The landscape of Pune city has altered dramatically in the last decade. Once an old-fashioned small town brimming with high-quality schools and colleges, this city has now become an information technology hub. A slew of international and national automobile, engineering and manufacturing companies have also set up shop here realizing that commercial property in Pune is far cheaper than Mumbai.
Pune has also emerged as a favorable destination to invest in real estate due to its rapid development, modernization and growth in infrastructure. But there some other reasons that have propelled this city as an Indian real estate investor’s preferred choice.
Ample Affordable Housing
There is no denying the fact that there has been a rise in residential and commercial property in Pune. Whether it’s flats in Mundhwa Pune, apartments in Wagholi, 3BHKs in Hinjewadi or flats in Wagholi – a number of developers have launched numerous projects in recent years.
However, most of the residences provided by developers is in the affordable housing sector. More than 80% of the available houses for purchase and rent are in the under 40 lakhs and between 40 to 80 lakhs range. Villas and luxurious apartments are fewer in number.
If you’re looking to invest in affordable housing, Pune is worth considering due to its large collection of 1BHK and 2BHK homes.
Relatively Unaffected by Demonetization, GST, and RERA
Besides offering a bevy of economical housing, Pune is one of the few cities in India that hasn’t been dramatically affected by the recent economic changes – namely, the implementation of demonetization, GST and RERA. In fact, ready-to-move-in properties and some commercial property in Pune have remained largely unaffected with RERA or GST.
Meanwhile, most properties in major cities in India have experienced a significant drop in prices and an imbalance in demand and supply. Pune, on the other hand, has either experienced a little drop in property prices in some areas or remained the same.
Rise in Demand of Possession-Ready Flats
Prices of ready-to-move-in apartments were not impacted by GST or RERA which has led to a significant increase in demand of flats in Wagholi and other areas in Pune. Moreover, a lot of families and young professionals are moving to Pune owing to the surge in employment opportunities in the IT sector. Educational institutions are also increasing in popularity both nationally and internationally leading to many college-goers seeking flats in Mundhwa Pune for rent.
Whether you wish to buy flats in Wagholi or invest in commercial property in Pune, it is essential to conduct due diligence. With the proposed metro plan and a new international airport in the works, this burgeoning city in Maharashtra has cemented its place as an attractive investment option.
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