Pune real estate market is a power performer when compared to the national market. Although the economic climate has not been favorable, the real estate market has remained a consistent performer. There is no dearth of properties in Pune, thanks to its buzzing metropolis status that thrives on a fulfilling lifestyle for families, students, and working professionals. It attracts people from all walks of life who wish to settle down in a modern, fast-paced city.
As per market estimates, Pune is the only city in India that has maintained consistent growth in real estate despite the bad market conditions and has seen an appreciation of 25-30% every year. The peripheries of Pune offer several residential projects upcoming in areas like Keshav Nagar, Wakad, Balewadi, Ambegaon, Hinjewadi, etc. The eastern belt of Pune has also seen massive growth thanks to its proximity to IT parks and airports.
Areas like Talegaon, Wagholi, and Urulikanchan are witnessing tremendous demand for residential and commercial projects. These peripheries of Pune are also seeing more growth compared to the rest of the city. Investors consider the city as one of the most viable and lucrative places for investing. The thriving engineering, automobile, education, and IT sectors, affordable homes, and good weather conditions are the key parameters for investing in property in Pune.
Let us explore what makes the Pune real estate market so enticing.
The Exponential growth in Pune real estate market – Top 3 Reasons
Employment & Academic Opportunities
The steady growth of the Information Technology sector in Pune has created a lot of jobs, making the city a shelter for young professionals. With the increase in property prices in Bangalore, Gurgaon, Chennai, and Mumbai, Pune has now emerged as a preferred destination for IT companies. Besides IT & IT, Pune is also emerging as a manufacturing hub. With the employment opportunities growing day by day in this city, a large number of people across India are migrating to this city, making real estate in Pune very alluring for homebuyers.
Apart from job opportunities, the city of Pune is considered an educational hub of the state, with several prestigious schools and universities located here with excellent educational standards. Several residential projects and integrated townships being built in the suburban areas to meet the housing demands of people have resulted in the establishment of several national and global educational institutions.
Affordable Housing
Pune lies close to Mumbai, India’s commercial capital. When it comes to buying homes, residential projects in Pune are far cheaper than in Mumbai. Whether you wish to live or rent your home, investing in Pune real estate is the best bet. Right now, the property rates are nominal; with time and with fast-increasing development, they will hit the roof soon.
The government’s agenda is also likely to improve the housing real estate market. Covid-19 has brought about minor corrections in property rates, which makes home buying even more alluring.
The demographics of Pune city have changed extraordinarily. Pune is home to a large population of young professionals and students. Builders have to keep a very different set of demographics in mind. From luxury projects and row houses to affordable home segments, there is no dearth of property for sale in Pune.
Besides the residential sector, the organized retail sector has also grown tremendously.
Infrastructure Growth
To support the real estate sector, infrastructure development is promptly catching up. The ever-increasing migrant population in Pune calls for a robust infrastructure. And the best part is that the development in Pune is happening in a phased and planned manner thus showing great potential for future expansion.
Pune can support the growing need for modern infrastructure as it has been rapidly growing on various fronts. There has been a massive improvement in the transportation system, better roads, better connectivity to other parts of the city, and all other aspects that are essential for a comfortable lifestyle in an urban city.
Considerable growth in peripheral areas of the city, such as M.G. Road, Koregaon Park, Bund Garden, etc, has led to a marked improvement in the city’s physical infrastructure. Even outer areas like Pashan, Wakkad, and Aundh, among a few others, have good infrastructure, leading to an increased demand for flats and apartments in Pune.
The Maha metro project will further strengthen the transport system of the city.
Awesome weather, affordability, and quality of living are a few other factors that have resulted in improving property prices in Pune. Owing to the city’s growing infrastructural capacity and locational advantage, Pune has witnessed a consistent increase in the market value of the real estate sector. The growth of educational, industrial, and technological industries has contributed to a massive influx of people, leading to a rise in demand for residential and commercial properties, thereby leading to a steady increase in returns.
Pune is expected to be one of the most favored real estate investment destinations for both Indians and NRIs alike. Book your space for assured handsome returns in years to come.
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