Pune Real Estate market
- Considered as an end-user market, the real estate prices in Pune are generally high and increasing. Increased input cost of the developers, together with rise in investor’s demand from the peripheral locations is what drives the property in Pune and the overall Pune real estate sector.
- Though the maximum demand for property in Pune was encountered in the Rs 30-Rs 40 lakh category, the supply of apartments, flats for sale was not up to the mark. The Rs 40-60 lakh category witnessed the maximum inventory supply. In comparison to the last year, carpet and built-up area in the city have elevated by 25-30%. This is further expected to increase with property in Pune vying for more luxury segment.
- Demand for residential apartments in West Pune is emerging from the IT hub, which is located in the Rajiv Gandhi InfoTech Park, Hinjewadi. Demand in East Pune is mainly being driven by CBDs in Viman Nagar, Cyber City, Kharadi and Magarpatta.
- Key builders in Pune are Mittal Brothers, Kumar Properties, Gagan Properties, Rohan Builders, Namrata Group, Ranjeet Developers, Paranjpe Schemes, Kolte Patil Developers, Kohinoor Group, Goel Ganga Group.
- Key projects of Pune are Hillside Urban, Magarpatta Nanded City, Mittal Akshardham, Amrapali Aurum Towers, Nitron Landmark, Gokhale Group Anandban, Tanish Pride, DSK Kasturi, D. R. Gavhane Ankur, SKD Shiv Samruddhi, Vishwa Vinayak Residency, P4 Ventila, Aarav Balboa Avenue, DSK Gandhakosh, Shamaprasad Mukharjee CHSL, JM Adi Amma Bliss, Ravima Feel Bliss, Aditi Splendor Residency, Magnum lifestyle, Chandrarang La Melosa, Shraddha Landmark Kanchi Enclave, EDEN LA’MONTE CARLO, Sai Raj Heights, Vastu Tejonidhi, Shroff Signature Heights Phase 2, Gagan Adira, Venkatesh Graffiti .
- Some of the most popular properties searched in Pune are 1 bhk flats in pune, plots in pune, villas in pune, 2 bhk flats in pune, 3 bhk flats in pune, house in pune, Flats in pune.
- Going by the 2011 census, the urban population of Pune around 51 lakh. The estimated population includes towns such as Pimpri, Dehu, Khadki and Chinchwad. Consistent growth in the education and software sector has fuelled the influx of labours and workers from across the nation.
- As per PMC reports, the rising trend in migration to Pune from 1991 to 2001 was mainly to economic reasons. Migration to the city between 1991-2001 was estimated at 3.6 lakh that was calculated as 15% of Pune’s total population at the end of the decade. This will increase demand for Real estate in Pune.
- In regard to the rapid growth of the IT sector, migration between 2001-2011 remained constant at 12%, however it is expected to decline by 10% between 2011-2021 and by 8% between 2021-2026. This migration has also driven the demand for properties for rent and properties for sale in Pune.
- In the last few years, the city has witnessed a huge population migrating here from different parts of the country. As per 2011 census, the population of Pune was 9.4 million, which was 30.37 per cent more than in 2001. The average literacy rate in Pune is 86.15 per cent and the sex ratio is 915 women per 1,000 men.
- After Bangalore, Pune has emerged as the potential destination to home the growing number of IT companies in the country. Hinjewadi in the west has emerged as a perfect destination for the upcoming IT/ITes companies in India, since it offers vast vacant land that is ideal for buil-to-suit offices.
- At present, the IT/ITes sector in Pune account for 75% of the total office space occupied. The pace at which the IT/ITes sector is flourishing in the city has triggered the construction activity in the office space market in the last decade, significantly.
- Currently, Pune is home to a number of IT/ITes giants, namely TCS, Infosys, Tech Mahindra, Wipro and Cognizant. The Rajiv Gandhi Infotech Park at Hinjewadi, Blueridge SEZ, Dlf Akruti IT SEZ and Embassy Techzone have changed the face of Pune into a major IT hub.
Industry and Employment
Two industrial estates have been developed by Maharashtra Industrial Development Corporation (MIDC) in Parvati and Bhosari. The automobile sector is a major growth driver in the city. It is home to ARAI and houses industrial units of companies such as Force Motors, Tata Motors, Mercedes Benz, Mahindra & Mahindra, General Motors, Kinetic Motors, Jaguar, Land Rover, Volkswagen, Renault and Fiat, among others. Companies like Robert Bosch, Visteon and Continental AG are located here in the auto component field along with the renowned consulting firm Frost & Sullivan. LG, Posco and Hyundai have their industrial plants here along with the Kirloskar Group. Pune is a major hub for education with multiple reputed institutions and research centres dotting the city. It is a prominent IT zone and boasts of a strong manufacturing sector as well. Hinjewadi IT Park is home to several leading companies and Microsoft is currently planning a $100-million project in this area. Pune has its own food cluster, which is funded by World Bank for development of vegetable and fruit-processing industries. The city is a major startup and e-commerce hub with companies including Pubmatic, TastyKhana.com, Firstcry.com, Storypick.com and TripHobo.com based here. Pune International Exhibition and Convention Centre will be completed in 2017 and will boost global trade and business. The biggest Indian hotspot for German companies, the city is also emerging as a hot destination for the back offices of major global banks like Deutsche Bank, Credit Suisse, Citibank and Barclays.
- Indian highways and state highways constitute connectivity in Pune. National Highway 4 connects Pune to Bangalore, Mumbai and Kolhapur, while NH 9 joins the city to Hyderabad and NH-50 to Nashik. The State Highway connects the city to Aurnagabad, Ahmednagar and Alandi.
- India’s first six-lane high-speed expressway, the Mumabi-Pune Expressway, has changed the overall connectivity of the city. Built in 2002, the Expressway has reduced the travel time between Mumbai and Pune by 2 hours.
- Situated at Lohegaon, the Pune International Airport, regulated by AAOI offers domestic flights to major cities.
- Local trains in Pune connects it to Lonavala and Pimpri-Chinchwad, while the daily express trains links the city to Hyderabad, Kochi, Chennai, Kanpur, Jammu, Patna, Mumbai, Delhi, Coimbatore, Bangalore, Howrah etc.
- Pune Metro Rail is in talks with the DMRCL for a more sustained connectivity. The proposed metro is expected to a blend of underground and elevated sections and the initial routes are outlined between Vanaz-Ramwadi and Pimpri-Swargate.
- PMPML buses offer excellent transport service within the city and its suburbs. In addition to it, the Maharashtra State Road Transport Corporation also provides buses from main stations in Pune Station, Shivajinagar and Swargate to all the prime locations in Maharashtra.
The eighth largest metropolis in India, Pune is also the second largest city of Maharashtra. Owing to the presence of numerous educational institutions, it is also known as the Oxford of the East. Located at 560 metres above the sea level, the city is ensconced in the Deccan Plateau. A mix of capitalism, history, spirituality and modernity, Pune attracts professionals from across the country for work and study purposes and boasts of a rapidly flourishing real estate market. Hence, the rates of property in Pune are also surging.
The international airport is located at Lohegaon. A proposed international airport, which will be designed and constructed by the Maharashtra Industrial Development Corporation, will connect the city to destinations. Apart from one of the busiest railway station, the city has a robust local train network. There are plans to have a metro for the city as well. The proposed network will have several underground and elevated routes. The PMPL bus network operates in the city along with MSRTC buses. National Highways 50, 4 and 9 pass through the city and Old Pune-Mumbai Highway and Dehu Road-Katraj Bypass are other major roads. Pune-Nashik City Highway or National Highway 50 is a part of the golden triangle, i.e. Pune-Nashik-Mumbai.
Mumbai-Pune Expressway, built in 2002, has six lanes and has reduced the travelling time between Mumbai and Pune. A ring road is also being planned to decongest roads. This construction work will be done in four phases and will cover as many as 29 villages of Pune district. There are many upcoming flyovers in the city, which include a two-km flyover on Sinhagad road from Vithal temple in Hingne Khurd. There is also a proposal for flyover on Pune-Solapur Road near Ghorpadi and Pune-Miraj railway line. An underpass at Gunjan Chowk in Yerawadas Nagar Road area and a flyover at Golf Chowk in Yerawada are also proposed for the city. A bridge between Keshavnagar and Kharadi is under way, which will improve transportation and give a fillip to property prices in Pune. With the developments in the infrastructure, the real estate in Pune has been growing rapidly and is much in demand.
Homes and Living
Pune has a thriving real estate market and areas including Model Colony and Koregaon Park are popular because they are well-developed and offer good social amenities. Property rates in Deccan Gymkhana and Swargate are also quite high but are worth buying owing to good connectivity and infrastructural advantages. Magarpatta is one of the hottest investment destination in Pune owing to rapid development along with Wadgaon Sheri. In the western corridor of the city, Balewadi is a rapidly emerging area due to its proximity to the software park of Hinjewadi and Mumbai-Pune expressway. Therefore, Balewadi is one of the most sought after real estate destination of home buyers in Pune. The Pimpri-Chinchwad industrial belt is also witnessing realty growth along with Chakan. The demand for 1 BHK and 2 BHK apartments is high in areas including Keshav Nagar, Wagholi and Hadapsar as these areas offer affordable housing. In eastern Pune, Kalyani Nagar and Nirman Nagar are upcoming areas with a host of projects under way. There are numerous options available for flats on rent in Pune, too.