Booming Real Estate Market in Pune
The real estate market in Pune is widening its boundaries because of an increase in demand for commercial and residential areas. Because of a transition through the decade, the city has a completely new and chic look. There are top of the line projects here and the city, part of India's Silicon Valley has much on offer for possible property purchasers.
Because of a progress on numerous fronts, the city has been placed on the national map. The city brings in cosmopolitan culture across state and national borders and the city is marching on with high growth.
The cool climate, land availability and plush lifestyle have converted this town into a hub for real estate. The number of jobs in the IT sector in Pune is increasing along with those in manufacturing, education, healthcare and automobile industries. The city has cemented its identity as a mecca of comfortable and upmarket lifestyle. Most of the house hunters in Pune are young. With a deepening of pockets, there has been an increase in demand for compact spaces which has led to the creation of luxurious houses that support a comfortable lifestyle. On the other hand, affordable housing also forms a significant portion of the house for rent and buying demand. Because it is a market for end users, a number of projects that cater to different tiers of home owners have started. The number of projects range from affordable housing to luxurious homes. Real estate development has moved to the peripherals and hence there are many choices for a person to opt for.
The market for real estate in Pune has evolved as per customer needs. The city has to offer something to everyone. You can get a house which comes at a rate of Rs 3000 square feet to one which costs Rs 18,000 per square feet. Areas in the outskirts such as Chakan and Ambegaon Narhe offer houses at an affordable rate. Areas on the Pune Mumbai Highway and extensions of Solapur Road and Nagar Road have plenty of constructions going on for commercial and residential places. Areas under the Pimpri Chinchwad Municipal Corporation are also available to most people. As the class of customers is evolving, there is a demand for luxury lifestyle homes being created. The class of buyers range from affordable to uber rich.
So far, the real estate market in Pune is rational and realistic. Some research reports have suggested that the real estate sector in Pune is growing positively while that in Mumbai is experiencing a negative growth rate. The cost of apartments in Pune has not gone up due to inflation but due to increase in cost of construction materials, land cost and other economic factors. The ratio of absorption and supply is a lot better here than Mumbai as price is much within the reach of middle income buyers. Newer areas have been steadily added to the real estate sphere of Pune and the supply of apartments here aids in keeping prices in check in other areas. However, some areas are clearly meant for special classes of consumers. For example, price of flats in IT centred areas like Hinkewadi and Kalyaninagar and also elite localities like Salisbury Park, BT Kawade Road and Koregaon Park have increased very rapidly. Even though the increased price has kept away the middle income buyer, demand is still steady and contributed mostly by the high net income group and high ranking officials of IT companies.
Pune has been classified as one of the well to do real estate markets. The developers operating in Pune launch new residential projects that cater to different budget brackets such as middle income housing, affordable housing and ultra-luxury segment too. The property market has a wide range of properties on offer so that people with differing budgets can invest comfortably. For highly luxurious lifestyles too, real estate in Pune has some to offer.
Pune can be classified as a unique real estate market based on numerous factors. Buyers have a wide choice of apartments to choose from depending on their requirements. Buyers have the freedom to select from projects that cater well to their budget, a feat which is seldom offered by other booming cities such as Bangalore and Mumbai. Some of the neighbourhoods are developed as per the needs of buyers. For instance, the area of Hinjewadi has become saturated for commercial and residential spaces, which is why other areas in the east of Pune are being developed as IT hubs. As a result, areas like Kharadi came up which became exclusive luxury house and IT hub destinations. Similarly, for the mid income group, the area of Wagholi came up as a destination for real estate as many builders started plans for affordable housing here. Many innovations have been brought in here such as single room for rent in Pune,studio and luxury apartments at inexpensive prices where the layout of the apartments are 1BHK and 2BHK.
The needs of the customer are of prime importance in Pune's real estate market. PCMC and Pune both cater to needs of budget house hunters and also affluent property investors. The demand for properties does not solely come from within Pune but also other cities such as Bangalore, Nasik and Mumbai. Vis- -vis Mumbai, the prices of property in the middle income and affordable segment are much lower. Also, the quality of the apartments and house for rent on offer is much better. Many areas in the PimpriChinchwad area have become hotspots for middle income and luxury house hunters.
The supply and demand ratio of the city is quite balanced. The demand for commercial and housing projects in Pune have always been steady and builders have always attempted to cater to it. The outskirts of the city along with central localities in Pune are growing as hotspots for properties as they have good development in infrastructure. The luxury segment is doing quite well too. However, like every other city, most buyers belong to the affordable housing demanding category. Families that cannot afford to live in central business districts move out to places such as Shirwal, Shikrapur and Chankan.
Because of a progress on numerous fronts, the city has been placed on the national map. The city brings in cosmopolitan culture across state and national borders and the city is marching on with high growth.
The cool climate, land availability and plush lifestyle have converted this town into a hub for real estate. The number of jobs in the IT sector in Pune is increasing along with those in manufacturing, education, healthcare and automobile industries. The city has cemented its identity as a mecca of comfortable and upmarket lifestyle. Most of the house hunters in Pune are young. With a deepening of pockets, there has been an increase in demand for compact spaces which has led to the creation of luxurious houses that support a comfortable lifestyle. On the other hand, affordable housing also forms a significant portion of the house for rent and buying demand. Because it is a market for end users, a number of projects that cater to different tiers of home owners have started. The number of projects range from affordable housing to luxurious homes. Real estate development has moved to the peripherals and hence there are many choices for a person to opt for.
The market for real estate in Pune has evolved as per customer needs. The city has to offer something to everyone. You can get a house which comes at a rate of Rs 3000 square feet to one which costs Rs 18,000 per square feet. Areas in the outskirts such as Chakan and Ambegaon Narhe offer houses at an affordable rate. Areas on the Pune Mumbai Highway and extensions of Solapur Road and Nagar Road have plenty of constructions going on for commercial and residential places. Areas under the Pimpri Chinchwad Municipal Corporation are also available to most people. As the class of customers is evolving, there is a demand for luxury lifestyle homes being created. The class of buyers range from affordable to uber rich.
So far, the real estate market in Pune is rational and realistic. Some research reports have suggested that the real estate sector in Pune is growing positively while that in Mumbai is experiencing a negative growth rate. The cost of apartments in Pune has not gone up due to inflation but due to increase in cost of construction materials, land cost and other economic factors. The ratio of absorption and supply is a lot better here than Mumbai as price is much within the reach of middle income buyers. Newer areas have been steadily added to the real estate sphere of Pune and the supply of apartments here aids in keeping prices in check in other areas. However, some areas are clearly meant for special classes of consumers. For example, price of flats in IT centred areas like Hinkewadi and Kalyaninagar and also elite localities like Salisbury Park, BT Kawade Road and Koregaon Park have increased very rapidly. Even though the increased price has kept away the middle income buyer, demand is still steady and contributed mostly by the high net income group and high ranking officials of IT companies.
Pune has been classified as one of the well to do real estate markets. The developers operating in Pune launch new residential projects that cater to different budget brackets such as middle income housing, affordable housing and ultra-luxury segment too. The property market has a wide range of properties on offer so that people with differing budgets can invest comfortably. For highly luxurious lifestyles too, real estate in Pune has some to offer.
Pune can be classified as a unique real estate market based on numerous factors. Buyers have a wide choice of apartments to choose from depending on their requirements. Buyers have the freedom to select from projects that cater well to their budget, a feat which is seldom offered by other booming cities such as Bangalore and Mumbai. Some of the neighbourhoods are developed as per the needs of buyers. For instance, the area of Hinjewadi has become saturated for commercial and residential spaces, which is why other areas in the east of Pune are being developed as IT hubs. As a result, areas like Kharadi came up which became exclusive luxury house and IT hub destinations. Similarly, for the mid income group, the area of Wagholi came up as a destination for real estate as many builders started plans for affordable housing here. Many innovations have been brought in here such as single room for rent in Pune,studio and luxury apartments at inexpensive prices where the layout of the apartments are 1BHK and 2BHK.
The needs of the customer are of prime importance in Pune's real estate market. PCMC and Pune both cater to needs of budget house hunters and also affluent property investors. The demand for properties does not solely come from within Pune but also other cities such as Bangalore, Nasik and Mumbai. Vis- -vis Mumbai, the prices of property in the middle income and affordable segment are much lower. Also, the quality of the apartments and house for rent on offer is much better. Many areas in the PimpriChinchwad area have become hotspots for middle income and luxury house hunters.
The supply and demand ratio of the city is quite balanced. The demand for commercial and housing projects in Pune have always been steady and builders have always attempted to cater to it. The outskirts of the city along with central localities in Pune are growing as hotspots for properties as they have good development in infrastructure. The luxury segment is doing quite well too. However, like every other city, most buyers belong to the affordable housing demanding category. Families that cannot afford to live in central business districts move out to places such as Shirwal, Shikrapur and Chankan.
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