Pune is situated very close to the commercial capital of India- Mumbai. The escalating housing prices have made it impossible for the common man to buy a house in Mumbai. Only the super rich can think of purchasing a house in Mumbai. Even though there is a huge demand for housing in Mumbai, the exorbitant prices are making it impossible for most to purchase houses here. According to a recent report, there are a lot of apartments in Mumbai, who have no takers due to the high prices. This is one of the main reasons why developers of Mumbai have now started focusing on Real Estate Pune. Pune which used to be a city of large houses and bungalows has now become a city of luxurious apartments. Let’s take a look at why Pune has attracted the attention of the developers the last couple of years.
Connectivity to Mumbai- Ever since the establishment of the Mumbai-Pune Expressway, the travel time between these two cities has reduced to half. One can reach Pune from Mumbai within 2-3 hours. The train and bus services which are very frequent now, have added to the easy commute between these two cities.
Companies- A lot of Information technology (IT) companies are set up in Pune. Many software engineers from Mumbai have now migrated to Pune. Pune offers them a better lifestyle for a cheaper cost. Due to the increase in demand by people working in IT parks, a lot of developers have started building apartments to cater to the increasing demand. And this trend is only going to increase. As IT companies here will grow and recruit more employees in the higher salary bracket, more people will be tempted to stay in this beautiful city.
Affordability- Everyone is aware of the high prices of apartments in Mumbai. It is not possible for a middle class person, doing a regular office job and relying on one source of income to build a house in Mumbai. A 1bhk flat in Mumbai will not cost you less than a Crore in the city. That is the reason why a lot of people are looking at suburbs these days. But sometimes living in suburbs becomes inconvenient and if you want the city experience it is better for people to shift to Pune.
Steady Growth- The real estate market of Pune has shown a steady growth from the past couple of years, unlike Mumbai and other cities where the prices and the number of takers have been fluctuating. The capital value appreciation is at the rate of thirty nine per cent in Pune, which is the highest in India. Cities like Mumbai have an appreciation rate of only sixteen per cent. Also according to recent reports properties in Pune have a very high return on investment.
Affordable Lifestyle- Pune is not a metropolitan city yet, but it has a very good urban lifestyle. So residents here can enjoy the best of both worlds. There is a cornucopia of entertainment options available. A lot of malls, theatres, restaurants and shopping complexes have opened up here.
Educational Hub- Some of the best colleges in the country have opened up here. It is one of the top educational centers of the country having a variety of colleges in various fields like medicine, engineering, law, business management, and mass-communications and so on. Symbiosis and Fergusson are examples of the top colleges here. Hence there is a huge demand for accommodation among the students here.
All these factors make Pune a better option for the middle class people to shift in. As the number of people increase the demand also increases. And hence investing in Pune is a more lucrative option for developers.