A guide to buying property in Pune, for newcomers in the city

With Pune attracting property buyers from all over the country and overseas, we look at the important factors that such buyers must consider, before making an investment

Pune, in Maharashtra, attracts people from all over India, as well as abroad. People often move to this city for education or to earn a livelihood, as this city offers ample employment opportunities. When it comes to buying property, these people have distinct requirements, as compared to the local people. “Compared to other cities, Pune has numerous housing options, from 1-BHK, 2-BHK and affordable housing, to luxury housing. Pune is witnessing rapid real estate growth, with demand specifically in the commercial IT hubs, owing to the growth in IT jobs. Property prices in prominent micro-markets in Pune, have also witnessed a decent increase over the years,” says Manju Yagnik, vice-chairperson of the Nahar Group.

 

What Pune’s real estate market has to offer

The residential real estate segment in Pune, has witnessed considerable demand from non-resident Indians (NRIs), as it has provided stable returns on investment and handsome rentals. The demand is generally for ready-to-move-in properties or properties that are almost ready for possession. Also, despite the general slowdown witnessed across other major cities, the real estate market in Pune has remained resilient, due to high demand from the IT/ITeS sectors.

See also: Pune home buyers spared, as real estate Ready Reckoner rates to remain unchanged

“The type of property that one intends to buy, will depend upon the economic condition of the home buyer and the time he/she is planning to stay in the city. There are homes available from Rs 35 lakhs to Rs 10 crores. So, it completely depends upon the individuals and their spending capacity,” explains Aniket Haware, managing director, Haware Builders.

 

Micro-markets in Pune that are ideal for newcomers to the city

Localities like Koregaon Park, Bibvewadi and Central Pune are good options, for people from outside the city to buy properties, as these areas have well-developed infrastructure, many hospitals, schools and entertainment hubs. However, properties in these areas are a little expensive. Alternatively, home seekers can also opt for Hinjewadi and Magarpatta, which are close to IT hubs and other companies and also offer affordable prices. Outskirts of Pune, like Wagholi, Ravet, Undri, Talegaon and Wakad, are also good localities to reside in. Hadapsar is another top location for home buyers, from an investment point of view. These regions offer good potential for capital appreciation, as well as rental income.

Also read: Check out affordable flats for sale in Pune

Points to consider, for outsiders investing in Pune’s realty market

  • Understand the purpose of buying the flat – whether it is for self-use, renting out, resale or investment.
  • If you are planning to move in, consider whether you will do so shortly or later in the future.
  • If you are planning to move out later, check the prevailing rental market to ascertain return on investment.
  • If you are buying a property for self-use, check if the social and physical infrastructure in the area meets your requirements.
  • Before you make the down payment, check your home loan eligibility with banks.
  • Always consult with a property expert, to know more about the locality and for flexibility in buying and selling the property.

 

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