Prayag Bhaskar Khose, MD, BK Khose Group, shares how the interplay of various factors such as the need to cater to evolving work-from-home needs, innovation, sustainability, and a customer-centric approach has created a perfect storm for the real estate boom, making Pune an attractive and dynamic market for both, developers and investors.
By Andrea CostaBir
How do you explain the boom in the real estate sector?
The surge in Pune’s real estate sector is a testament to the city’s sustained economic expansion. As businesses thrive and the city establishes itself as a prominent economic center, the demand for both commercial and residential spaces has experienced a substantial uptick. Pune’s economic resilience, particularly in sectors like IT, has attracted a diverse population, contributing to the need for quality housing and commercial infrastructure.
Government initiatives and policies have played a pivotal role in fostering a conducive environment for real estate development. Favorable regulations and incentives have not only streamlined the process for developers, but has also instilled confidence in investors. Simultaneously, ongoing efforts in improving infrastructure, such as the expansion of transportation networks and the development of smart city initiatives, has opened up previously overlooked areas for potential real estate growth. The interplay of these factors has created a perfect storm for the real estate boom, making Pune an attractive and dynamic market for both developers and investors alike.
What are some of the trends that will influence the sector?
In Pune’s real estate landscape, a confluence of trends is set to redefine the sector. Sustainability takes center stage as environmentally conscious practices become integral to development. There’s a rising demand for green buildings and energy-efficient features, reflecting a community that values responsible living. Simultaneously, the integration of technology is transforming the real estate experience. From smart home solutions to virtual property tours, tech innovations not only cater to a tech-savvy clientele but also streamline industry processes
Flexibility is a key theme in design and usage. Post-pandemic, there’s a heightened focus on adaptable spaces that cater to evolving work-fromhome needs. Residential properties are incorporating home offices and communal workspaces, while commercial spaces are adapting for hybrid work models. Demographic shifts, with millennials and Gen Z emerging as significant players, further drives demand for experiences, community living, and sustainable practices. As Pune’s real estate sector navigates these trends, it’s evident that innovation, sustainability, and a customercentric approach will define its dynamic future.
Is there a discernible demand for open green spaces?
Absolutely, the demand for open green spaces in Pune is discernible and growing. As the city experiences rapid urbanisation, there’s a heightened awareness of the importance of greenery for overall well-being. Homebuyers and residents increasingly prioritise projects incorporating parks, gardens, and open spaces. This isn’t just a matter of aesthetics; it’s a response to the need for recreational areas, places for community interaction, and a desire for a healthier living environment.
Developers are recognising this trend and incorporating green spaces into their projects. It’s not just about meeting regulatory requirements, but responding to a genuine market demand. From landscaped gardens to community parks, these green spaces contribute not only to the visual appeal of a property but also enhance the overall quality of life for residents. As Pune continues to grow, the integration of open green spaces will likely remain a key consideration for both developers and those seeking homes in the city.
What are some of the tech advancements and sustainability trends that are growing?
In Pune’s real estate sector, technological advancements are transforming the landscape. Smart home technologies, driven by the Internet of Things (IoT), are gaining traction, offering residents seamless control over their living spaces. From automated security systems to energy-efficient solutions, these innovations not only enhance convenience but also position properties at the forefront of modern living.
Sustainability trends are also on the rise. Green building certifications are becoming standard, with developers incorporating eco-friendly materials and energy-efficient designs. Solar energy integration, rainwater harvesting, and waste reduction initiatives showcase a commitment to environmentally conscious development. As Pune embraces these tech and sustainability trends, it positions itself as a progressive and future-ready hub in the real estate realm.
What are some of your company’s ongoing projects?
In our real estate ventures, we currently have one exciting upcoming project in Tathawade, an up-andcoming area of Pune, that reflects our commitment to quality and innovation. This project is a premium residential complex featuring modern amenities, green spaces, and smart home technologies. We’re dedicated to creating a sustainable living experience, incorporating eco-friendly practices from energy-efficient designs to extensive greenery.
This upcoming project in Tathawade aligns with the dynamic trends in Pune’s real estate market, offering residents a space that not only meets their immediate needs, but also anticipates and adapts to future requirements.