If market trends are any indicator, it is evident that the Pune real estate market is bound to show significant growth in the near future. According to the latest Knight Frank Investment Advisory Report 2012, Pune is one of the top five Indian cities to invest in—it shares space with other major cities such as Mumbai, Delhi, Bengaluru, and Chennai.
The report states that Pune has four major investment destinations, thus making it the city with maximum potential for an investment in residential property. These four destinations include—Tathawade, Ravet, Hinjewadi, and Wakad. There are several leading real estate developers offering a choice of 1, 3 and 2 BHK flat for sale in Pune around these areas.
The report also states that as has been the case in the past, the three sectors of IT/ITeS, automobile and engineering have cumulatively generated maximum employment and investment in Pune.
Here are some other interesting facts presented by the report:
- Since 2007, Pune has witnessed the launch of 2,00,301 units of which 1,54,874 units have been absorbed until the third quarter of 2012.
- 33% of under construction units are located in west Pune and 28% of under construction units are located in east Pune.
- In premium locations such as Hinjewadi and its immediate vicinity, prices could rise by 100% between 2012 to 2017.
- The report also states that the real estate market will be mainly driven by employment growth and infrastructure development.
Considering the observations made in this report, it is evident that though the growth of Pune is on the right track currently, the city could witness unprecedented growth after five years or so when some big ticket infrastructure projects become operational. From a real estate investor’s point of view, these few years are the best time to invest in Pune, as property rates could soar after a few years. Even in the near future, growth in Pune would be mainly attributed to the IT and ITeS sector and the manufacturing sector.
While there is immense scope for investment in residential 3 BHK and 2 BHK flat for sale in Pune, the commercial property sector also holds promise. For instance, in the next few years the Eastern side of Pune that mainly includes Hadapsar, Kharadi, Kalyani Nagar, Magarpatta City and Nagar Road will see the addition of 9 million sq ft. Naturally, there will be a parallel demand for residential spaces in these areas as employment will be generated through the commercial spaces. 3 and 2 BHK flats in Pune are the most in-demand properties.
Owing to the continuous growth of Hinjewadi, destinations such as Pashan, Bavdhan, and Baner are considered to be preferred residential locations. There is a wide choice of 3 and 2 BHK flats in Punehere. Pune holds potential in employment opportunities and also in investment in the Pune real estate market. Thus, this is the right time to look for residential properties such as 3 BHK and 2 BHK flat for sale in Pune, row houses, and flats in townships.