In recent years, Pune has been making its mark nationally as well as globally, thanks to the thriving cosmopolitan culture. Formerly, it was famous for being the capital to the glorious Maratha kingdom; now it is a hub for education, work, infrastructure and international commerce.
This has led to a surge in the demand for luxurious and affordable housing in Pune. Young professionals from other cities are looking for a space to settle in the city. Plus, cool weather, higher number of expats, exciting job opportunities, and the development of SEZs has led to more and more people opting for this place over metropolitan cities like Delhi and Mumbai, infamous for their steep property rates.
Amongst the hot-selling properties in Pune are luxury homes and villas. As more and more organizations set up branches or shift base to this city, high-profile professionals from across the country are pouring in. Additionally, its colleges and universities attract hordes of international students, looking for superior accommodation. In fact, the first quarter of this year has shown a steep hike in the demand for premium houses in Pune. Around eight percent of the buyers opt for villas and flats in Pune that cost 75 lakhs and above. Plus, research has also shown that around three percent of the buyers wish to spend over 200 lakhs or more for getting a dream bungalow in this city.
However, just like most real estate properties in India, the rates greatly differ between locations. A few areas in this city are prime and closer to most important places; hence their rates are higher than those of others. For example, spaces in Baner, Hinjewadi and Wakad have a high density of the elite population, thus also have major luxury homes constructed.
While comparing the sales with those of the previous year, it is observed that there has been an appreciation in the average per-square foot rate for residential properties in Pune by 19.32 percent. This translates into a price hike of about 800 to 1000 rupees per square foot. This is unlike Mumbai, which has recently seen a fall. With such a viable raise in this year and the possibility of a hike in the future, the topmost builders and developers are jumping onto the bandwagon. They are ready to create excellent SEZs that house premium facilities like strong built, furnished interiors, space utilization, proximity to schools and hospitals, etc.
So, if you are looking at investing in a residential villa or luxurious flat in Pune, this would likely be the right time to take the plunge.