Pune, the Oxford city of India, has started gaining momentum to be one of the leading metro cities of India. After the Mumbai real estate market bloom, the investors are shifting their focus to Pune. Pune is not only strategically located, but also it has all the prerequisites to be perceived as the upcoming destination for multinational conglomerates. The real estate market also appears to be a stable market than Mumbai. Considering Mumbai from the perspective of the real estate industry, Mumbai is almost on the verge of reaching a saturation point, wherein the property prices are soaring very high and in – spite of the prices being on the higher side exceeding the affordability bracket of the masses, the developers are reluctant to compromise on the value of the properties since they are not in favor of correcting the prices. Whereas on the other side, the Pune real estate market has been progressing steadily.
The city has been witnessing the steady progress in terms of infrastructure as well as other perspectives thus contributing to the all – encompassing development of the city. The city has the accommodation solutions for the masses as well as for the different strata of society thus encouraging a steady growth and development of the real estate industry. Places like Kharadi, Wagholi, Pimple Nilakh, Wakad etc. has been coming up with the residential as well as the infrastructural developments with the price range of INR 3500 – 6500 per sq. ft. Though there are luxury homes coming up in Pune within the range of INR 15,000 – 25,000 per sq. ft. but that market is very niche.
Residential apartments are coming up in Biman nagar or New Airport Road like Marvel Piazza ranging from INR 8000 – 14000 per sq.ft. with the configuration of 2, 3 BHK as well as penthouses. Other areas like Baner, Hinjewadi etc. are witnessing progress in terms of residential as well as commercial properties and the latter one has been turning out to be one of the prominent IT hubs of the city with the brands like TCS, Wipro, and Accenture etc.
Another reason for Pune to turn up as one of the happening cities is the number of good schools and colleges. There are young crowds migrating to the city from different parts of the country to pursue their academic interests. Hence another benefitting factor for the corporates is the easy availability of the good talent from Pune. Since the migration to the city is relatively higher for academic reasons, the demand for real estate rental market is high, hence the developers are trying to capture the market with new residential projects and the home buyers by investing their money and putting it up for rent.
Apart from real estate and education, Pune has excellent weather as well as a lifestyle of own. Till now it is now populated with automobiles and has enough hang out places which also attracts crowds towards the city