The Rapid Real Estate Development in Pune

Pune is known as the Oxford of the East and is considered among one of the best cities to live in. It is the second biggest city in Maharashtra after the state’s capital, Mumbai. Pune is one of the fastest growing urban communities in the Asia-Pacific region. Also known as the social capital of Maharashtra, this city attracts many home buyers for them to fulfill their goal of a dream home.

Year by year, Pune has shown a consistent growth in terms of urbanization. The growth of real estate in Pune has been directed towards the expanding economic hubs, one example being Hinjewadi, that offers properties for buyers of all types and budgets. During the year 2018, there were more than 2600 projects launched out of which 81% of them were directed towards the population of the mid-segment budget and the later 19% supply was dedicated to the luxurious category.

Despite the general slowdown witnessed across other major cities, Pune realty market stood firm mainly due to high demand from the IT sector. Adding to it when we compare Pune to other metro cities, the property prices are reasonably affordable. Nowadays the residential real estate demand in this city is impacted by the growing educational institutions, booming IT sector, lots and lots of job opportunities, and the lifestyle offered here. According to Realty Experts, the availability of the above mentioned factors contributes to influencing the growth of new residential projects in Pune.

Buyers prefer properties that are close to schools, colleges, hospitals and mainly job locations. Projects around these daily necessities often have huge demand and also generate more profit for the developers. On account of the city’s developing cosmopolitan culture and emerging economic hubs, many offshore investors favor Pune among other options for both residential and commercial investment. Being an IT and training center, worldwide and nearby engineers have been seen to be rushing the city with fresh development wagering on future development as more IT and other corporations set up their shops here.

If there’s something that proves the real development of real estate in a city, it is the development of the rural areas around it. If this is a metric to be judged, then Pune’s real estate domain is nearly unmatched. In recent years, there are many new hotspots that have emerged around the city - Baner, Kothrud, Wagholi, Balewadi are just to name a few among others. The blast of IT organizations, manufacturing industries of vast, medium and even small scale, cosmopolitan city culture, rapidly developing infrastructure, the abundance of educational institutions are the major contributors to Pune's economy.

Chhatrapati Sambhaji Raje Airport is proposed to serve Pune which is under development under the supervision of Maharashtra Airport Development Corporation (MADC). This airport will lift up some pressure from the Lohegaon Airport which is currently handling both domestic and international traffic right now. This airport is located at Purandar which is around 45 kms away from Pune. The property markets in Pune will have a better chance of witnessing growth after this development.

Pune aspires to create a model neighborhood of livability and sustainability that matches global standards by fully deploying smart city features in a future ready manner. Future ready is critical because as the area develops, it will undergo a 4x population growth by 2030. Majority of available supply in the primary market of Pune falls under ‘< INR 40 lakh’ budget range, which is around 44% of total available inventory, followed by ‘INR 40 lakh – INR 80 lakh’, ‘INR 80 lakh – INR 1.5 cr.’, and ‘> INR 1.5 cr.’, with 42%, 11 %, and 3%, respectively.

The Pune real estate is loaded with residential projects, both in the ready-to-move and under-development stages. Here are a few among the others:

Pune is also known as the “cultural capital of Maharashtra’’ that attracts many home seekers to make their dream home here. The city, which is famous for its historic culture and beauty as well, also boasts of some great luxurious independent housing options which make it a preferred place for investment in Pune properties by the ones seeking lavish lifestyle/ peaceful place to live or green environment around the residence. With the rapid growth this city is witnessing, Pune seems to be the best place to live after all.