Pune’s Property Market: A Guide For Investors, Buyers, And Renters!
Being a crucial educational, cultural and employment hub of the country, Pune is witnessing an unprecedented surge in real estate demands. As a result of these ever increasing demands, the number of developments in the city are highly increasing. Pune boasts a diverse property market that provides a wide range of options for the buyers, investors and renters. Having options in real estate is undoubtedly advantageous. However, these options might make the process quite overwhelming making it challenging to navigate through this bustling market. To make the right decisions, this market demands much more than just enthusiasm. It requires you to be well aware of all the insights of the market.
In this comprehensive guide, you will be introduced to the nuances of Pune’s real estate market. It will unravel key trends, essential considerations and investment hotspots. So, start reading below to empower yourself with the necessary knowledge required to navigate through Pune’s real estate market successfully.
Pune’s real estate market
One of the major contributing factors to the growth of Pune real estate market is the high number and variety of people migrating to the city from all around the country. These individuals come to the city in search of better employment opportunities and for higher education. All this is significantly contributing to the growth of Pune’s property market. Two major factors to understand the real estate market of Pune are its geographical divisions and market segmentation.
Geographical divisions
The city is divided into various regions with each possessing unique characteristics and dynamics. The property prices in each of these geographical divisions vary. The key geographical divisions of Pune are-
- Pune city- It is the heart of Pune that boasts a blend of new and old neighbourhoods.
- Pimpri Chinchwad- It is mainly known for its industrial development. This region is also witnessing rapid urbanisation.
- Eastern and western Pune- A substantial growth is seen in these areas due to educational and IT institutions.
- South Pune- It consists of many upscale localities that form a premium residential market.
Market segmentation
The primary real estate market segments of Pune are as follows-
- Commercial- Retail, industrial and office spaces are included in this segment.
- Residential- It involves independent houses, villas and apartments.
- Land- Non-agricultural and agricultural land are included in this segment.
- Industrial- It consists of the manufacturing units and warehouses.
Factors affecting property prices in Pune
Some of the major factors contributing to the property prices in Pune are as follows.
Infrastructure projects
The property prices in Pune are significantly influenced by upcoming and ongoing infrastructure projects as listed below.
- Pune Metro- The government of the city is expanding Pune’s metro network that will significantly improve the connectivity within the city.
- Pune Ring Road- The development of Ring Road aims to ease traffic congestion and provide new growth corridors.
- Pune International Airport Expansion- The airport expansion will boost connectivity and enhance economic growth.
Educational and IT hubs
The growth of Pune’s property market is directly tied to the presence of educational and IT institutions. Properties in the most famous areas of the city like Balewadi, Hinjewadi, Aundh and Magarpatta are thriving due to their vicinity to IT parks and educational institutions.
Affordable housing schemes
Government has launched several initiatives like MHADA, Pradhan Mantri Awas Yojna and Affordable Housing partnership (AHP) to cater to the increasing demands for affordable housing. These initiatives allow a broader section of the population to own a house.
Co-working spaces
The popularity of co-working spaces is immensely increasing in Pune. This rise is leading to a high demand for commercial real estate. These spaces provide small businesses and startups a flexible and cost effective work space.
Must follow tips for property buyers
Real estate is a challenging world and it needs every buyer or investor to be very careful to ensure every penny you spend provides you the expected returns. Below are some tips you must follow.
- Always conduct a thorough research of the property market.
- You must be thorough with the market trends.
- Check if the property prices are within your budget or not.
- Verify the reputation of the builder.
- Inspect the property thoroughly before buying it.
- You must also consider the growth prospects of the property you are thinking of buying or investing in.
- Before buying, consider the nearby upcoming infrastructure projects and developments.
Final words
Buying a home in Pune or investing in any other property segment of the city is highly rewarding due to the continuous growth of the city. If you wish to make the right investment in this city’s property market, take help of the best real estate websites like Home4us to know the best options for yourself.
