Decoding The Reason Behind The Sudden Rise In Property Registrations In Pune
Pune is fast emerging as the hotspot for home buyers and realtors as well. The locational advantage of being close to India’s financial capital, establishment of IT parks, rapid progress in infrastructure, combined with the city being a favoured manufacturing hub have catapulted it as a hot real estate destination.
While every metro/city has witnessed rapid strides in real estate development, reports have proved that there has been a sudden rise in the number of property registrations in Pune in the last couple of years.
What are the factors that have contributed to this eventual demand for property in Pune?
Better Capital Value Appreciation
Compared to other metros, properties in Pune have recorded a better appreciation. As per reports high end properties have seen the highest average appreciation. In fact East Pune has witnessed a 65% growth in capital value in the high end property segment, while the mid segment has experienced a 38% increase. This explains the reason why there is a spurt in property registrations in Pune. If you are looking for a steady and appreciable ROI, investing in Pune real estate is the answer.
Better Rental Yields
Of late, there is a steady demand of flats in pune for rent. The influx of migrants, the students and those moving in for employment has seen a sudden rise. Especially in East Pune which houses the IT parks, the airport and is supported by excellent connectivity and infrastructure, the demand for homes is pretty high. This has been the reason for better rental yields. To cash in on this opportunity, there has been a high demand in the mid segment homes.
Emergence As the Knowledge Hub
Pune is famed for its educational institutions and this brings in an influx of the student population which is in need for housing. The development of Pune as an IT hub has also contributed to the rise in the number of professionals wanting to make Pune their home. As a result there is a demand for township projects which are coming up in areas like Baner, Wakad, and Viman Nagar.
What makes Pune the ideal real estate destination is its offer of affordable housing. Unlike other cities, for instance Mumbai where homes have gone beyond the reach of the average middle class, Pune offers a choice of homes right from mid segment apartments to high end residences. It is one of the safe options to park your investment in realty. Areas like Baner, Chinchwad and Magarpatta have witnessed a high rate of absorption in respect of residential housing.
Well Developed Infrastructure
For any city to attract investment, it needs to be well developed in terms of infrastructure. If IT giants and leading manufacturing companies ( TATA, Bajaj, Kirloskar) have decided to set base in Pune, it is thanks to the excellent infrastructure in terms of connectivity. Better connectivity has led to development of a number of CBD’s thus resulting in phased development across the city and its suburbs.
Pune, the cultural capital of Maharashtra is a growing city and a preferred choice among the retired, students and young professionals. Offering a lively atmosphere with a fine balance of the old and the new world, Pune is the bright spot for investors.