In the last few years, Pune has successfully arisen as the most preferred location for multinational companies due to its strategic location. It is located on the outskirts of the state of Maharashtra, and it is in the booming phase right now, which is giving the greater opportunity for investment purposes in the residential properties in Pune. Inspite of the global economy crisis, the demand for residential properties in Pune has been growing. This ‘tech city’ was never really put forward as a real estate market until recently, and it has now become one of the hottest property destinations in India.
There has always been a reason for buying of any property in India. Keeping those reasons in mind you have to decide in which city, in which area you are willing to buy your dream home. Some of the important reasons you should consider for investing in residential properties in Pune could be the lowest rate of interest offered by various banks, its nearness to Mumbai, massive potential for growth in multiple sectors. Also, it offers good infrastructure, balanced climatic conditions, and many other reasons to invest in the city. Pune, which is also known as the ‘cultural capital of Maharashtra,’, is well established educational hub since it has a large number of esteemed colleges and educational institutions. Students from all over the country and the world are coming to this city, which is another reason for the rise in the demand for all kinds of residential properties in Pune.
Flourishing of the IT industry was the primary reason that drives the demand for residential properties in Pune. There is a need for creating more living spaces since various commercial establishments like commercial buildings, offices, world-class infrastructure, etc. being set in the city. The professionals who are employed in these industries also have to be accommodated in the city, and that increase the demand for building up of various types of residential accommodations, thereby, increasing the demand for housing.
The real estate sector of Pune has not been affected much by economic breakdown, and the prices were found to be quite stable as well. There was an insignificant amount of drop in prices during it and with a market already picking up, they are all set to rise again. The demand for residential properties in Pune has been increasing so much so that it has about to exceed the supply. Property market of Pune is one the most active sector among the Western Indian cities and one of the fastest growing too. More and more investments are being brought in by the property developers, local investment players and MNCs setting their foot in the city.
Various wallet friendly housing projects have been planned along the borders of the city. The focus on these areas has grown due to high capital and rental values and property developers are obviously taking the opportunity with open arms. The demand for medium to high budget residential properties are continuously seeing an increasing trend in Pune. Pune was once famous as the ‘Pensioner’s Paradise’, a sleepy suburb greenery covered town, but now it has become the competitor to India’s ‘Silicon Valley’, Bangalore in regard to the IT sector.