Pune, one of the major industrial centers in India, is emerging as one of the hottest property investment destinations of the country. The unique blend of traditional past with the modern industrial present endows Pune with a twin image. Being the IT and education hub, property in Pune-residential, commercial and retail is witnessing an all time high.
Pune Real estate has been developing manifold since the time an IT wave flourished in the city. With the coming up of various industries and corporate honchos, Pune infrastructure saw complete transformation. Massive commercial developments took place to accommodate the new companies entering the city every month. Being an education hub already, it had students from all around the country migrating. The industrial setup encouraged an influx of professionals from outside the city, adding to the housing needs. The residential property, flats in Pune then started developing exponentially, especially for renting purposes- apartments, flats, PGs, multi-storied buildings, residential complexes, etc. It brought in the culture of rented properties to cater to the needs of outstation students and professionals.
Indian real estate is seeing an upsurge in real estate activities due to the overwhelming support from governmental policies. The easier inflow of property investments from foreigners and NRIs has helped boost the developments in city’s real estate sector. The liberal FDI policies have made it easier for the real estate industry to grow as investments from all around the world are being made into the sector. Huge money is being pumped in to create international standard housing at affordable prices clubbed with almost all modern amenities. Property builders are working toward developing quality lifestyles for the burgeoning middle class at cost effective prices. With property developers across the whole country aiming at structuring high standard real estate in India, it is sure to set new benchmarks.
The demand for residential property in Pune is driven majorly by BPO, IT, automobile and education sectors. Professionals and students associated with these organizations look for houses on rent in Pune, raising the need to develop rented accommodation. This has resulted in a supply deficit ultimately increasing the property rates both capital and rental values. Let’s take a look over 2BHK apartment rents in Pune charged by tenants in different zones of the city- North, South, East, West, Central and Suburbs:
-Rentals in North region start from Rs. 4,000 and go as high as Rs. 17,000 per month.
-Southern area is a little less expensive with highest rent being Rs.10,000 every month.
-The rent in localities in East falls in the range of Rs. 5,000 to Rs. 16,000 per month.
-Rental value in Western part varies between Rs. 8,000 to Rs.12,000 every month.
-Apartments in Central city cost anywhere between Rs. 6,000 to Rs. 15,000 per month.
-Landlords of 2BHK apartments in Pune suburbs ask for Rs. 5,000 to Rs. 10,000/ month.
New residential developments in Pune are taking place in regions like Baner, Kothrud and Aundh. The central areas commanding high property prices include Model Colony, Koregoan Park and Boat Club Road. And suburban regions like Pashan offer affordable housing options along with quality construction.
Though home loans are available easily these days, those not looking for permanent housing opt for rented flats. The construction of residential complexes and multi storied spaces for housing has seen an upswing in recent times. With soaring rents and property values, real estate in Pune offers lucrative investment options for realty buyers and investors. This cultural capital of Maharashtra will continue to develop and benefit those who invest in its realty segment today. It promises high return on investments in its property sector, so, go grab yours now.
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