A thriving and a vibrant, cosmopolitan city, Pune is an academic and a business centre that epitomizes India. Ruled by Shivaji and Peshwas, the colonial-era charm is retained in its old structures and residential areas, making it a city with a pleasant mixture of old and new. Pune is situated 560 meters above the sea level of Deccan Plateau, on the bank of the Muthu River and is known for its cool and dry climate, something which made it the Bombay Presidency’s monsoon capital.
Pune, the ninth most populous city in India and the second largest in the state of Maharashtra is considered as the cultural capital of Maharashtra. The city is also known for its manufacturing and automobile industries, information technology (IT) research institutes, education, management training, which attracts students, and professionals from other countries including South East Asia, the Middle East and Africa. This inflow has contributed to it being one of the fastest growing cities in the Asia-Pacific Region, making investing in a property in Pune a smart move!
These notions have made Pune a great place to explore and have led to the huge migration thereby, providing momentum to property in Pune. According to the Mercer Quality of Living rankings, Pune is ranked at 145 in Asia and 2nd in India after Hyderabad. The study also places Pune among the evolving business centres and top 9 emerging cities around the world with the citation- Hosts IT and automotive companies. Read More
City’s increasing strength in the IT sector has positively impacted the Pune property market- both commercial and residential realty segments. IT/ITes and BFSI industries continue to grow, especially in East and West Pune, boosting the corporate, retail, and residential capital values. Proximity to IT/ITes and manufacturing hubs coupled with connectivity via international airport and BRTS corridor has also appreciated the capital growth in the residential properties in Pune. These advancements have helped professionals who are now able to travel to and fro from work easily, thereby making the city more favourable to its counterparts.
Below is the list of top residential performers of the city:
Pune offers a wide range of properties ranging from commercial structures to affordable one BHK apartments to premium 2-3 BHK residential complexes and opulent spacing 4-5 BHK independent villas. Developers are coming with projects which cater to users and their requirements. In terms of demand, apartments continue to be the favourite amongst all residential property types in Pune. Residential localities like Wakad, Wagholi, Undri, and Baner offer 1-2 BHK units while the 3BHK units’ area available in Hinjewadi and Kharadi.
Rental real estate Pune is in high demand and has generated huge interest among the working professionals, industrial workforce, and students. Tenant population in Pune is scouting for the rental properties which are set through infrastructure and connectivity benefits. Prominent growth drivers for Pune real estate are affordable rental rates, the presence of modern day conveniences and smooth commute to other parts of the city. As a result, Pune property segment has recorded an average growth of three percent in average weighted rentals in the last one year.
The most popular rental localities of Pune are:
The economy of Pune is quite sprawling and acknowledged all around the country for its gigantic base of business district sector including finance, manufacturing, B-pharma, IT Company, among others which drags job seekers from different states. Furthermore, another great attraction center in the city is educational institutes, launch of many renowned colleges have opened the door for students.
Infrastructure developments have direct impact on the properties values. Infrastructure projects lead to development of new residential destinations and land prices in these locations make a way for both expensive high and affordable residential complexes. The general rule of thumb is - better the infrastructure, the better the property value.
Following upcoming infrastructure projects will definitely boost real estate in Pune.
The proposed metro rail has inched ahead after Pre –public Investment board cleared the route. The 31.4 kilometre long metro will run on two - corridors- The first between Chinchwad – Pimpri – Swargate which is around 16.59 kilometres long and the second one is between Vanaz to Ramwadi, which is approx. 14.9 kilometres long.
The High Capacity Mass Transit Route is aimed at addressing city’s traffic related woes. The High Capacity Mass Transit Route will pass close to NRT routes of the city and will link the industrial areas of Chikhali and Bhosari to Kalewadi and Thergaon.
The proposed 170 kilometre long ring road that will decongest the traffic will pass throughout Pune and Pimpri-Chinchwad roads. This ring road will pass through 29 villages of Pune and Pimpri-Chichwad and will be completed in four phases including Theur to Chimbali; Chimbali to Pirangut; Pirangut to Shivapur; and Shivapur to Theur.
Both public and private transport modes are popular in Pune. The improvement in the transportation of the city has worked in the favour of Pune real estate market greatly. The city is served by various transit systems including buses, metro, railways, and airways.
Public buses within the city and its suburbs are operated by the Pune Mahanagar Parivahan Mahamandal Limited (PMPML). Furthermore, Maharashtra State Road Transport Corporation runs busses from its main station in Shivajinagar, Pune station, and Swargate to all major cities and towns in Maharashtra and neighbouring states.
Local trains connect Pune to the individual town of Pimpri-Chinchwad and the hill station of Lonavala. The daily express trains connect Pune to various cities including Mumbai, Hyderabad, Delhi, Kochi, Nagpur, Coimbatore, Chennai, Thiruvanthapuram, Bangalore, Allahabad, Kanpur, Howrah, Jammu, Goa, Gwalior, Patna, and Jamshedpur among others. These uninterrupted rail links have significantly impacted the real estate market.
Pune International Airport is an international Airport at Lohegaon, operated by the Airports Authority of India. In addition to the domestic flights to the major cities of India, the airport serves international flights to Dubai and Frankfurt. The proposed project for New Pune International Airport by Maharashtra Industrial development Corporation will be completed by December 2017. With this project, the city will be connected to prominent international destinations including London, New York, Singapore, Hong Kong, and Tokyo.
To offer a smooth and comfortable drive, the city has robust road structures and various public transit systems. Pune is well connected to various cities via state and express highways that have solved the traffic related issues to a great extent, making it convenient for the residents to easily reach the desired destinations.
Few major highways are listed below:
Besides, the aforementioned superiority in connectivity, the Mumbai-Pune Expressway is India’s first six-lane high-speed expressway. This expressway has reduced the travelling time between Pune and Mumbai. In addition to it, the city is served by two intercity highways - Old Pune –Mumbai highway and Katraj Dehu Road Bypass, a part of National Highway 4. The Nashik City- Pune Highway (NH 50) is a part of the golden triangle (Nashik-Pune-Mumbai).
These road connectivity benefits have escalated the sales of residential properties in the city, thereby helping real estate in Pune grow and prosper.