What is Boosting the Real Estate Demand in Pune?
The population of Pune has grown exponentially over the years creating some major demands in the real estate sector. The vibrant sector has some of the renowned real estate developers that strive to meet growing real estate demand in Pune. The following article covers Pune as a real estate destination and what reasons are boosting the real estate scenario in the city.
The seventh largest metropolis in India, Pune is known for its educational facilities and relative prosperity with growing industrial hinterland. Pune is a thriving industrial center that is sheltering manufacturing units and setting up IT sector offices. The IT, BPO and KPO sector are the major drivers of economy of Pune.
Pune has witnessed massive real estate growth in the past decade and is emerging as an integral part of the real estate of Maharashtra. Real estate in Pune has grown more rapidly than most of the Indian cities.
Real Estate Scenario in Pune:-
With increasing number of employment opportunities in Pune, the demand for residential real estate is going up steadily. There is a shift in the focus from commercial real estate to residential for most of the developers. The shift in trend occurred due to an increase in the Special Economic Zones (SEZs) along with good infrastructure and great connectivity to Mumbai city.
Pune is an established business center and the real estate activities in the city give competition to the leading business centers of India; Delhi and Mumbai. The dominant player in commercial real estate sector of Pune is the IT/ITES sector which has led to stupendous growth of IT parks and SEZs.
Other than that the state government has taken initiatives to introduce reforms in the real estate sector that support the growth. Also the infrastructure development supports the growing real estate market.
What is driving the Real Estate Sector in Pune?
The main reasons what is impacting the real estate sector of Pune as already stated are:
Pune is emerging as an emerging industrial metro and manufacturing hub and the skyline has a lot to talk about these developments. As one of the major business centers of Maharashtra, Pune today serves as a base for number of small and large scale industries. The region has reinforced its identity as one of the major business centers of Maharashtra. The major industrial developments have happened in a radius of 50kms with Pune as the nucleus. Some of the leading manufacturing units in Pune are Honeywell Automation India, Whirlpool India Limited, LG, Frito Lay and Thermax Limited.
Pune reflects a culture that blends modernization with tradition and is also called the cultural capital of Maharashtra. The modern, progressive outlook that results from its being hub of educational and industrial activity has a huge impact on the real estate demands in the city. The residents of the city belong to different religions.
The city is known for hosting cultural activities in music, spirituality, sports and literature. Along with that, the city is also host to many youth festivals.
Fast developing infrastructure:-
The infrastructural development that is taking place at a phenomenal rate is one of the prime reasons of real estate development in the city. The Mumbai Pune Express way and other road connectivity’s to other cities are also great. The proposed metro is further expected to enhance the connectivity and hence the impact on real estate market.
The above mentioned factors have a huge impact on residential real estate of Pune. Let us sneak into the residential real estate market and see what the city holds.
Residential Real Estate of Pune:-
The tremendous growth and development in real estate in the recent years is because Pune offers affordable housing solutions when compared to areas like Mumbai. The city has a number of new launches that keep the momentum of the realty market of Pune. The large number of educational institutes and growing industrialization has a huge role to play in the rise of real estate of Pune.
The real estate of Pune is divided into five distinct zones: Central Pune, North and South Pune, East and West Pune. The prominent locations in these areas are:
|Central Pune||North Pune||South Pune||East Pune||West Pune|
|Deccan, Bhosale Nagar, Shivaji Nagar, Prabhat Road and Model Colony||Akurdi, Chakan, Chinchwad, Talegaon, Ravet and Pradhikaran||Katraj, Parvati, NIBM, Mohammadwadi, Sinhagad Road, Ambegaon and Salisbury||Kalyani Nagar, Kharadi, Wagholi, Viman Nagar and Boat Club||Baner, Bavdhan, Wakad, Pimple-Saudnagar, Audh and Pashan|
Residential Real Estate in Pune has witnessed growth because of:
- Increase in number of opportunities in Pune
- Increase in the number of people moving to Pune
- Increase in job opportunities
- The increased income levels and hence increased affordability
Scope for Real Estate Developers:-
Real estate developers see a pool of opportunities in the city as the annual requirement of homes in Pune is expected to be in the range of 45000-55000 per year. It is kind of a win-win situation for buyers looking to invest in the real estate market of Pune.
Pune as a favored destination for NRI investment:-
NRI prefer to invest in the residential market of Pune as they can earn them handsome return after and will surely appreciate with time. Luxury homes in Pune are seeing increasing demands from the NRI sector. NRI’s always look forward to invest in the Indian market in order to gain good returns.
NRI investors do not expect short term capital gains, in fact are serious portfolio investors who look in long term investors.
Akansha Arora is a professional writer and blogger. She is happy to pen down her views for various domains like career advice, real estate and more that interest her.
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