Transforming Pune's Heritage Areas: A Dynamic Duo's Success Story

With diverse backgrounds and a shared passion for innovation, Kapil and Shitesh have not only revitalized Pune's heritage areas but also created a remarkable business partnership.

A Chance Encounter and 22 Years of Partnership

Their journey began in 2001 when Kapil and Shitesh crossed paths at a friend's wedding. Kapil was pursuing a career in civil engineering, while Shitesh had just embarked on a freelance architecture venture. They soon discovered that their client base overlapped, primarily focusing on bungalows and owners of industrial and automobile properties. This realization laid the foundation for their joint business venture, which began in the same office.

Over the span of 22 years, their partnership has undergone various stages of growth and development. A pivotal moment arrived in 2020 when they decided to diversify into the realm of commercial properties, making substantial investments in both Pune and Amravati regions. This expansion has led to a cumulative development area that now exceeds 2 million square feet, within Maharashtra. Presently, they are actively engaged in an ongoing commercial project, with an additional four mixed-use projects in the pipeline, highlighting their commitment to reshaping the real estate landscape of Pune. Sigma One Universal has firmly established its presence across multiple sectors, including real estate, leasing, construction, contracting, and related services. Notably, they have recently unveiled their flagship commercial venture, Sigma One Bizbay, strategically positioned on Kumthekar Road, one of the most bustling shopping hubs in Pune.

Complementary Strengths and Vision

What sets Kapil and Shitesh apart is their ability to complement each other's skills and expertise. Kapil, a civil engineer, and Shitesh, an architect, share an unwavering commitment to detail, innovation, and aesthetics. Their aligned vision has empowered them to consistently deliver high-quality, landmark projects that stand out in the market.

Furthermore, both Kapil and Shitesh are deeply involved in industry-related activities. Kapil actively participates in policy-making and public relations as a convener at CREDAI, while Shitesh co-chairs the Indian Institute of Architects Pune chapter. This commitment to industry development and networking further strengthens their position in the real estate and architectural sectors.

Both have received several national and international awards in recognition of their outstanding achievements. Kapil has been honored with the Young Entrepreneur of the Year award by Business Research & Development while Shitesh has four times received the AESA Awards for Group Housing and has also been awarded the Society Achiever's Award for Excellence in Architecture.

Revitalizing Pune's Heritage Areas

One of their most notable endeavors has been the revitalization of Pune's heritage areas. Traditionally, Pune had been expanding horizontally, but the introduction of UDCPR in 2020 paved the way for vertical growth in the city. Kapil and Shitesh recognized the potential in the city's core areas, such as Deccan and Model Colony, which had remained relatively untouched due to complex traffic and neighboring structures.

Their vision extended to creating a vertical retail tower, increasing the land's capacity by a remarkable eightfold. In the heart of the Pune city, they recognized a gap that shoppers were forced to compromise on. Traditional shops lacked conveniences like parking lifts, making it less comfortable for those seeking a modern, enriching shopping experience. Kapil's and Shitesh's research unveiled a rapid transformation in the area, where foot traffic surged in comparison to modern malls.

As a thriving city in Maharashtra, Pune boasts a robust retail market, with a total retail space of 8.1 million sqft. Only 6.60% of this space remains vacant, underscoring the high demand for retail spaces in the city. The traditional Peth areas, including Kumthekar Road and Laxmi Road, have been the cornerstone of Pune's retail industry for centuries. Spanning approximately 1 km each, these areas house over 500 bustling markets, attracting customers not only from Pune but also from neighboring cities and towns such as Ahmednagar, Chatrapati Sambhajinagar, Satara, Sangli, Kolhapur, Nashik, and Lonavala.

With over 75% of the market dominated by clothing brands and approximately 15% market share held by jewelry brands, the Peth areas have firmly established their dominance. During peak times, these areas witness a staggering daily footfall of approximately 1,80,000 shoppers, making them the preferred shopping destinations for residents and visitors alike.

However, one of the biggest challenges they faced was managing traffic flow and the complexities of neighboring structures. To address this, they invested six months in meticulous planning and executed a two-tier underground parking system—an innovation that not only optimized space but also alleviated the parking issues in the area. Their landmark project features state-of-the-art facilities such as multi-level parking and elevators, enhancing the convenience and accessibility of the shopping experience.

Key Lessons and Future Prospects

Working together in Pune's heritage areas has provided valuable lessons for Kapil and Shitesh. They emphasize the importance of ensuring that new structures harmonize with the existing heritage while incorporating modern amenities. Moreover, they advocate for mandatory adherence to traditional architectural principles and regular structural safety audits by sanctioning authorities.

Their venture has successfully offered a modern shopping experience within the heart of the city, catering to the dedicated shoppers who prefer convenience over traveling to distant malls.

Kapil and Shitesh's remarkable collaboration embodies the strength of shared vision. Their diverse backgrounds and complementary strengths have not only revitalized Pune's heritage areas but also reshaping the city's retail landscape. As they continue to innovate and expand their portfolio, they remain committed to transforming Pune's real estate and architectural sectors, one landmark project at a time.