend has matured now into commercial complexes," he explained.

Sakla plans to invest around Rs 1,000 crore in six various projects in Pimple Saudagar, Nigadi, Tathawade and Bhosari. "The response for the commercial investors is good and we are doing good business. The major area where we have paid focus is on creating ample parking space. This is our USP. Presently the cost of commercial establishment in the prominent area ranges between Rs 6,000 to Rs 12,000 per sq ft. Several commercial establishments have been roped in till date," he said.

Bharat Mittal, director of Mittal Brothers also agreed that several areas in and around Pimpri-Chinchwad do lack commercial establishments. "Wakad, because of its close proximity to highways, IT Park and industrial townships has a great demand for commercial establishment. Wakad has quality hotels, housing projects, educational institutes and wide roads. Several corporate offices and retail markets see good potential in Wakad," he said. Mittal is constructing a commercial establishment named 'Highwayz'.

Speaking on the kind of commercial spaces being developed, Mittal said, "The customers have different expectations from these commercial complexes as the office presentation is going to help them in getting good business. So we focus more on utilities, amenities along with pleasant interiors and good parking space. Moreover, we provide individual utility area in each office." Mittal also lauded the efforts made by PCMC for the development of Wakad.

The civic body has recently decided to prepare a revised proposal for the construction of City Centre, a commercial and business hub in Chinchwad. The project is slated to come up on a 33.5 acre plot near the auto cluster in Chinchwad along the Kalewadi Phata-Dehu-Alandi bus rapid transit system route off Pune-Mumbai highway.

The proposed project will have 50 percent of the area reserved for commercial spaces, 32 percent for retail and 18 percent for residential purposes. The project will be developed on the pattern of Bandra-Kurla Complex in Mumbai. As per officials, the revised minimum price for the bids for the construction of the complex has been decided at Rs 350 crore.

Govind Patel, sales manager, Kohinoor Sheltors explained that there is a rise in demand for commercial establishments in the twin-town. Their firm's recent launch 'Kohinoor Majestic' at Thermax Chowk in Chinchwad has around 36 shops and 100 offices for sale. "Several manufacturing industries have shifted out of Chinchwad MIDC but are ready to invest in commercial offices or showroom as their business activities continue to yield good business benefits. Earlier, we had done commercial projects on JV basis and this is our 100 percent owned project. We are investing around Rs 10 crore and the area rates are in range of Rs 4,000 to Rs 6,000 per sq ft," he said.

However, there are a few hurdles in the way. Availability of credit from banks is what bugs most of the projects. According to Mittal, banks do not give loans easily for investing in commercial establishments. Moreover, the trend to have lease or rented property is growing up as it saves costs hence selling real estate commercial property has become a challenge for the builders.

Source: articles.economictimes.indiatimes.com