It’s difficult to define housing in modern times. If housing is essential, it should meet basic needs. Take the example of the common man. He spends all his savings to buy a house. While buying a house, a buyer wants to make sure that the house meets his requirements in terms of space, budget, area, locality, decor, etc. Ideal, affordable housing lessens stress, toxins, and infectious disease, which leads to improvement in both physical and mental health.
Budget housing also frees up funds within families’ wants to save money on health care and food. If anyone is planning to buy a property in India, then the most desired place to suggest is Pune.
In Pune, the residential property market has maintained its momentum even throughout these challenging times. It is also the best-performing residential real estate markets in the latest past. People are preferring the property like ready possession flats in Pune. Also, the rent house in Pune is another demand in the current real estate market.
Pune Real Estate 2020 – Top 5 Investment Reasons
The following top 5 reasons to invest in real estate that emerged for the year 2020, which no one can overlook for the real estate investment.
1. Pune Tops in the List of the Most Livable City in India
Ministry of Housing and Urban Affairs, Pune has been declared as the most livable city in India. The result is from a survey of a total of 111 cities, based on the 4 different metrics which are likely to be governance, physical, social and economic infrastructures. This announcement should be having a positive outlook on the city’s real estate sentiments.
2. On the Radar Infrastructure Development
Some of the main projects in Pune, India are in the pipeline which will provide Pune, India an infrastructure facelift. These projects are Hinjewadi – Shivajinagar metro, Swargate – Katraj metro, Bus Rapid Transit System, along the Pune – Mumbai Highway, revamp of smaller roads.
3. Fast-track Pune Metro by the Government
The third phase of the Pune metro train that is passing between Hinjewadi and Shivajinagar, has been considered as a ‘vital project’ by the state government of Maharashtra.
4. IT Park Development Approval by PMC
In Aundh, Baner, and Kharadi, sanction for new IT parks has been approved by Pune Municipal Corporation (PMC), which would generate approximately 1 lakh sq. ft., of IT space in the city. So, in the neighboring housing locales, such as Wakad, Pashan, and Vishrantwadi, housing will see an upswing considering an increase in the job opportunities.
5. Pune Housing Market is preferred by NRIs too for the investment
The NRI community’s top preference for realty investments for earning a healthy return, in the long run, emerged for Pune, Delhi, and Mumbai due to the relapsing of rupee against US Dollar. Anticipated expectations for the NRIs, to crack deals worth Rs 100 to 150 Crores as a consortium,
Points to consider investing in Pune’s realty market
- Understand the purpose of buying the flat – whether it is for, resale or investment, self-use, renting out
- If anyone is planning to move in, consider whether he will do so shortly or later in the future.
- If someone is planning to move out later, check the prevailing rental market to ascertain return on investment.
- If anyone is buying a property for self-use, check if the social and physical infrastructure in the area meets your requirements.
- If someone makes the down payment, first check your home loan eligibility with banks.
- Always consult with a property professional, to know more about the locality and for flexibility in buying and selling the property.
Best Localities in Pune that are Ideal for Newcomers to the City
Localities like Koregaon Park, Bibvewadi and Central Pune are good one options, for people from outside the city to buy properties. As these areas have well-developed infrastructure, many hospitals, schools, and entertainment hubs. Though, properties in these areas are a little costly.
Instead, home seekers can also go for Hinjewadi and Magarpatta, which are nearby to IT hubs and other companies and also offer reasonable prices. Outskirts of Pune, like Wagholi, Ravet, Undri, Talegaon, and Wakad, are also good areas to reside in. Hadapsar is another top locality for homebuyers, from an investment point of view. These areas offer good potential for capital appreciation, as well as rental revenue.
Property Rates in Pune, Maharashtra, India
Here are more than 47,000 recorded properties for flats and houses across the Pune starting from Rs. 11 to Rs. 68,888 per sqft. These, yet, vary in size and a strategic location commands a premium. There are over 33,600 listed for the rented houses across the Pune beginning from Rs. 620 to Rs. 850,000 per sqft. These, however, differ in size and a strategic area commands a premium. There are plenty of options available for rent house in Pune as well.
Famous localities for investment in Pune comprise Wagholi where average prices stand at Rs 3,991 per sq ft, Hinjewadi at Rs 5,462 per sq ft, Tathawade at Rs 5,641 per sq ft, Kharadi at Rs 5,752 per sq ft, Mundhwa at Rs 5,766 per sq ft.
If anyone is searching for investment hotspots that will give good revenues in the long run, he should think through Moshi, Charholi Budruk, Kondhwa, Ravet, Hinjewadi which are priced between Rs 4,157-7,232 per sq ft. Also, some value for money investment choices is available in Moshi, Charholi Budruk, Kondhwa, Ravet, Hinjewadi where property prices are in the range of Rs. 4,157-7,232 per sq ft.
If someone does not have budget restraints and aspire for a great lifestyle, Rasta Peth, Karve Nagar, Shivaji Nagar, New Kalyani Nagar, Kothrud are outstanding locations with high-end projects priced between Rs 8,336-14,325 per sq ft on an average.
What Pune’s real estate market has to offer for NRI buyers
The residential real estate in Pune has observed a significant rise in demand from non-resident Indians (NRIs), as it has given stable returns on investment and handsome rentals. The demand is generally ready possession flats in Pune. Also, although the general slowdown witnessed across other main cities, the real estate market in Pune has stayed resilient, due to high demand from the IT/ITeS sectors.