The Pune property market has received the right kind of interest and it has rapidly become one of the major places of excellence in India to live in or also to invest in housing estate. There are a number of reasons for this. The IT populace in Pune is demanding a superior lifestyle and also a good living. There is also considerable interest for flat sales in the city and the demand for luxury life is fast catching up. It is also putting a pressure on the developers to move on from their old standards and bring more novelty in their construction. The population is also balanced and is vastly responsible for the change in mood of the people here.
The property price trends in Pune have been a major cause for the demand created here in recent times. The demographics are changing and a huge extent of organized retail is characterized by the property bazaar in Pune. About 286 new projects have been launched in 2018 and 427 more will be launched in 2019 and out of these 29% were launched in the west area and 23% in the east district. 22% were in the south and only 5% in the central area of the town. The focus is of course, on the best construction with the best location. One can choose from 1, 2, 3 or even higher configuration apartments at reasonable costs and instalments.
Factors spurring the growth of real estate
Some of the most common features of the flat that are most looked forward to are good water supply, life service with backup and good schools, colleges, hospitals and malls in the vicinity. It cannot be denied that real estate in Pune has indeed increased in leaps and bounds in the last decade. The IT industry boom had greatly facilitated the real estate here with the population moving in. Before that, all the emphasis had always been on Mumbai but that is no longer the case as Mumbai now has stiff competition from Pune. In fact, the market in Mumbai is rather expensive and sluggish while the market in Pune is still developing and has all the ingredients of becoming the perfect real estate destination.
Add to that the fact that the employment opportunities in the city are also ever increasing. The number of multinationals in Pune is also steadily on the rise and it is boosting the city’s employment rates. More service would also mean more real estate in demand and this would be working in versatile ways. The boost in the employment level would go with the increase in income as well. The requirement is on a consumer- driven end due to the rise in the buying power of the people as well. Housing property in Pune is on the rise because the workers need to be accommodated who are coming from outside the town.
Some of the areas of Pune have definitely received a lot of attention and the prices are also quite affordable here. The VTP Blue Waters located in Mahalunge is offering flats and villas in Pune with all kinds of modern amenities and the prices are starting just from INR 32 lakhs.
Pune’s most popular localities
|Popular Areas in Pune:|
· Wakad: Located in the western part of the city, the region is growing in leaps and bounds as far as infrastructure overhaul is concerned. It has also received the largest number of building permissions in the recent past and a rapid development is taking place in the area. The region also offers great scope for commute and one can easily reach educational and corporate hubs of Pune. For intra- city travel, a number auto rickshaws, buses and shared and private cabs are available. The region is also close to the Pune- Mumbai Expressway.
· Wagholi: This is also a developing suburb near the Pune- Nagar Highway and is currently one of the best residential areas of the city that great connectivity to the Pune Airport and Solapur Highway. A number malls, shopping centres, hotels and multiplexes have been constructed here. The social infrastructure is fast developing here with the close proximity of IT hubs and the affordable market housing area is one of the best locations for real estate investment in Pune.
· Baner: The region is located near the Katraj- Dehu Bypass Road and would provide great connectivity through Pune Mumbai Expressway. The road infrastructure here is quite developed and schools, hospitals and entertainment centres are in close proximity. Baner will become a vibrant real estate market because it is backed by infra projects and also affordable residential complexes.
· Kharadi: Kharadi is a popular location among the real estate investors in Pune and there are well developed physical infrastructures here that will offer great connectivity to various parts of the town. It will very soon become a major hotspot of the city because of the regular infrastructure upgrades and growth of commercial projects.
Reputed developers foray into Pune
It can be said that by investing in residential and commercial properties in these areas of Pune, one can expect high yields over time. A number of financing companies and banks are also operating in the city to help with home financing.
Major developers are now investing heavily in the properties here and realty firm Prestige Estates Projects will be soon investing INR 350 crore for the development of commercial project in Pune. The project would be developed in joint venture with a local firm and one million sq feet of office space complex will be developed in the city. It will also be the firm’s first project in the city. The project will be completed in the next three years or so and the group had already completed 107 office complexes comprising 33 million sq feet area. About 13 projects covering 12 million sq feet are under construction.
The company has huge rental incomes and they are worth about INR 602.7 crore from its leased office spaces portfolio of nearly 9 million sq. feet. The group is also going into the Delhi NCR region and has tied up with the local Ace Group ahead of its launch. It will be their first housing project in Noida with an investment of INR 500 crores in construction alone.