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Turning to the industrial sector the
picture is rather enviable.
The Maharashtra Industrial Development
Corporation (MIDC) has
developed two industrial estates in the
immediate vicinity of Pune
on the lines of the Industrial Parks of
United Kingdom.
Suitable transport and communication facilities are also offered.
A number of large scale industries are also present in and around
Pune. Some major companies are Phillips India, Bajaj Auto, Kirloskar
Cummins, Kirloskar Filters, Kalyani Sharp, Mahindra And Mahindra,
Hindustan Antibiotics, Tata Electric And Locomotive Company,
Mercedes Benz India Ltd, Kirloskar Oil Engines, Indian card
Clothing, Alfa Laval, SKF Bearings, State Transport Bodybuilding
division, Weikfield India, Serum India, Duro Shocks, Kinetic Honda,
Bajaj Tempo, Kirloskar Pneumatics etc.
The city is also equally popular for trade and commerce. Major
private and public sector banks are situated in Pune.
Laxmi Road and Mahatma Gandhi Road,
which is considered the prime retail area in Pune, are also quite
popular for the traders in consumer durables and perishables.
Majority of sales of clothes, electronic goods, white goods and food
related items take place on these two roads along with Bajirao Road
and Bohori Aali. Grocers are vegetable sellers are mostly dominating
the old city, which can also be referred to as the heart of the Pune
city.
Pune is fast becoming a favourite haunt or literally a target place
for the regular hotel goer as well as connoisseur of good food. The
existence of a large number of educational institutions adds to the
retail and restaurant boom too.
Thus the city can be seen as a hub of extensive economic activity.
Trade, commerce and manufacturing in a variety of goods can be
observed.
Sale and purchase of services is also quite rampant with a number of
professionals like lawyers, doctors, chartered accountants, tax
consultants etc earning whopping sums every financial year. The per
capita income is quite high in Pune as compared to many other cities
in India. Both saving and spending levels are continuously on the
rise. Volumes of transactions are also on a relentless rise. The
future of Pune as a city of economic strength is in fact reasonably
bright.
The strategic location of Pune and its close proximity to Mumbai has
always made it an attractive proposition for most investors,
industrialists, etc.
Due to all of the above mix of socio-economic factors, the real
estate market in Pune has rapidly developed over the years. A large
amount of new constructions are now common on Pune roads, offering
attractive facades and excellent amenities. This year-on-year
dynamic growth is clearly visible. For example, Aundh was announced
the fastest growing urban locality in Asia in the year 1998. Within
a short span of 2 years, it has developed from a dense forest to a
reputed residential locality with adequate infrastructure.
To a certain extent, the Pune property market has been directly
correlated to the Mumbai market, which was quite apparent when the
Pune market sky-rocketed in the years 1995-1996 during the time that
Mumbai property rates were at their all-time high. The city of Pune
is now seeing more and more investments independent of its parent
city, Mumbai.
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