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Real Estate Pune
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In Pune, lease space comes for a fraction of the cost in Mumbai. Prices of commercial space at Pune's IT parks when compared to Pune or even Hyderabad is competitive. This has had IT companies bursting into a flurry of activity creating demand for commercial and office space and concomitantly residential housing facilities. The city's highly qualified workforce has attracted IT companies. The IT infrastructure prompted housing boom in the city. Locations like Hinjewadi and Wakad Nagar Road, Hadapsar Road, Kharadi and Sholapur Road are offering real estate solutions for office spaces.

Professionals in IT companies readily pay a premium and take on rent or even buy higher-end apartments and flats in the city. Builders have been prompt in constructing residential complexes that are sold out within months of launching the projects. Suburbs of Pune are also being realized for their property value and quality housing. Decentralization in certain areas including the original Central Business District (CBD) of these areas a long with development of micro-markets are offering new opportunities.

The rental market in Pune is buoyant and inviting. The idea of investing surplus cash in a property or two in Pune and leasing it out is fast catching up, especially among the NRIs from the Gulf.
Flat on rent for students' accommodation is also a trend that hardly allows the upbeat mood to dissipate. Pune has shown impressive growth on the retail front. Leading developers have a variety of premium properties to offer and plan innovations.

Appreciation
The higher capital and rental yield rates spells a good time to take long term positions in residential properties. A decently rising residential property prices appreciation hovering somewhere between 30 and 40 per cent and expected to go up further is very telling about the opportune time of investing in property in Pune It is in parts driven by demand from the IT and other fast-growing sectors. Many NRIs from the Gulf are also investing in properties in Pune, as they consider it a safe bet.

Residential activity has been continuous in areas like Aundh, Kondhwa, Wanowrie, and Nagar Road, which are on the periphery of the city but now very coveted for quality and stylish housing. The impact has spilled over to nearby areas like Wakad, Bhugaon, Aundh, Balewadi and other surrounding parts. Kondhwa which also houses the National Institute of Bank Management is also emerging as a quickly growing suburb. Prices range between Rs. 1000/sq. ft and Rs 3,500/sq. ft.

The demand for residential property is high in elite localities like Koregaon Park, Boat Club Road and Sopan Baug. Koregaon Park has capital values ranging between Rs 3,000-4,500/sq.ft approx for residential and Rs 3,500-5,500 for Commercial property. Other areas seeing real estate appreciation include Wakad and the important Pimpri-Chinchwad.

Magarpatta Township in Pune

Magarpatta City is an integrated township in outskirts of Pune with prices ranging between Rs 1200-2000 sq.ft. It commands 40 per cent of the total market share of all IT companies coming into Pune. Residential areas around the upcoming IT corridor of Hinjewadi are poised for an upswing in capital values. Capital values in these locations expected to appreciate between 10-15 per cent with overall returns including lease yields between 15-22 per cent in the next two-three years.

A huge number of people are parking their money in flats and apartments to further renting out to students. The city's close proximity to Mumbai has an effect on the real estate scenario of Pune even as it attracts more investment which has facilitated sprawling of prices.

NRI Real Estate Trends
The demand for premium category apartments, deluxe villas and housing complexes from NRIs speaks significantly about the real estate trends in Pune. Developers like. City Development Corporation, Omaxe and Vatika are aggressively tapping this niche market. Some premium options in Pune like Panchshil Reality's new development, 'Waterfront', will have unique features. Apartments will overlook an expanse along the riverfront where a bird sanctuary is proposed to come up.

The recent trends follow the belief that this high end clientele are choosy and quality oriented and have a partiality for international standard amenities and lifestyle. With easily available loans, revised government policies and changes in investment laws that allow NRIs to freely move their investments in and out of the country has given pace to this trend.

The developers have matched up to the requirements by bringing in a lot of interesting and innovative designs and styles. The features include air-conditioning, concierge facility, maintenance facility, high-end finishes, health club, swimming pool, landscaped gardens and club house with sports facility, steam bath facility, back up for lifts, staircase and lobbies. Super - luxury penthouses with terrace garden and swimming pool are also on offer.

Apartments hold all kinds of necessary security features and other amenities.
For the NRI investors, some the semi premium category apartments are being booked to serve as a quality investment and security option.

A project at Wakad in Pune is worth Rs 500 crore and being planned for Californian style bungalows, row houses and apartments with three million sq. ft being developed to provide the best of amenities.

 

 

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