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Why You Should Invest In Real Estate In Pune ?
By David Thomoson
Pune till a few years ago was the Oxford of the East. Firmly established as an academic city; with the best and the brightest having many avenues to advance their educational growth. A highly educated workforce was what made Pune attractive to the IT companies and they slowly started setting up shop here. Infosys was the first of the big ones to come in. Other IT companies followed suit and now Pune is firmly entrenched as one of India's premier IT hubs.
This was what triggered the housing boom in Pune. Pune started expanding from it's Western end at Hingewadi where the IT Park was situated. Land prices in surrounding areas like Wakad, Bhugaon, Aundh, Balewadi have risen in multiples, in the last few years and still look very undervalued compared to cities like Bangalore and Chandigarh. Current prices around the IT park for land is around 1000Rs per sq feet. This was about 700Rs, a few months ago. Pune is also growing from it's South East end. Kondhva is fast emerging as a quickly growing suburb.
Flat prices in Pune range from 1000Rs-2600Rs in most areas. Prices have escalated in the last 2 years and people are still buying. As long as the technology boom continues and companies keep expanding in Pune, the real estate boom has no reason to dissipate.
With the educational institutions and more students coming in hostels are also spring up all over the place. A lot of people from other places are investing in flats and houses that are rented out to students. The good thing about renting to students is that there is no problem related to them taking over the house, since they keep leaving every few years. The property is safe.
Pune's infrastructure still hasn't kept up with all the growth. this is a cause for concern. Leaving this factor everything else looks positive for Pune. the pensioner's paradise is now being taken over by young IT professionals. NRI's who studied and lived in Pune and later moved to the US, are the biggest investors in Pune today.
Pune's proximity to Mumbai has meant that a lot of people with extra funds in Mumbai, are investing their money in real estate in Pune. This has added fuel to the spiralling prices.
Prices in Pune still look realistic when compared to other metros and IT hubs. Places like Noida look hugely overpriced when compared to Pune. Without doubt, Pune is an extremely good investment destination for real estate.
About the Author
David Thomoson, an associated editor to pune360.com , is a contributing author to the http://www.pune360.com for distinct article sites/journals. Please feel free to visit http://www.pune360.com for more information on Real Estate, property and classified issues Or write to him AT pune360@hotmail.com. Any comments and /or suggestions will be highly appreciated.
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