Pune is Maharashtra’s cultural capital and is a great place to live for everyone. The strategic location of Pune has also attracted a good number of multinational companies and it has become their favorite center now. Recently, a boom has been observed in the real estate sector of Pune. Surprisingly, despite the global recession there has been a rising demand for commercial and residential property in this city of Maharashtra. As a whole, this “tech city” is a hot favorite property destination and, fortunately, you can avail affordable housing in Pune.
Quite possibly, some of the contributing factors for the rising real estate of Pune can be low interest rates offered by banks, its nearness to Mumbai, enormous growth potential, optimum climate, outstanding infrastructure and all. Pune also has a good reputation in the field of education and it has numerous educational institutions and respected colleges. Pune is synonymous with an educational hub and this is no exaggeration. Lots of students from all parts of India flock here to receive a good education and hence the demand for various housing properties such as flats, houses and apartments has grown considerably in the past couple of years.
Mainly, the driving factor behind this drastic rise in real estate demand is the flourishing IT-industry in Pune. No doubt, commercial establishments like offices are necessary for a city but what is even more important is the creation of more and more space for living. The professionals working in industries like BPO and IT need decent accommodation facilities and this is why emphasis is being laid on affordable housing in Pune. This in turn puts a favorable impact on the housing demand.
The good news is, in spite of the ongoing global economic slowdown, Pune’s real estate industry has remained unaffected and incidentally, prices even did not lose their stability. Back then, a very negligible drop was observed in the prices. And the market showing signs of growth, there is a possibility that prices are ready to rise. In fact, the real estate supply has been exceeded by the corresponding demand. The property market of Pune has a reputation for being an amazingly active market in Western India and one of the most progressing also. The plenty of investments that are getting poured by the top multinational companies, property developers and other local players shows that Pune has bright prospects financially.
Along with that, range of affordable housing schemes are also in process along the boundaries of Pune. Superior rental and capital values are the main reasons why the interest of the real estate developers has arisen on these adjoining areas. These real estate players are welcoming this particular opportunity very graciously. Also, a continuous upward trend is being witnessed in the medium budget demand for housing in Pune. As per normal estimates, Pune needs to construct over 50,000 housing complexes annually for meeting the housing needs of the occupants. The Government of Maharashtra has agreed to allow the private players for implementing a variety of real estate projects such as integrated townships in accordance with PPP i.e. Public Private Participation.
Some prominent examples of such projects include Regent Park in Baner by Gera, Picasso in Hadapsar by Kumar Properties, Amanora Park Town by City Group and a host of others.
Pune is quite renowned for being the “Oxford of the East”. Pune is now in the limelight for being an excellent development center and it is a promising place for upcoming residential and IT projects. It is even giving stiff competition in the field of IT related investments to Bangalore which happens to be the most popular IT hub and is nicknamed as the “Silicon Valley of India”. Once upon a time, Pune was quite famous for its lush greenery, mild climate and pure environment bereft of any pollution. Its healthy surroundings were its trademark in those days. But now, Pune is proceeding on a royal road to economic prosperity and very soon it is going to be in the category of one of the finest cosmopolitan cities of India like Hyderabad and Bangalore. It is all a matter of time.