Pune is the second largest city in Maharashtra and boasts beautiful landscapes and a favorable climate around the year. It is an excellent choice to invest in real estate in Pune for both residential and commercial properties as it is so much more affordable than Mumbai properties. Pune hosts numerous residential and commercial projects that fit the pocket of salaried people, too, creating a favorable opportunity for those seeking to invest in real estate in Pune within their budget. Popular localities in Pune include Kharadi, Hinjewadi, Punawale, Baner, and Hadapsar.
Over the years, Pune has emerged to be a big hub for IT, manufacturing, and automobile industries. Not only this, Pune also boasts of some prestigious colleges and schools that invite students from all over the country and abroad.
Let’s dive deep into why one should invest in real estate in Pune looks promising right now-
7 Reasons To Invest in Real Estate in Pune
1) Super Connectivity
Pune is strategically very well-connected to the rest of the country by national highways and state highways.
Moreover, the Navi Mumbai International Airport and the missing link on the Mumbai Pune Expressway are almost near completion, enabling improved travel and enhanced global connections. These two huge plans will transform road transportation and air connectivity for travelers by the year 2024. The city’s landscape will change for the better, enabling speedier and safer travel for everyone.
2) Strong Economy
As Pune is expanding, its economy is also getting a boost. With so many people choosing to work/study here, the city’s economic infrastructure is also undergoing major reforms. To enable the smooth functioning of services for such a vast population, every sector is undergoing an upgrade- be it banking, commercial centers, hospitals, clinics, or the hospitality industry. The zest to make services or products available to people at all times is fast-changing the dynamics of the economy of Pune.
3) Abundant Job Opportunities
In the recent decade, the job market in Pune has become quite dynamic and attractive for job seekers from all over the country. Majorly dominant areas of IT companies are Cybercity Magarpatta, ICC Towers, and Rajiv Gandhi Infotech Park at Hinjewadi. Furthermore, the Bhosari Industrial Belt, Shivaji Nagar, and Koregaon Park host big business hubs of the city. The Baner and Pashan areas constitute the automotive hub, with the Automotive Research Association of India (ARAI) also located there.
The presence of a broad variety of industries is contributing to the growth in the job market. Not only the IT sector, but there are a lot of manufacturing industries, healthcare companies, automotive, pharmaceutical companies, and real estate players that offer job opportunities over various skill sets and roles and generate employment at large. So, the growing employment opportunities in this city attract talent from all across India. This is a significant reason for the rise in real estate development in Pune.
4) Competitive Real Estate Deals
Pune is undoubtedly a hot property today. It is attracting investors from India and abroad alike. Needless to say, intense competition among developers benefits investors. The real estate market offers better deals, attractive facilities, and enticing proposals for interested buyers. Whether you’re looking for apartments, villas, or commercial spaces, the real estate market in Pune market offers a variety of options to choose from. To cut through competition, each player in the market strives to create the best for its customers by offering some exclusive features, providing some quality add-ons, or extending discounts.
5) Predicted Growth
Experts predict continued growth in Pune’s real estate sector. The city’s strategic location, expanding infrastructure, and strong economic fundamentals contribute to this positive outlook. Investing today is sure to benefit the buyer with its future appreciation.
In the year 2024, it is projected that buyers will continue to invest in real estate in Pune’s housing market. The trends for this year are potential interest rate cuts, steady prices, an increase in income, and better job opportunities. According to the CRE Matrix Report by CREDAI Pune Metro, the real estate in Pune marked a staggering 90% growth in the first half of 2023. On the other hand, property registrations and RERA data disclose about 45,000 units sold, totaling a staggering Rs 28,000 crore in the first two quarters. The projections for 2024 display Pune’s real estate market’s resilience and adaptability.
6) Educational Hub
Pune is rightfully called ‘The Oxford of the East’ owing to its vast number of colleges providing world-class education. Pune is home to prestigious educational institutions, including universities, colleges, and research centers like the College of Engineering- Pune, Bharathi Vidyapeeth College of Engineering, Dr D.Y Patil Vidypeeth Medical College, Armed Forces Medical College, Fergusson College, Film and Television Institute of India and National Defense Academy to name a few.
Students and faculty members drive demand for rental properties. Investing in educational hubs or nearby properties ensures a steady stream of tenants.
7) Buyer-Friendly Environment
The strict endurance of the Real Estate Regulation and Development Act (RERA) has boosted the confidence of buyers to invest in real estate in Pune and has made the buying process more transparent, enticing, and buyer-friendly. Investors can make informed decisions backed by regulatory safeguards. Moreover, the customers are spoilt for choices and can choose from what fits their idea of a perfect home or an ideal office space.
Pune is a busy and buzzing city because of its changing demographics. Once called a pensioner’s paradise, it is slowly getting a makeover to become a young and dynamic one. Pune has its charm with its energy, rich culture, and vibrant lifestyle. It indeed has the capacity and potential to become a perfect city.
It is wise to invest in real estate in Pune today to benefit in years to come. If you are looking to invest in real estate, it is the right city for you! Decide before the market prices start soaring.