Greater Pune – A Urban Expansion Benchmark by PMRDA

Akash Pharande, Managing Director - Pharande Spaces

By Akash Pharande, Managing Director – Pharande Spaces

 

The Pune Metropolitan Region Development Authority (PMRDA) oversees an extensive and strategically significant territory now collectively referred to as Greater Pune. It covers both urban and rural regions.

The two key territories under Greater Pune are the Pune Municipal Corporation (PMC) and the Pimpri-Chinchwad Municipal Corporation (PCMC). PMRDA also governs the pivotal Talegaon Dabhade and Lonavala Municipal Councils – the former a strong and growing industrial hub, and the latter arguably Maharashtra’s favourite tourist destination.

Beyond these municipalities, PMRDA also administers numerous suburban and rural areas which are vital for Greater Pune’s expansion and development. These include the rapidly developing industrial hotspots Chakan and Pirangut, as well as Pune’s pre-eminent and pioneering IT hub Hinjawadi.

Among the rural areas are Mulshi, Maval, Khed, Haveli, and Junnar, which are important for their agricultural contributions and potential for future development. Known for their scenic landscapes, Mulshi and Maval are already attracting considerable real estate development.

As can be seen, Greater Pune is vast and diverse and showcases PMRDA’s governance across many major urban centres, IT hubs, industrial zones, and rural areas.

Over the past decade, Greater Pune’s exponential growth stands as a strong testament to PMRDA‘s strategic planning and robust implementation of development initiatives. But is this pace of growth really necessary? Let’s look at the facts.

city-planning

Population Growth and Urbanization

As of 2024, Pune’s population is estimated to be around 7.35 million in the metropolitan area and approximately 4.44 million within the city limits. Its vast talent pool across all employment categories is Greater Pune’s greatest asset, and this population needs to be accommodated.

It stands to reason that the region’s real estate sector has been booming. According to data from MahaRERA (Maharashtra Real Estate Regulatory Authority), there has been a consistent rise in the launch of new housing projects. In 2023 alone, Pune saw over 50,000 new homes launched, while Pimpri-Chinchwad added 20,000.

Prominent real estate developers have been having a field day – or rather, a field epoch – launching massive projects to aid this expansion. Given that home seekers in Greater Pune are looking for options across categories, a large number of these projects offer modern amenities that cater to the middle and upper-middle-class homebuyer segments.

While the supply of affordable housing projects has been more muted due to decreased demand, the market is replete with options even in this category.

Infrastructure Development

Across the length and breadth of Greater Pune, PMRDA has consistently focused on infrastructure development as a cornerstone of the region’s urban growth. One prime example is the Pune Metro which, in just the first phase, will connect key areas like Hinjewadi, Shivajinagar, and Pimpri. The reduced commute time creates more housing demand across all areas.

Additionally, the 128 km Ring Road will decongest city traffic by giving Greater Pune an alternative road travel route and connecting various parts of the region across major highways and economic zones. For Pune’s economic triple engine of IT, manufacturing, and the services sector, this spells gold and will massively boost trade and commerce. According to recent reports, absorption in Pune’s commercial office space reached 6.5 million square feet in 2023.

Sustainable Urbanization

PMRDA‘s commitment to Greater Pune includes a strong focus on sustainable urbanization. It has now made it mandatory that green spaces and energy-efficient designs be included in all new projects. Also, digital infrastructure, smart transportation, and efficient waste management have been prioritized.

Social Infrastructure

The growth of Greater Pune extends beyond just economic and infrastructural development. PMRDA is keenly aware that for overall quality of life and livability, adequate social infrastructure to support its growing population is of paramount importance. Not surprisingly, the region under its aegis boasts top-grade schools and colleges, hospitals, and recreational amenities.

To summarize…

Under the able administration of PMRDA, Greater Pune’s urban expansion has emerged as one of the most impressive success stories of planned growth, economic prosperity, and sustainable development. It sets a new benchmark for urban and urbanizing India, demonstrating how strategic governance and innovative planning can create a thriving, modern metropolis.

With continued focus on infrastructure, sustainable development, and quality of life, Greater Pune is poised to be a model city for the future, embodying the aspirations of a rapidly urbanizing nation.

About the Author:

Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience

Energy, IT, and Manufacturing Drive Job Growth; Freshers’ Hiring Declines by 12%: foundit Insights Tracker

Mumbai, March 01, 2024foundit (formerly Monster APAC & ME), India’s leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for February 2024.

According to the tracker, there has been a gradual uptick in hiring activity across sectors, indicating a 3% month-on-month (MoM) growth. Although the year-on-year (YoY) comparison reflects an 8% drop, the steady climb of the index from 262 to 269 within the first two months of 2024 suggests a positive momentum in employment opportunities.

Offering a hiring overview for February 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “Through our tracker, we could trace the steady monthly growth in hiring activity. The positive momentum in certain sectors like manufacturing and energy are encouraging signs. However, freshers face a challenging landscape with increased competition and fewer opportunities. This highlights the importance of equipping oneself with relevant skills and building strong profiles to stand out in this competitive environment.”

Energy, IT, and Manufacturing lead job growth while BPO/ITES faces challenges

On a month-on-month basis, job hiring trends in India continued to reflect a dynamic landscape, building upon the positive momentum observed in January. Industries such as Oil/ Gas/ Petroleum, Power, and IT-Hardware & Software showed strong performance, each experiencing a 7% increase in hiring. The government’s emphasis on renewable energy and electrification projects has played the pivotal role in enhancing recruitment in the power sector.

In contrast, the IT-Hardware & Software sector’s bounce back from last month’s -1% dip to 7% increase reflects a resurgence in demand for skilled professionals in these fields, driven by technological advancements. The uptick in Production and Manufacturing (6%) signals a robust rebound, driven partly by the impact of production-linked incentive (PLI) schemes, with a substantial outlay of INR 1.97 lakh crore. These schemes have incentivised job creation within the Manufacturing sector, contributing to the notable improvement from the stagnant growth observed last month. Travel & Tourism saw a 4% growth month-on-month. While seasonal variations contributed to a slight decrease from the January’s remarkable surge, the sector saw some of the highest growth compared to all others.

Telecom/ISP (2%) and Home Appliances (2%) shifted from stagnation to a moderate increase this month. The expansion of 5G services necessitated an additional workforce for various functions within the telecom sector, and increased consumer demand has influenced hiring in the home appliances segment.

The BPO/ITES sector witnessed a notable 4% downturn in February 2024, contrasting with its growth observed last month. This decline suggests that companies in this sector are re-evaluating their operational strategies, including workforce requirements, to align with the market’s changing demands and automation. Meanwhile, Office Equipment/Automation (-12 %) faced a sharp drop, reflecting the growing adoption of digital alternatives and cloud-based solutions.

Other sectors like Media & Entertainment (3%), FMCG (3%), and Chemicals (3%), witnessed a slight uptick, showing a gradual return to normalcy in these segments and sectors like Advertising (-2%), Banking/Finance (-2%), and Healthcare (-3%) saw a decrease, indicating a cautious approach to hiring.

Coimbatore leads with a 4% surge, while Bangalore maintains Tech dominance

The tracker revealed a diverse landscape of job hiring activity across major Indian cities, showcasing varying degrees of growth, stagnation, or decline compared to last month. Cities like Coimbatore, boasting a 4% increase, demonstrated strong performance, propelled by its emphasis on manufacturing and the textile sector experiencing recent growth. Bangalore, continuing its upward trajectory with a 3% increase, remains buoyed by the sustained demand for skilled professionals in the technology sector. Meanwhile, cities such as Pune, Ahmedabad, and Delhi-NCR saw moderate growth of 2%, showing the influence of their diversified economies and the presence of various industries.

Conversely, major metros like Mumbai and Chennai saw slower growth at 1%, potentially attributed to higher costs of living and intense competition, making them comparatively less attractive for new businesses. Similarly, Hyderabad and Baroda reported stagnant growth at 0%, while cities like Kolkata, Chandigarh, and Kochi faced declining growth, experiencing -2%, -3%, and -3%, respectively.

Roles in senior management observed a positive turnaround, indicating a renewed emphasis on leadership roles

Roles in Hospitality and Travel experienced a remarkable surge in hiring by 8%, indicating a robust rebound from stagnant growth last month. This uptick likely mirrors the gradual recovery of the travel industry and the government’s push towards the industry’s growth. Similarly, roles in HR and Administration witnessed a notable increase of 7% in February, reflecting a heightened focus on talent management strategies amid the evolving job market dynamics.

Meanwhile, roles in senior management observed a positive turnaround, with hiring increasing by 6% in February after a 2% decline last month. This shift suggests a renewed focus on leadership roles amidst uncertain economic conditions, reflecting companies’ strategies to navigate challenging landscapes.

Conversely, certain job roles witnessed declines in hiring during February. Legal roles, for instance, experienced a sharp downturn, plummeting from 7% growth last month to a concerning -7% in February. This significant reversal suggests a potential slowdown in legal hiring needs or shifts in demand for legal services.

Similarly, Marketing and Communications roles saw a notable decrease, dropping from 7% growth to -8% in February, indicating companies’ budget constraints impacting hiring decisions. Customer Service (-4%), Engineering/Production (-4%), and Purchase/Logistics/Supply Chain (-6%) all experienced sharper declines in February, indicating a shift in these sectors towards automation or restructuring.

In addition to these fluctuations, certain job roles displayed consistent trends. Roles in Finance & Accounts and Healthcare remained stagnant with 1% growth, indicating cautious hiring practices within the sector.

Delhi-NCR leads geographical hiring front, IT graduates’ demand dips

In February 2024, the job market for freshers in India presented a complex picture, marked by a 12% decline in hiring compared to the same period in 2023. Despite this drop, the landscape revealed a notable surge in applications, witnessing a 24% increase. This surge led to a competitive environment, with approximately six applicants vying for each available position. This heightened competition is attributed to a larger pool of job seekers seeking limited opportunities.

Despite the overall decline in freshers’ hiring, specific industries showcased noteworthy trends. The Technology sector, particularly IT-Hardware & Software, retained its dominance with a 17% share of jobs, although its share decreased from 23% in February 2023.

Conversely, Healthcare emerged as a surprising growth sector, doubling its share from 5% to 10%, possibly fueled by increased healthcare needs. Other sectors like BPO/ITES and BFSI retained relatively stable shares at 12% and 9%, respectively.

In a contrasting trend, startups exhibited a significant decline in their role in entry-level hiring, contributing only 3% of jobs compared to 14% in the previous year due to funding challenges or strategic adjustments in their hiring practices to adapt to market conditions.

The demand for Software, Hardware, and Telecom roles remained high, although showing a slight decrease from 32% in February 2023 to 27% in February 2024. Sales & Business Development saw a significant rise in demand, increasing from 13% to 21%, potentially reflecting a growing emphasis on these functions for business expansion. Conversely, HR & Admin roles witnessed a sharp decline, dropping from 17% to 4%, indicating potential automation or a re-evaluation of administrative needs by companies.

Geographically, Delhi-NCR maintained its lead position with a 19% share of job postings, followed by Bangalore (13%) and Mumbai (10%). Major cities like Chennai (8%), Pune (7%), Hyderabad (7%), Kolkata (4%) and Ahmedabad (4%) witnessed relatively stable shares of job postings.

Notable changes in demand for qualifications were observed, with a decrease in demand for IT graduates from 19% to 13%, potentially indicating a slight saturation in the IT sector. Similarly, management graduates saw a slightly lower share, dropping from 11% to 10%.