Pune gets Mall Mania

The retail sector in Pune is showing buoyancy and around 34 new malls have been proposed which are expected to be operational by 2010. Currently, nearly two dozen malls are already operational in Pune.According to Knight Frank, the global property and real estate consultants, the 34 malls will add 12.23 million sq ft of organised retail space, whereas the present total stock of organised retail sector is around 3.21 million sq ft."Retailers are attracted by increasingly vibrant corporate sector, above average income and large middle class. The change in consumer profile has encouraged the development of more luxury malls," says the latest Knight Frank report titled - 'India Retail Market Review Quarter 3 2008.' Also with the success of city's first interior specialty mall Ishanya, different avenues of the same, like wedding mall, industrial mall can also be explored in near future. The Commonwealth Youth Games, which kickstarted on Sunday, have given a boost to the infrastructure development of the entire city with concretisation of roads and flyovers. "A promising market, increasing migrant population, growing disposable income and lifestyle aspirations of the populace will continue to provide a boost to the retail sector in Pune in the forthcoming years," it stated.The prime locations in Pune where retail development have flourished are concentrated in the CBD locations of M G Road, Camp, Deccan and other central locations like J M Road and F C Road.
In the central zone, which is home to micro markets like Deccan, Senapati Bapat Road, Ganeshkhind Road, F C Road, J M Road, Camp, Bundgarden Road and Koregaon Park, around six malls are in the pipeline and it will see an infusion of 2.09 million sq ft of retail space.
Jewel Square on Bundgarden Road and Once Center Port on Ganeshkhind Road are expected to be operational by this year-end. In the north zone, which comprises Pimpri-Chinchwad, around five malls are coming up. Prime Mall scheduled in Pimpri is expected to be launched next year. Park Street and Rainbow malls are under development at Wakad. In the south zone, which is a residential concentration with locations like Swargate, Bibwewadi, Satara Road, Kothrud, Warje, Karve Nagar and Bavdhan, five malls are coming up which would add 1.36 million sq ft. Downtown at Erandwane is being as an important project. The east zone, which comprises areas like Kalyani Nagar, Hadapsar, Viman Nagar, Nagar Road, Airport Road, will witness the maximum infusion of 45 per cent of the total organised retail space and 11 malls have been proposed here, adding 5.43 million sq ft areas. A new project called Phoenix Market City has been launched on Nagar Road, which proposes commercial development of 1.07 million sq ft.
As far as the west zone is concerned, note can be made of retail space at Blue Ridge, the 138 acre township project by Paranjpe Schemes in Hinjewadi. Baner is also emerging as an important micro market.

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