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Pune, Apr 7: The boom in the manufacturing sector has pushed up real estate prices in Pune, especially for industrial land. An auction conducted by the Maharashtra Industrial Development Corporation (MIDC) in the Pimpri-Chinchwad industrial belt last week saw land rates touch record levels.
Similar kinds of dizzying prices are being seen at Chakan and Ranjangaon. The rates are just as high as Rs. 11,000 per sq meter in Chakan as against an offset price of Rs. 3,200 per sq meter. In Ranjangaon, rates for commercial plots are Rs. 6,400 per sq meter compared Rs. 3,000 per sq meter earlier.
Five years ago, rates were around Rs. 3,000 to Rs. 4,000 per sq meter, which went upto Rs. 12,000 per sq meter last year. The auction held last week saw rates touch the Rs. 24,000 per sq meter level. The lowest price for the plots was Rs. 16,000 per sq meter. MIDC auctioned around 54 industrial plots. “This is the first time that an auction for industrial plots in Pune has fetched such high prices. The offset price (minimum) was set at Rs. 8,250 per sq meter by MIDC. As against this, bids started from Rs. 16,000 per sq meters to Rs. 24,000 per sq meter,” MIDC officials said.
Around 70 plots varying from 24 sq metres to 330 sq meters were put up for auction. These plots were scattered across different parts of the industrial belt and had been with the MIDC for the past one year. “There seems to be no slow-down in the real estate prices in this sector and MIDC gained four times more revenues from this auction. MIDC garnered Rs 5.22 crore revenues through this auction,” officials said.
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