Pimpri-Chinchwad?home to the Indian operations of companies like Bajaj Auto, Tata Motors, Kinetic Engineering, Bajaj Tempo and DaimlerChrysler?is emerging as a metropolis in its own right and witnessing the waning of its tag just as an ?industrial hub?.
This micro market is now the venue of luxury residential projects such as ?Aishwaryam? at Akurdi, launched this July and is being exclusively marketed by Homebay Residential Pvt. Ltd. (a wholly-owned subsidiary of Jones Lang LaSalle Meghraj). Mohammed Aslam, city head – Pune, HomeBay Residential, said, ?Until fairly recently, Pimpri-Chinchwad has emerged as a metropolis in its own right, with a thriving residential market on par with areas like Wakad, Pimple Saudagar, Pimple Nilakh and Sangvi. The residential market has dual drivers in Pimpri-Chinchwad?s own industrial presence and the proximity to Hinjewadi IT Park.?
Pimpri-Chinchwad is currently witnessing good quality residential real estate development. For example, Elpro Estates? residential development ?The Metropolitan?, offers 350 apartments spread over 9 buildings and is focused on the youth, offering sports facilities, water-bodies and landscaped gardens.
Ekta World too is launching a new development at Hinjewadi with international theme based architecture, water-bodies, semi-furnished apartments and with numerous facilities like ambulance and medical services, maintenance services, travel help desk, etc. G:Corp focused on basic budget housing has launched a development in Chindwad as well.
According to RS Dabriwala, director, Elpro International Ltd, ?Elpro Estates is developing a 7 lakh sq ft mall that will be an entertainment and shopping destination centre for the area. It includes a 1.50 lakh sq ft hypermarket, a multiplex, food courts and various stores for different products. In addition, to Elpro Mall, Premier Plaza, Prime Mall and Kool Homes will add to the retail boom. The residential real estate prices in Pimpri Chinchwad Municipal Corporation (PCMC) range between Rs 2,800 to Rs 3,500 psf. According to the developers, almost all the projects have witnessed good demand from customers in the locality as well as NRIs.?
The micro-market currently has the only high street at Pimpri, which is an attractive shopping destination for the local population. This area consists of vanilla shops of individual brands, anchor shops with comparatively smaller hyper store formats and they attract a significant footfall. However, retail is destined to change dramatically with the quality of development in the area.
PCMC has been seen as an industrial destination in the city till 2002. Post 2002 and with the exceptional growth witnessed by the city, PCMC has also witnessed overall real estate development. The city has witnessed the involvement of prominent developers like Ekta Housing, G:Corp (previously known as GESCO) Elpro Estates, etc make commitments to this destination.