The Second largest city in the Indian state of Maharashtra, Pune, which was formerly known as Poona, bustles with an array of prospects for the home buyers. Over the past few years, Pune Real Estate has undergone a range of developments and triggered the investors to put in money in their dream projects. Especially, people looking for best properties must be interested in investing in such location that would give them the perfect ROI. And, Pune, with its rapid growth, offers exclusive chances for the buyers to earn a double profit.
When it comes to investing in real estate, property in Pune always stands tall with a range of potentials. There are various under construction properties in Pune which attract investors from all over the country .which start With Pune real estate growing beyond leaps and bound, the properties in Pune provide the buyers with the best investment opportunity and huge returns for life time. Moreover, with the IT sector making a significant reform in the city; it has come with a number of favorable Government policies which have made Pune real estate even hotter.
There has been stable supply across all the micro markets to keep prices in check. There is a possibility of average correction of 2% Y-O-Y in H2 2017 and it would remain stable in medium term.
Developers are expediting construction activity for all their delayed projects in order to cope up with the RERA Act.
The discounts by government meant for affordable housing have resulted in an increase of 11% in sales YoY in H1 2017.
Due to RERA Act and the coming festive seasons of Deepavali and Dhanteras in September and October, the demand for ready-to-move-in properties has increased and sales are likely to revive in H2 2017.
With the buyers getting more keen on buying RERA registered projects, the demand for affordable and mid-segment projects under RERA would pick up sales in H2 2017. Luxury and premium residential projects are in huge demand in Pune, as the capital value of real estate market in Pune is comparatively lower than other cities.
There has been an average correction of 3% on capital values in H1 2017. Central locations have seen the highest correction of 11% in last six months.
In H1 2017, the residential micro market in West Pune is accounted for 65% of total new launches. Hinjewadi and Balewadi have remained popular micro markets among big developers in high ranged and mid ranged segments. The average capital value of mid-ranged projects is already in affordable range of INR 4,000-5,000/ SQ FT.
In terms of new completion, South Pune (NIBM) and South West of the city (Hadapsar) have seen maximum traction with addition to approximately 650 units in mid-segment inventory. There has been good rental yields and capital value appreciation in commercial and IT hubs which are, in return, driving the residential markets in these locations.
Pisoli, Chikhali, Kane Phata, Talwade are The major locations that have the maximum launches of affordable homes include Chikholi, Talwade, Kane Phata and Pisoli.
Top locations for investment-
Although after demonetization, the prices in Pune real estate market went down for a certain period of time, but post January the real estate market managed to recover from the impact of the same and treaded back to its normal state. Again in May, the real estate market was hit by RERA act which led to a steep downfall in demand for under construction properties in Pune real estate. Nevertheless, even in such circumstances, certain locations like Hinjewadi, Balewadi and South Pune remained to be popular sites for high range and mid segment properties. In today’s scenario, Hinjewadi would be the best option for investment in real estate, as it has been stable in terms of prices even post demonetization. Other regions like South Pune has also managed to cope up with the situation and did good number of new launches. West and South Pune would also be the best locations in terms of investment in Pune real estate.
These locations also yield good rental and give excellent return on investment. Central Pune has the highest rental rates in the city, but the most consistent location has been West and South Pune due to various IT hubs and new residential projects.
At the same time, when a plethora of educational facilities have made Pune one of the booming hotspots in the country, a number of industrial developments have also made it buzz with a perfect mix of metropolitan essences. Offering best connectivity to its citizens, Pune has set a convenient standard which has not only been beneficial for the real estate investors, but has also proved to be advantageous for the builders who have found the right opportunity to spring forth their projects. Pune has its own international airport in Lohegaon and has an approval for new airport at Purandar which will be operational in next few years. It has imparted yet more importance to the city. Also, being connected to the rest of India by a widespread railway network, Pune has emerged as one of the most developed cities in India. In addition, a number of national highways which have connected Pune to several metro cities and many other states have also contributed in the escalation of Pune real estate to a significant extent.
An employment hub- With the infrastructure being developed in the city in a high pace, the demand for housing units has not only increased to great extent, but has also created space for better value appreciation. When Pune has always been a favourite choice for them in search of advanced education facilities, the ever growing industrial and IT sector has made the city hum with yet more prospects. Due to this high demand, properties in Pune have also seen a significant growth. Magarpatta City, EON IT Park, World Trade Center, Tech Park One, Muttha Tower, Commerce Zone, Business Bay etc, are quite a few famous IT parks in Pune. Tata Consultancy Services, Cognizant, Infosys, KPIT Cummins Infosystems, Wipro Technologies, Tech Mahindra Ltd, etc, are quite a few best IT companies you can find in Pune. Due these factors properties in Hinjewadi and properties Kharadi has gained lot of attraction from investors perspective.
Educational institutions- Pune is best known for being an educational hotspot. A chief centre of education, Pune bustles with a number of reputed schools and colleges that have imparted a distinct tint to the city. A home to 9 universities, Pune summons the aspirants from every nook corner, offering them the best education. Symbiosis Institute of Management Studies, Millennium National School, College of Engineering Pune, St. Vincent’s High School, VIIT, Hutchings High School, and The Bishop’s School etc. are quite a few exclusive educational bodies worth mentioning in this regard. Pune real estate has been directly influenced with the presence of these reputed institutions and the demand for residential properties in Pune has also swelled up to a great extent.
Recreation centers- At the same time, Pune also hums with an array of recreation spots which have made the city even more intriguing as well as happening. There are shopping Malls that have come up in almost all the parts of the city, thereby offering the homebuyers enough solace to forget every weary they accumulate throughout the week. Phoenix Mall, Westend Mall, Amanora Mall, Seasons Mall, SGS Mall, Kumar Pacific Mall, Nitesh Hub etc. are quite a few best recreation centers in Pune. Pune real estate has seen a huge growth due to this and is expected to puff up yet more in the coming years.
Proposed Metro Project- The proposed metro rail project for Pune has heightened the city’s importance way much higher. With a glut of small and large scale industries paving in the city, the traffic has naturally increased to an alarming rate and this is where this exclusive proposal has appeared just as a beam of glittering ray. The work is already in progress and according to several reports; the Pune Metro project would be completed in next five years. Once the plan is properly executed, it will not only curb down the air pollution, but will also bring in a balance amidst the tumult of city life. The project has been planned to be divided into four segments and the locations that are going to be highly benefitted with the same include Pimpri Chinchwad, Swargate, Ramwadi, Deccan Gymkhana, Bund Garden, Hinjewadi etc.
People looking for property in Pune are also going to be highly benefitted with the same.
With the mounting demand for property in Pune, real estate in the city has turned out as one of the most in-demand investment options to plump for. Especially, with pune real estate offering an array of lucrative options for home buyers and investors, the city has managed to become a perfect hub for investment.