Flats in Pune

Pune, the second largest city of Maharashtra is emerging as the largest developing real estate destinations of the country. Mainly being an end-user market, the prices of ready to move flats in Pune for sale are normally a little on a higher side and increasing. The rise in investor’s demand from the outside locations together with the increased cost of input by the developers is what drives the overall Pune real estate sector.

The factors defining the city of Pune are the growth of IT, massive organized retail and changing demographics of the city which is boosting its real estate sector both in terms of type and size of homes. The burden is now on the expansive flat size with best class facilities and on locations which provide hassle-free commuting to the city’s IT hubs.

As per the realty experts, the prices for real estate in Pune are unlikely to witness any big correction in the near times. Hence those planning to buy a house but waiting for the prices to drop may feel disappointed. The city is a safe destination for property investment with just a minimal drop in investment returns - capital value appreciation, unlike other big cities. It is still amongst the top markets to invest in, after Bangalore. An increase in sales is anticipated in the coming few months provided the prices keep stable.

The rise in prices could be due to migration of people from other cities for job prospects which leads to rising in demand and hence a rise in the realty prices. Further to enhance the sales, the builders are launching promotional schemes like paying a booking amount of 30% and the rest 70% to be paid post possession. However, there are high expectations for a positive change in Pune real estate through the following steps:

1) Low-Interest Rates – The cut in interest rates by RBI will bring much-needed relief to those who want to buy property in Pune, as they will get an opportunity to stamp the deal.

2) The ascent of Luxury in Tier II Cities – The city has become an attractive destination for semi-luxury and luxury apartments in recent times and features like modular kitchens, house automation, Jacuzzi, etc. have been attracting people who are interested in ready to move flats for sale in Pune. Thus the rise of luxury and capital appreciation is alluring both investors and big and small time builders to build properties in the city.

3) Residential Plots Gain Prominence – The forthcoming smart cities around Pune does not have much of apartment culture and hence make ideal destinations for investments in plots for mid to long term returns.

4) Increased Foreign Direct Investments – The increased inflow of foreign investments will lead to a boom in the real estate sector in the coming years.

5) Affordability Becoming Priority – Keeping in mind the initiative “housing for all” the builders are developing projects with regular amenities, affordable for most of the families rather just the ultra-luxurious ones.

6) Easy Payment Plans – Builders are offering easy and possession linked payment plans which will motivate buyers to finally book their dream homes.

West Pune has maximum demand for residential apartments from the IT hub located in Hinjewadi, RAJIV Gandhi Infotech Park whereas the EAST Pune demand is primarily driven by CBDs in Cyber City, Magarpatta, Viman Nagar and Kharadi. For those interested to buy residence in Pune, New Airport Road in Viman Nagar has been marked as a potential location with an anticipated price appreciation of 63%, whereas Vishrantwadi is expected to undergo a massive price growth.

The supply and absorption of flats in the IT city of India, continue to make both property investment and development considerably practical. The property rates in the city of such a dynamic market environment remain comparatively realistic and thus the dream of home ownership can be turned into a reality.