Pune is defined by three key factors, namely the rapid growth of Information Technology (IT) sector, massive spread of organized retail sector and the city’s changing demographics.
Changing demographics have had a significant impact on Pune real estate, both in terms of sizes and types of homes. Today, Pune’s reputed builders and developers like Ram India Group are catering to an entirely different set of demographics than what they did 15-20 years down the line. More emphasis is being laid on developing sophisticated projects with ultra-modern amenities like home automation, clubhouse, centralized LPG system, designer entrance lobby and fire extinguishing system. Properties are being largely constructed nearby industries in the areas such as Hadapsar and Phursungi that are highly developed on the industrial front.
Recently, Pune has been included in the ambitious smart cities plan of the central government. This will boost the progress and development of the city’s infrastructure including social, civic, educational, roads and transport. The city hosts many renowned financial, educational institutes and industries. Quality infrastructure will eventually put the its real estate sector on the fast-track of progress.
Now-a-days, the annual demand for homes including 1 BHK and 2 BHK flats in Pune is close to around 45,000 units. The demand was about 25,000 units per annum 10-15 years ago. This proves that the city’s real estate market is progressing. While Mumbai is staggering with unsold units in most of the parts of the city, property development, investment are eminently and economically viable in Pune.
Residential growth and development is more likely to take place in the western and eastern corridors of Pune like Hinjewadi, Hadapsar and Phursungi, owing to the establishment of IT/ITeS industries in these areas and more job opportunities.
The winds of change are blowing in Pune real estate that will uplift the city’s real estate sector and increase the scope for residential property development, buying and investment. So, a nice opportunity will knock the doors of savvy investors and home buyers!