Pune has emerged as one of the most favorable cities for investing in
residential real estate in the year 2015, and the trend is set to continue this
year as well in 2016. The city, famed for its educational institutions and
quaint localities, is now a buzzing metropolis with great places to live in,
and several options for entertainment and dining. Based on the movement of
residential property rates in Pune over the last year, around 7-9 localities
have been identified as being the most favorable for price appreciation by
leading financial journals and industry experts.
Here are some of the reasons why you should
consider buying or investing in property in Pune:
1) Steady ROI over the next few years – While the
rate of appreciation of property prices in most areas of the city has slowed
down over the past year, there is still scope for steady capital value
appreciation in the years to come. However, in a few newer areas of the city
like Hinjewadi, there was
a growth in price appreciation.
2) Increased employment opportunities – Pune has
always been known as one of the best cities for education because of the number
of prestigious schools and universities here. It is now also a thriving
commercial city with abundant employment opportunities, especially in IT and
ITes companies. Real estate in areas like Hinjewadi, Marunji Road and Kharadi,
where most of these companies are based, have a seen a positive trend over the
last year and a number of new projects in Pune have sprouted up.
3) Improved physical and social infrastructure –
The growth in the number of large peripheral areas of the city have led to a
marked improvement in the infrastructure within the city. Initially only
limited to central areas of the city like Bund Garden, M.G Road, Koregaon Park
and Deccan, now the outer areas of the city like Aundh, Baner, Pashan, Wakad,
among a few others, also enjoy good infrastructure which has led to
increased demand for flats and apartments in Pune.
4) Affordable residential housing – Pune is still
considered as a safe option for investment in residential realty, and has
enjoyed a constant year-on-year appreciation rate. Especially for those who are
averse to high risk investments, property in Pune is a great option! It is
largely considered a ‘mid-segment’ market, and upcoming projects in Pune like
townships are in great demand. Areas like Magarpatta City, Baner and Chinchwad have seen a high rate of
absorption in residential housing.
5) Knowledge hub – Along with the established old
schools and universities the city was already renowned for, the increase in the
number of township projects and residential areas on the outskirts of the city
has led to the development of several nationally and internationally accredited
educational institutions in the city. This in turn has led to the development
of social infrastructure in these areas. This is most notable in residential
areas like Baner, Wakad, Viman Nagar and Hinjewadi.
Real estate in Pune is growing as quickly as the
city itself! Parts of the city that were considered as the ‘outskirts’ a few
years ago are now thriving localities with new options for dining and shopping
cropping up very frequently. While the older parts of the city boasts of
beautiful old family homes, the newer areas are perfect for students, young
professionals and families looking for flats in Pune.
The top areas that have appreciated the most in Pune are Ambegaon, Bibewadi, Chinchwad, Hinjewadi, Koregaon Park. These areas have shown an appreciation ranging from 22-26% over a period of one year. Pune has seen a continuous influx of IT companies and the city is emerging as a viable option for investors from Mumbai. This trend is likely to continue for the next few years.
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