Why Invest in Pune’s Real Estate?
The complexion of real estate in Pune has undergone massive change, particularly in the past decade. The property in the city has continued to garner appreciation at steady rates in the range of 15% to 20%, which makes it a lucrative investment option for those who seek to create backup for the future.
Pune’s growing frontiers and its relative proximity to the commercial hub of the country – Mumbai. Naturally, Pune is now the ideal gateway location for professionals who don’t mind going that extra mile or few, quite literally, to enjoy the twin benefits of a better life index and heightened space quotient.
The average property vacancy ratio in the city, which stands at 20% to 22%, as opposed to Mumbai’s 35%, hints towards Pune’s migration towards a better mobilized market identity. One of the most important factors to have triggered this is the change of mindset exhibited by the real estate developers in Pune. The realty developers are fast discarding traditional templates of construction in a conscious effort to embrace new styles of architecture and enterprising layouts.
Another major change in trend has been observed as proliferation of luxury projects on the city’s horizon. The hi-end ventures have been outnumbering the mid-profile projects, resulting in a growing inclination towards an investment-centric approach. The hi-range projects are being acquired by NRIs and IT professionals, who possess the spending prowess to opt for residential complexes placed in the higher-bracket.
Majority of the development has been seen across the peripheral areas of the city. Fringe suburbs of Pune such as Balewadi, which were previously considered to be farfetched residential avenues, are now considered as part of Pune’s growing mainland. Also, the rise of retail / commercial hubs mushrooming across these areas are proving to be the ideal nourishing factor driving a balanced, community-centric brand of living in the hitherto under-explored city areas.
New townships in Pune are now seen to integrate apartments of varying sizes, to suit different family needs. Such integrated mega communities to have come up in the city typically have 1 BHK, 2 BHK and 3 BHK flats, catering to the accommodation requirements of one and all. The townships also boast of a host of amenities that offer the residents a wholesome lifestyle. Some of the notable mentions to have recently been added to the list have come up along the Western and Eastern peripheries of the city. Suburbs such as Hadapsar, Pirangut, Kharadi, Viman Nagar, etc., are showing major growth spurts, shaping themselves as the neighborhoods where Pune’s future lies!