Over the last few years, Pune has seen a surge in real estate demand, with buyers and investors showing a keen interest. Despite Mumbai, the financial capital of India, being nearby, Pune has emerged as India's fastest-growing residential market. It is most likely because there are residential areas in Pune that provide value for money, in contrast to Mumbai, where space is scarce and prices are skyrocketing. Plush properties in high-end areas of Pune can also fit the bill within your budget, resulting in an excellent investment.
So, if you're looking to invest in real estate this year, consider shifting your focus to Pune.
What Makes Pune Such a Popular Investment Destination?
Pune has everything you've ever wanted: a temperate climate all year round, job opportunities, and affordable housing. It's no surprise that people are lining up to buy residential flats in Pune. Everything from premium to affordable is available, depending on your budget. Here are the five best reasons why one should invest in real estate in Pune.
Affordable Properties
Pune's real estate scene gets heavily influenced by the rapid growth of IT and changing demographics. When compared to nearby Mumbai, property prices in Pune are significantly lower. You get better deals on better projects, amenities, infrastructure, etc. Meaning affordable houses in Pune provide much more than what you expect.
Compared to Mumbai, you can afford a larger house in Pune for the same price. The best thing about Pune is that it has a wide range of apartments, from premium to budget homes.
High Return on Investment
The expansion of the IT sector in Pune has contributed significantly to the rise of the rental market and overall property prices. Pune is seeing a large influx of IT professionals and students from all over India.
Pune is home to over 110 MNCs and has some of India's largest and most beautiful IT parks. The largest, the Rajiv Gandhi Infotech Park in Hinjewadi, is home to all major companies such as TCS, Infosys, Wipro, Persistent, Cognizant, Accenture, and others. The number of multinational corporations in Pune is constantly increasing, which boosts the city's employment rates.
Pune has a long history; from the University of Pune to Fergusson College to Symbiosis, from the ILS Law College to the Armed Forces Medical College, Pune has more world-class educational institutions per square kilometre than any other city in India!
These employment and educational opportunities have increased demand for residential and commercial real estate. Property prices have been steadily growing. An investment now will yield excellent returns in the future.
Excellent Social/Civic Infrastructure and Connectivity to Mumbai
The Ministry of Housing and Urban Affairs named Pune the most habitable city in India in 2018. This sleepy town, formerly known as the retirement home, is now a thriving metropolis. It has first-rate healthcare facilities, hospitals, and medical infrastructure.
Furthermore, Pune's proximity to and excellent connectivity to India's commercial capital, Mumbai, attracts many home buyers.
Pune has the excellent civic and social infrastructure, and it is on India's Smart City list bodes well for the city's future development. Pune, a cultural melting pot, has been home to various sects, including Jews, Parsis, Christians, and Hindus. Pune has a lively nightlife as well.
Attractive Weather/Tourist Destination
The climate in Pune is pleasant all year. You don't even have to leave Pune to escape the city's chaos - hill stations and weekend getaways are only an hour or two away (Lonavala, Wai, Mahabaleshwar, etc.). Hills will be visible from almost anywhere in the city.
Amenities
Given their low prices, affordable houses in Pune provide world-class amenities to their residents, which homebuyers in Mumbai, Bengaluru, and Gurugram cannot even imagine. Furthermore, metro cities have much less land space for lavish amenities in residential projects, and if they do, the projects will be expensive.
Best Locations to Invest in Real Estate in Pune
Pimpri-Chinchwad
From being considered a rural area where owning property was a waste of money to becoming a real estate hotspot, PCMC has blossomed into a premier choice for home buyers.
With socio-infrastructural development and improved connectivity in recent years, this city area has become a popular choice for first-time home buyers. This area provides options for people from all socioeconomic backgrounds and professions, creating a cosmopolitan atmosphere.
This location can meet your needs, from owning a flat to owning a land parcel. This area has seen community-driven and growth-oriented development, resulting in a happy and productive life.
Locations in Pune East
Dhanori and Wagholi: Like Pune West, these areas are close to and well connected to Pune's second IT hub, Kharadi. And have the social infrastructure to live a happy life.
Finally, those looking for a peaceful life, a clean green environment, and excellent connectivity should look into the Talegaon area. The above locations have appropriate pricing for young first-time home buyers, and premium 2BHKs are generally priced between Rs. 45 lacs and Rs. 60 lacs. These homes are in gated, secure communities with all of life's conveniences, including a clubhouse, landscaped gardens, a swimming pool, indoor and outdoor sports, and much more.
Hinjewadi
Hinjewadi is one of the major IT hubs on Pune's western outskirts. IT professionals primarily populate this neighbourhood, which is one of the most desirable growing suburbs for residential investments.
This city has grown tremendously in terms of physical and social infrastructure and has tremendous growth potential—this location's property costs around Rs 5,000 per square foot.
A standard two-bedroom apartment in Hinjewadi may cost around Rs 60-70 lakh. A similar 2BHK in the neighbouring localities of Baner and Wakad will cost at least 80-90 lakhs.
Hinjewadi is well connected by Bus Rapid Transit System (BRT) and Light Rail Transport (LRT) and is expected to help boost the real estate market in the future by making commuting easier.
Kharadi
Again, an IT hub of east Pune, this locality near Magarpatta city is in high demand due to the IT professionals who work here. Because of the mix of people migrating from various states, it has the greatest potential for high returns and providing a healthy cosmopolitan lifestyle.
Property prices in this area for a 2BHK range between Rs 6,400 per sq. rs 6.700 per sq. ft. would cost between Rs 80 and 90 lakhs here.
To Conclude
People nowadays want more than just four walls and a parking space in their apartment. People get excellent ROI, job opportunities, a consistent climate all year, world-class projects, a variety of residential projects to choose from and some of the best residential areas in Pune.
While the city is undergoing significant infrastructure changes, the IT and manufacturing industries have always drawn job seekers. Compared to other metropolises, this city has a lot of greenery and pleasant weather, which is the icing on the cake.
