Pune is presently one of the most preferred residential zones in India. With several real estate groups coming up with sophisticated projects in the city, the owners have a wide range of options to choose from. The commercial infrastructure in Pune is robust, which fosters better employment opportunities. The residential and commercial segments of the real estate industry in Pune balanced development over the last decade. Buying a real estate property in this city would be a great decision indeed.
In Pune, several IT companies and startups are coming up, offering lots of employment and business prospects to the residents. This has made the city one of the most sought residential destinations. However, you will stumble upon several available options, when you buy a property in Pune. Here is a brief guide that will help you to choose the right property to invest in.
Consider the purpose of buying the real estate property
Consider the purpose of buying the real estate property
Well, you might be willing to buy a home in Pune for personal use or want to earn a recurring income in the form of rent. In either case, the location of the property is of prime importance. In case you want to use the feature. Personally, it is close to the business zones and commercial hubs in the city. Again, when you buy a residential property to use it commercially, you should focus on the factors that can earn you the right amount of rent. Not all the localities in Pune have equal demand for residential properties. Therefore, you need to research on the areas where the investment potential is higher.
This principle applies to commercial properties as well. When you get an office or retail space in Pune, check out the main thoroughfares. They will enable your customers to get seamless connectivity to your office. Even if you plan to rent or lease the office space, the area should be well-connected to the other parts of the city. Over the last few years, Pune has witnessed rapid urbanization in the suburban areas. New roads have come up in these regions, connecting the main areas to the residential zones. Buying a commercial property in one of the modern industrial complexes would be a good idea, considering the returns you would be enjoying over the subsequent years.
Which areas in Pune can fetch you a good rental income?
Presently, investors and homeowners are looking for new apartments in Pune in large numbers. With so many options available, it often becomes difficult to choose a location where you should buy a home or office space. Recent trends of purchase reveal that certain business zones and residential areas in Pune are gaining popularity among the property owners. Besides, several corporate employees migrate to Pune to find better career prospects. Often, these migrants lookout for posh areas, where the quality of lifestyle matches up with their tastes and way of living.
In this context, you should check out the new residential projects that have developed in Kharadi, Magarpatta, Viman Nagar, Koregaon Park, Aundh, and Hinjewadi. These regions attract corporate employees and millennials in large numbers. Besides, such areas have a cosmopolitan population. You would love the dynamic lifestyle in the city when you get an apartment in one of these localities.
However, people from Maharashtra would prefer localities in Pune, where they can enjoy a shared culture. In case you are looking for the region, you may buy your new home in areas like Sinhagad Road or Bavdhan. Besides, each of these locations has a distinct lifestyle, and it would be wise to choose a locality, which can complement the way you live.
How much should you be investing in real estate?
In Pune, the reputed builders have come up with all sorts of residential projects. Therefore, the property buyers can choose from 1,2,3 and 4 BHK apartments, or more extensive flats. Besides, you have other options like bungalows, studio apartments, penthouses, and villas. The homes come in both affordable and luxury categories. Depending on how much you are willing to shell out, you can make your purchase. The developers have priced the affordable homes between INR 20 to INR 45 lakhs. In case you want a home within this range, you can choose from a large number of projects. However, if you wish to luxury apartments, you can move to the higher slabs. The luxury apartments may cost you around INR 8 to 10 crore.
In areas like Wakad, Hinjewadi, and Kharadi, the property prices range between INR 4,632 to INR 6,418 per Sq.Ft. These are the prime areas to invest in Pune when you look out for residential or commercial properties. However, you may look out for cheaper alternatives in other regions as well. Whether you use the property personally or rent it off, investing in real estate in Pune would be the right decision.