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Pune known as the oxford of the east also considered a pensioner’s paradise is rapidly transforming into a bustling economic centre of India. Pune is the ninth most popular and the second largest city in Maharashtra after the state’s capital Mumbai city.
Mumbai’s affordable cousin is what some believe Pune to be, especially people looking for properties available near suitable good jobs and developed infrastructure on a comparatively affordable rate. Also in the past few years homebuyers believe that Pune has been developing in terms of infrastructure, jobs and housing, which may in turn lead to a positive property rise in the Pune real estate property, making it a promising city to invest in.
Pune has emerged as a new start ups hub while it was recently featured amongst the evolving business centres and the emerging cities among other nine in the world and was referred as a city that plays a host to IT and automotive companies.
Real Estate in Pune turning point - 2016
The real estate market of Pune was under multiple struggles. It saw an upward trend in terms of property prices and value in the year 2016. Only in 2017 it happened that RERA was implemented and there was a lot of confusion among builders and buyers about the interpretation of various provisions. Many buyers/builders challenged several ambiguous provisions in court, while many fraudulent builders were penalized. Property prices continued to be low due to oversupply.
2018 - Due to RERA, builders were no longer able to launch multiple projects easily. However the New Project launches did not fail drastically as it was expected. Supply was cut short suddenly. Prices were stabilized and increased gradually. 2019 - Due to undersupply, the demand eventually caught up and property prices have rationalized The overall property prices have increased due to general inflationary expenses.
According to an estimation of how the property rates may rise by 2020 here is a chart representing Pune’s competitiveness and the underlying supportive trends.
The transformation since a decade
Pune started off as a small city known for its strong industrial belt, which included companies such as Tata Motors and Bajaj. It later came to be known for its cantonment and Headquarters of Southern Command for the Indian Army. Pune as a city was more like a pensioner’s paradise because of its slow pace of life and relaxing weather. Most retired citizens from Mumbai and other metros preferred to retire in Pune.
But in the last 10 years Pune seems to have gone through a major transformation. The Mumbai - Pune expressway development and Hinjewadi coming up as the large IT/ITeS catchment has attracted not only domestic but also the international IT majors, such as Infosys, Wipro IBM and Accenture. Pune has been seeing a major change not only in terms of the lifestyle but also in regards to the property prices.
Some of the major reasons for the Fluctuation of property rates in pune 2018.
Clearance certificate is must for structures above 70 m.
While primary focus for Pune’s infrastructural development was the three metro corridors that are still underway and the Transit -Oriented Development, they expect an influx of high-rises and has mandated technical committees approval for developing the structures higher than 70 meter in the city.
Projects outside MahaRERA purview.
A survey revealed that around 50% of the on-going projects in Pune were not yet registered under the Real estate Act (RERA). Many failed to register the Sale agreement despite having availed 10% of the property value. Due to which the later part of 2018 saw a fluctuation in the property price range.
Metro expansion took charge
Pune had never seen the train struggles unlike Mumbai. However after the metro expansion, Pune has already started to own the metro lines as it connects the two major stations Hinjewadi and Shivaji Nagar. This was the third metro corridor placed in Pune that will not only save travelling time but also boost housing demand in the neighbouring localities.
It can be rightfully concluded that Pune is still in the game
Since Pune has already chosen the right path of registering with RERA and has gone through a struggle a year back just to be back with some noticeable improvements in infrastructure and hence is experiencing an increased property rate. We can expect even more positive rise in Pune Real Estate towards 2019-20.
Disclaimer: The views expressed above are for informational purpose only based on industrial reports and related news stories. We do not guarantee the accuracy, accuracy of the content and shall not be held responsible for any action taken based on the published article above.
Formerly Pune was an important military base of British Ruler. Pune was first discovered in the mid 18th century and Maratha Empire used it as the center of their administration and was ruled by Indian Warrior King Chhatrapati Shivaji Raje Bhosale. From 847 AD, Pune has developed as city and which is considered the cultural capital and currently Pune is famous by Mega manufacturing Companies, Automobile industry, institutes for information technology (IT) management and training and private research education, due to which migrants, professionals from all accross India and student are been attracted toward Pune city.
In a short spam of time "Pune city" came into limelight , by travel destinations, fabulous sight seeing,events and activities, infact Visitors who step in Pune City for the first time can be spellbind how much facinating the Pune can really be and a awesome place for a glance of real India. Pune is the place where anyone can enjoy and get indulge easily with a night out life.
Generally like rest of India, Pune also enjoy three seasons: Summer, Winter & Monsoon, but the climate in summer is not really hot compare to other cities in India, Maximum it reaches to the range of 30oC to 38oC but still the Area altitude make sure the nights get are chilly and delightful still is is a romantic and pleasing little indian City
Where in we talk about Infrastructure and about its rapid growth, no wonders..Pune has reached a tremendous growth and development in the last few years. The entire city has been booming in every globe, could be it the IT field, automobile or education and culture. Also, Pune city has received acknowledgement as having the fastest urban growth in the country.
A long-lasting demand has been raised in infrastructure to meet the rapid increase in development, The city is also well supported by the automobile and software sectors such as, TATA Motors, Bajaj Auto, Daimler Chrysler, Kinetic Engineering and other major industrial companies also like Coca Cola, Whirlpool, LG, Bharat Forge Ltd etc..
Also we cannot ignore the connectivity options, As transportation also consider as a leading hand to make a small city to Mega City, where we peep in for Pune city transport, Let start with the Air Conectivity, Pune Airport is an international airport stationed at Lohegaon, which is operated by the Airports Authority of India. It also shares its runways with the Indian Air Force base. In addition to domestic flights to all major Indian cities, this airport serves international direct flights to all the Countries with all the Major flights companies.
Pune Rail, has a vast PAN India connectivity option for Local & outstation Travelling and where road concern who is not aware of the Mumbai-Pune Express highway which gives an instant access to all the possible location and a huge highway leading to pune city such as NH-4, NH-9, NH-50 and NH-65 which gives multiple option to sweep and reach the desired location.
Also Mega Metro rail project has been proposed in Pune metropolitian area, Considering all the Rapid growing infrastructure with a peaceful admist location, the Residential properties is also booming to the sky and with the recent industry analysis,Pune real estate Market has peformed better than the other Indian Cities. The Prices of real estate in pune saw a growth and currently porperties in pune are very much in demand from NRIs, which is Another important aspect that played an important role in the growth of Pune and also witnesses a growing population here has been a trend of more and more people purchasing a second apartment over and above the one already occupied by them, due to rapid growing of beautiful city
Proximity and Landmarks Near Pune
Aga Khan Palace
Raja Dinkar Kelkar Museum
Dagdusheth Halwai Ganpati Temple
Rajiv Gandhi Zoological Park
St Mary's Church
Property Rates in Pune
Average Property Rates in in Pune
|2013||Pune||Rs 5435 Sq.ft||Rs 5620 Sq.ft||Rs 6320 Sq.ft|
|2014||Pune||Rs 5566 Sq.ft||Rs 5437 sq.ft||Rs 5527 Sq.ft|
Property Rates in Pune Locations
|2009||Hadapsar-Pune||Rs 2912 Sq.ft||Rs 2818 Sq.ft||Rs 2814 Sq.ft|
|2010||Hadapsar-Pune||Rs 2734 Sq.ft||Rs 2875 Sq.ft||Rs 2818 Sq.ft||Rs 2871 Sq.ft|
|2011||Hadapsar-Pune||Rs 4450 Sq.ft||Rs 3320 Sq.ft||Rs 3226 Sq.ft||Rs 3600 Sq.ft|
|2012||Hadapsar-Pune||Rs 4004 Sq.ft||Rs 4248 Sq.ft||Rs 4533 Sq.ft||Rs 4549 Sq.ft|
|2013||Hadapsar-Pune||Rs 5450 Sq.ft||Rs 5515 Sq.ft||Rs 5154 Sq.ft||Rs 5159 Sq.ft|
|2014||Hadapsar-Pune||Rs 5162 Sq.ft||Rs 5260 Sq.ft|
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