While metros such as Delhi and Mumbai wait for foreign realty funds and developers to come in, new kid on the block, Pune has managed to attract a variety of funds and developers.
From funds such as Tishman Speyers, Blackstone and GE Realty to developers such as Emaar and Lee Kim, everyone is rushing to this hill-station-turned-IT-Mecca.
Tishman is said to be close to finalising a deal with local builder Kolte-Patil for a mixed use property for IT and commercial users.
Also, a team from Ascendas is doing the rounds of the Pune developers looking for a viable property to invest in. The team has already visited projects promoted by Kolte-Patil, Kumar Builders and Panchsheel Builders.
GE Realty, which has invested in the Ascendas IT park in Bangalore, is said to be interested in investing on its own in Pune and is scouting for the same.
According to sources, the funds are scouting for land chunks in the range of 100-200 acre where they can invest through a local developer.
As such large chunks of land are not available in the city center anymore, teams from the funds are now doing the rounds of the areas on outskirts such as Kothrud.
The funds are also considering warm shell properties in the city center, which they can convert to plug and play for specific clients.
Among the foreign developers, Dubai-based Emaar, the Salim group from Jakarta, the Lee Kim group from Singapore are looking for properties in the range of 100 acre which can be developed into mixed use properties for commercial and IT users.
Most of the developers are planning to go it alone in order to capitalise on their international brand names and bring in their existing international clients, sources said.
However, both foreign funds and developers are staying away from the upcoming giant Hinjewadi where the government has allotted 6000 acre for the software technology park. "They are afraid that should the government come up with tax breaks to keep its investment lucrative, then the funds and the developers will not be able to match it," said an expert.
