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Factors Working In Favor Of Property In Pune

By Expert Author: Vinay Kumar

Pune, the city with immense possibilities, has undergone considerable real estate development over years. From a neglected town of yesteryears, it has evolved to become one of the prime residential areas. Presence of IT firms, excellent infrastructure, and availability of good amenities are the major factors that have gone well with city's realty market. It also attracts a large number of expatriates from other parts of the county, thanks to the numerous job opportunities that it provides. The rapid industrialization that this city has undergone over years has make it stand at par with cities like Gurgaon, Delhi, and its twin city, Mumbai.

The rates of property at Pune have appreciated over years. In some of its high-end localities like Viman Nagar, Kalyani Nagar, and Kothrud, the prices have increased several times over last 4-5 years. The price escalation that dropped the sales in Mumbai have not affected the realty demand in Pune. In fact, the demand for residential spaces has remained steady. This can be attributed to the presence of software sector: IT parks and SEZs across the city's localities help in generation of jobs year after year. Though there is good number of inventories lying unused, it is far less than the number in other tier-1 cities of India.

As far as the prices of residential properties in Pune are concerned, the rates vary widely. There are several affordable localities such as Wagholi, Dhanori, Wakad, and even Hinjewadi: 2 room flats across these can be purchased in the budget range 14-20 lakhs. In the higher barcket, i.e. 20-30 lakh, one can look 2 BHKS in and around Baner, Viman Nagar, Hadapsar, Kharadi, and Mundhawa. Baner is situated over Katraj-Dehu Road and its proximity to prime localities like Aundh and Balewadi impart much significance to it.

Viman Nagar, one of the fastest growing areas in terms of property in Pune, is located over East Corridor. The real estate rates here have almost doubled in past 4 years, Following the way of residential property in Pune, the commercial spaces are slated to see a high rise in prices in Viman Nagar. The nearness to a number of IT parks has played a vital role in escalation of prices. On the same lines, the rates at Kothrud too have escalated steeply. Hadapasr, known for its SEZs Magarpatta and Fursungi, is yet another locality that is preferred by buyers of properties.

Makaan.com, one of the major property sites India, features residential and commercial property and flats for sale in Pune, Mumbai, and other tier 1 cities. The site features ready-to-move and under-construction properties in Pune.

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