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Property in Pune
Pune is one of the fastest emerging cities in terms of real estate business in India. Talking about the town, it has all cultural customs and there are famous educational institutes (IUCAA and FTII), plenty of software companies (IBM, Wipro, Infosys) and National Defense Academy situated in Pune. Since the realty market in Mumbai has gone beyond the reach of small investors, they’re looking at Pune real estate sector as a substitute.
Property Demand vs. Supply
Since Pune has perfect climatic condition, the city represents a great way of life unsurpassed by other metro areas in India. There was no shortage of good properties in Pune, and they have been long developed, but the demand has risen by massive levels over the last few years, mainly on account of growth of software industries in the vicinity.
Due to greater supply and less demand, the Pune property rates were fairly reasonable in the last decade, and one could easily purchase a good 2BHK flat for well under 20 lakhs in a residential colony, but things are now changing at a brisk pace.
Citizens love Pune for its great weather, flourishing paths and bubbly atmosphere. The great demand for residential and commercial properties in Pune has created a solid competition amongst the developers.
Sure thing, the overall economic development in India is a key factor behind the growth in all areas of real estate including commercial, residential, and industrial projects, but the surge in the demand of apartments due to heavy inflow of IT professionals, is mainly responsible for such incredible growth of Pune properties.
One can buy all forms of residential properties in Pune ranging from individual bungalows, flats, apartments, down to luxurious villas, duplexes, and when you look at commercial sectors, one may invest in shopping malls, entertainment zones, hotels and commercial buildings.
Investing in Commercial Properties in Pune
The commercial rates of properties in Pune-Mumbai highway are currently priced in the range of 2500-3500/per square feet, while those in Pune-Satara Road cost Rs. 1000-1700/square feet. Properties near Pune Station and University are quite pricey, and you’ll have to shell out more than Rs. 5000/sq-ft. So, if you really want to invest in a commercial project, consider buying a piece of land near the highway at cheap rates; nothing more than Rs. 1000/sq-ft, otherwise you won’t be able to reap big returns!
Changes in the Architecture
The city of Pune is offering sufficient space to immigrants from all over the country, thanks to planned construction work taken up by various real estate builders.
The rapid industrialization has turned Pune into one of the cash-rich regions of India. The designs of the corporate and commercial complexes resemble the modern building in the western continents.
The traditional look of houses has disappeared, and the modern, gorgeous-looking buildings are currently designed to offer greater luxury and contemporary looks.
There is simply no count of the number of IT professionals working in various MNCs, and even the number of business owners is increasing at a good pace.
As the number of residents in the city is growing, more potential buyers are looking for stylish and luxurious housing solutions.
Many leading real estate builders, such as Subh Developers, Kolte-Patil, Kumar Properties, are adding flavors to their latest projects, giving new looks to the villas and apartments.
Even small-scale trading and business companies are booming due to the rising population of Pune, and service-class people looking for more spaces.
Current Market Trends
The city has very good climatic conditions and at the same time, it is located very close to Mumbai. The rates in the residential market have increased by almost 5% in last quarter of 2011, and they are expected to increase by larger amounts in next couple of years. The rural areas located close to the city, such as Kharadi, Balewadi, Baner, Nagar Road, Hadapsar and Aundh are now being eyed upon by the investors.
Pune real estate market is becoming a hot spot for potential and inexperienced investors, as most of the folks who’ve tried their luck in the past couple of years, have enjoyed amazing returns of up to 30-35 percent.
Thick greenery, pleasant climate, and proximity to Mumbai have made Pune the perfect spot for investing. There are many who invest in Pune properties in order to get a huge profit on their investments as they know that the rates and demands of properties will increase swiftly with the passage of time and increase in demand.
