Posted on: 15 April, 2015
If you have the hankering to buy your own house, this is the time like never before, and this is more so about Pune-the city blessed with abundant natural beauty and yet, bears the trappings of a Metropolis. Unlike Mumbai, where buying a house in the city is premium, Pune offers exciting options for the buyers of almost every segment. In fact the Pune’s real estate market works on the end user’s requirements and is very dynamic. Over the years the increase in the real estate price has led to the development of many areas in the outskirts of the city and this has led to the rise in the availability of affordable property.
Affordability is the most impressive feature of the houses in Pune. Although, definition of affordability changes from place to place yet, when we compare the price of 500sq. ft.-900 sq. ft. readymade flats situated in two tier localities and laced with basic amenities, Pune offers flats within the range of Rs 10 lakhs to Rs 20 lakhs.
The affordable housing projects are located 5-10 kms at the periphery of the city and they are well connected with metalled roads and dependable public transport. The Ring Road which is coming up at Pune will ensure better connectivity of the various parts of the city.
According to the real estate experts, buying homes at Pune is also quite lucrative as an investment. Since property at other metros like Delhi, Mumbai and Bangalore is out of reach for the middle class, Pune becomes an obvious choice where house are available at affordable rates, yet the potential for appreciation of price is much higher than any other place. A growth of 15-20 % has been recorded in the price of real estate in the last few years owing to the growth of various IT hubs in and around the city.
When you buy a house at Pune even at the most affordable rates, you can be sure that you are not pushed to such parts of the city from where you need to travel for hours to reach you the heart of the city. Most new flats are raised in areas which are not very far from the central part of Pune. One can take the example of Pisoli, Yewlewadi and Undri are not only located closed to the heat of Pune but are in close proximity to Mumbai-Bangalore highway. Also areas like Pirangut, Chakan and Talegaon are fast gaining popularity due to their closeness to IT Hubs and industrial belts.
People of classes are able to buy homes at Pune due to the loans made available by the Microfinance organizations and banks. Buyers belonging to unorganized or informal sectors too, are able to buy houses in Pune with the help of Microfinance companies