23/08/2017
Confused about property investment hotspots in Pune? Hereās what the experts say...
Puneās close proximity to the financial capital, Mumbai, has made it a thriving hub for educational institutions and companies in the Information Technology sector. Now, according to a survey carried out by the property portal, 99acres.com, the city is also one of the most preferred investment destinations, going by the seven percent growth observed in Puneās real estate market in the last quarter of 2014.
With several big infrastructure projects like the metro rail project and proposed Pune International Airport plan, on the cards, real estate dealers highlight the most preferred locations for property investment in the city. "Localities around IT hubs are recording maximum demand when it comes to both owned and rented flats. Suburban areas of the city are also witnessing a remarkable growth. Like Pashan has witnessed a growth of 18%, while Model Colony and Pimpri have recorded a growth of 13% and 12% respectively, " said Narsimha Jayakumar, chief business officer , 99acres.com.
Explaining the difference between flats being purchased for investment and residential purposes, Shishu Singh of the web portal, DiscountedFlats.com elaborated, "If someone wants to buy a flat for residential purpose, the main city areas are completely saturated. It is extremely difficult to purchase a flat in areas like Swargate or Deccan, while finding one that fits your choice and budget is more likely in areas like Koregaon Park and Model Colony. It comparatively easy to get flats which are up to 5000 square feet in area in these localities. However, for those you want to purchase property as an investment, I would always advise them to do so in the suburbs, where there are higher chances of property rate appreciation within the next two or three years." He further added that areas like Loni Kalbhor, Dighi, Lohegaon and Chakan are investment hubs as one can easily buy a flat for Rs 3,000 to 4,000 per square feet, which is expected to rise to Rs 6,000 per square feet in the coming years.
Deepti Pillay,who has been working in the field of real estate development for 5 years now, stated that according to market estimates that the chances of growth in the field is between 10% to 15%. "Pune is fast-developing city and is not as expensive as the neighbouring Mumbai. But, although IT hubs are promising areas as far as investments are concerned, Hinjewadi and Wadgaon Sheri are on the way to saturation. However, Magarpatta is a more advisable area in that respect."