Real estate is one of the key drivers of Maharashtra’s economy. It creates jobs at a number of levels, from construction labour to architects, engineers and town planners. At the same time, it also fulfills the fundamental need of providing housing as well as workplace spaces to the common man. Like every other state, Maharashtra has its key hotspots for economic activity and therefore real estate development. These cities and towns each has their own individualistic demand patterns, and developers operating in them have to chart this demand pattern and cater to it accordingly.
At any given point in time, some Maharashtrian cities and locations within these cities definitely provide higher value to real estate investors than others. This is because the rate of job creation, infrastructure deployment and housing demand are higher in those markets than in others. As job creation and infrastructure deployment spread gradually to other areas via the ‘fallout effect’, these locations pick up in terms of viability for real estate investment as well. At AEHL, our primary focus is currently on Pune because of the excellent economic attributes of this city. However, we have also launched operations in Nasik because this city is fast becoming a very serious contender both in terms of economic activity and real estate demand.
In Maharashtra, Pune, Mumbai, Nasik and Nagpur are currently the most promising cities. However, with the new Chief Minister showing an unerring focus on developing the state as a whole, we see a very uniform pattern of growth emerging in the future. Over the next few years, we will see the arrival of other growth nodes within Maharashtra. Residential real estate will continue to rule the roost, and budget housing as well as mid-income housing will be the most important categories driving real estate growth. At the same time, commercial real estate projects that open up employment opportunities will always work in tandem with residential real estate to unfold the state’s fullest development and growth potential.