Pune is one of the most highlighted regions of Maharashtra and the foremost factor that puts the region in limelight is its closeness to Mumbai. Amongst many developed cities in India, Pune is one city that managed to attract expatriates, both student and professionals. Despite of property price hike and growing number of picky investors and home buyers, Pune still manages to cater to the needs of the realty onlookers.
The reasons are simple yet strong enough to compel the buyers to choose Pune over other developed and metropolitan Indian cities. Gradually, thriving under the shadow of many developed connected regions, such as Mumbai; Pune is fast becoming a best alternative for buyers of all ages and backgrounds. Let us explore some of the basic highlights of Pune that lures investors and property buyers:
- Rapid Urbanization
Pune has undergone a makeover in the past few years and the urbanization taking over has led to a major city face-lift. Companies and multi-national firms have started taking interest in the city and have opened up branches here in Pune. This has led to the rise of the city’s commercial hubs and office spaces. Expatriates and migrants from different Indian cites and parts of world are flocking the city like anything; for job and a better life. The property in Pune and the overall market is expecting a bigger boom than what is being experienced. However, the urbanization has also led to a small rise in the property prices but the thing is not worrisome as it is still low as compared to other major cities.
- Flourishing Housing Market
The much-needed sigh of relief brought in to the FDI rules has taken the positive hopes for the housing market, quiet high. According to a report by PwC, the housing market in Pune is something to watch out for. With Indian economic growth expected, Pune’s mushrooming realty market is going to give a good thrust to the overall market watch. Another price trend analysis done by reputed real estate portal, 99acres.com, there are regions that have shown tremendous real estate growth in terms of urbanization and brand value. Here’s an illustration of the price trends in Pune:
- T. Kawade
- Grade A Office Space
The need of Grade A office space has surged in Pune over the last quarters of 2014 and beginning of 2015. The positive numbers that are showing up is a result of the merging or extension activities of key corporate space occupiers. In the last quarter of 2014, Pune’s office business sector saw more than a 150 per centsurge in absorption rates on a quarter-on-quarter basis. These numbers are expected to see a good jump in the coming quarters of the ongoing year, 2015. The multi-national firms that are capable of taking the office spaces on lease are investing heavily and are reaping the benefits of the flourishing real estate market of the city.
- The Educated Populace
It is not just the data and facts that can attract an investor but a number of intangible benefits that are associated with a given city. Pune has an educated populace and this is yet another factor that makes it a favorite amongst the home buyers; especially the millennial investor. The educated populace has supported in raising the standard of the society and has helped in giving rise to a thriving city that is free of accumulated crime and activities of disgrace. Moreover, the working populace that majorly constitutes expats is also given a tough competition.
- Excellent Proximity to Connected Regions
Pune is a well-planned city and has some of the major and popular state highways that connect to the nearby developed regions. The residential townships that are stationed in some of the hotspots, such as Wakad and Kalat Nagar give ample amount of benefits to the buyers as they are lucky to have got proximity to the commercial hubs, IT parks and social infrastructure.
The real estate market and especially the residential market of Pune have grown substantially in pastfew years. Furthermore, the growth will be visible in the upcoming quarters of 2015. The city is also witnessing new launches, urbanization and an increased number of foreign investors eyeing upon the realty market are some of the factors that will keep the city’s head high on the urban landscape for long.
Property Noida extension is a other option to residential purpose where several types of the residential projects are constructing which includes villas, 2 BHK, 3 BHK, 4 BHK and 5 BHK flats.