Affordability of property varies from city to city. An apartment that seems affordable or in the budget class in Mumbai might actually belong to the luxury segment of Nagpur or a similar Tier II city. The real estate market in Pune is very dynamic and there is a slot allotted to all segments. However, localities differ with each property class.
Most of the housing market in Pune is for end users and the market is credited a stable and steady one. Because of the increasing property prices of most localities within Pune, the outskirts have started developing. The affordable housing options have been shifted to the periphery where per square feet rate is between Rs 3000 and Rs 5000. The sizes of the apartments range between 600 and 800 square feet. Therefore, for Rs 35 lakhs or so, you can get a comfortable apartment for yourself.
Housing options that are available within Rs 15 lakhs usually do not offer any facilities and look Spartan to say the least. If you increase your budget, you can avail of amenities such as entrance lobby, children's park, landscaping and swimming pool etc. The demand for affordable options for housing has gone up for a number of reasons. The city is home to many automobile manufacturing companies such as Tata Motors, Volkswagen, Mahindra and Mahindra, Land Rover, Skoda etc. Because of this, there is a high demand for affordable housing from employees of these companies who work at a lower pay scale.
Experts reckon that affordable property in Pune translates into flats that are available within Rs 25 lakhs and Rs 45 lakhs. Property developers are locating their projects towards the outskirts in order to make affordable houses. Moreover, the carpet areas of properties are also reduced.
By resorting to these tricks, builders are able to offer affordable apartments within INR 10 lakhs and 20 lakhs. These properties are not only demanded by the employees of automobile industries but also by employees of manufacturing and IT companies. There are a number of manufacturing companies based on the outskirts of Pune and their blue collared employees are demanding affordable housing. Factors like better connectivity and improved social infrastructure such as schools and hospitals are the main reason why the crowd is willing to move to the peripheral areas.
Many builders are now touting their projects in the affordable housing category because of the high supply demand gap. It drives sales the most. Residential properties have given a facelift to Pune landscape and altered the dynamics of the city completely. The city has become one of the most popular destinations for real estate buyers because of the skilled workforce, high employment opportunities and IT companies mushrooming here.
Pune is often referred to as Oxford of East because of the large number of educational institutions present here. It is home to the Fergusson College, Pune University and many more statuesque educational institutions. In recent times, multinational corporations have set up their factories and offices here. With the picturesque hills forming its backdrop and improved connectivity with the financial capital of India-Mumbai, Pune is set to become one of the metropolises. It has an international airport and is well connected to other Indian cities via road and rail networks. The MBIC or Mumbai Bangalore Infrastructure Corridor aims to keep this growth juggernaut moving in the city. Moreover, the expressway leading to Mumbai and townships by it is quickly leading to growth in real estate in the form of purchase of properties and house for rent.
The SEZs or Special Economic Zones that have been planned for setting up automobile, pharma, manufacturing and IT sector factories and offices have led to the generation of numerous micro markets which are self-sustaining. These micro markets offer residential areas near offices and factories and also have good social infrastructure such as hospitals, schools and retail stores. Kharadi is an example of these micro markets. Located towards eastern Pune, the region is well connected with the rest of the city and good civic and physical infrastructure is coming up here.
Kharadi is different from other micro markets because it can be accessed from three areas important in commerce. Previously, it had farmlands dedicated to groundnuts and oats. But now, there are several IT companies setting up shop here because of the good road connectivity. The EON SEZ and numerous IT parks in Nagar Road and Kalyani Nagar have metamorphosed the area into an IT/ITeS hub. The residential demography of this area has also changed. Many important property developers have projects in this area.
Connectivity is perhaps one of the biggest influences in the growth story of Kharadi. It is located near the airport and several other IT firms. Social infrastructure in the area is quite good and will grow as investment pours in. Moreover, Kharadi is near the CBD or Central Business District and has many IT concerns.
The real estate market in Kharadi is driven also by its proximity to areas near the CBD such as Dhole Patil Road, Koregaon Park, Sholapur Road and Kalyani Nagar. Industrial zones such as Ranjangaon, Sanaswasi and Hadapsar are also near Kharadi. There are several retail outlets and Pune important malls such as Inorbit, Phoenix Market City and Amanora are located in close by neighbourhoods. These factors, when combined, make Kharadi an attractive residential location. There is ample availability of 2BHK and 3BHK apartments here along with single room for rent in Pune.
From the point of view of an investor, location is the determining factor for the appreciation of a property capital value. By investing in this area, you can earn rich dividends as the foundations are solid for the area. The presence of many retail and commercial establishments, easy connectivity and new residential projects is what makes Kharadi very lucrative.
Long and mid-term investors would find Kharadi to be the perfect investment destination because the pricing is right in this region and the market drivers are solid. There is also good physical, social and civic infrastructure in place.
Most of the housing market in Pune is for end users and the market is credited a stable and steady one. Because of the increasing property prices of most localities within Pune, the outskirts have started developing. The affordable housing options have been shifted to the periphery where per square feet rate is between Rs 3000 and Rs 5000. The sizes of the apartments range between 600 and 800 square feet. Therefore, for Rs 35 lakhs or so, you can get a comfortable apartment for yourself.
Housing options that are available within Rs 15 lakhs usually do not offer any facilities and look Spartan to say the least. If you increase your budget, you can avail of amenities such as entrance lobby, children's park, landscaping and swimming pool etc. The demand for affordable options for housing has gone up for a number of reasons. The city is home to many automobile manufacturing companies such as Tata Motors, Volkswagen, Mahindra and Mahindra, Land Rover, Skoda etc. Because of this, there is a high demand for affordable housing from employees of these companies who work at a lower pay scale.
Experts reckon that affordable property in Pune translates into flats that are available within Rs 25 lakhs and Rs 45 lakhs. Property developers are locating their projects towards the outskirts in order to make affordable houses. Moreover, the carpet areas of properties are also reduced.
By resorting to these tricks, builders are able to offer affordable apartments within INR 10 lakhs and 20 lakhs. These properties are not only demanded by the employees of automobile industries but also by employees of manufacturing and IT companies. There are a number of manufacturing companies based on the outskirts of Pune and their blue collared employees are demanding affordable housing. Factors like better connectivity and improved social infrastructure such as schools and hospitals are the main reason why the crowd is willing to move to the peripheral areas.
Many builders are now touting their projects in the affordable housing category because of the high supply demand gap. It drives sales the most. Residential properties have given a facelift to Pune landscape and altered the dynamics of the city completely. The city has become one of the most popular destinations for real estate buyers because of the skilled workforce, high employment opportunities and IT companies mushrooming here.
Pune is often referred to as Oxford of East because of the large number of educational institutions present here. It is home to the Fergusson College, Pune University and many more statuesque educational institutions. In recent times, multinational corporations have set up their factories and offices here. With the picturesque hills forming its backdrop and improved connectivity with the financial capital of India-Mumbai, Pune is set to become one of the metropolises. It has an international airport and is well connected to other Indian cities via road and rail networks. The MBIC or Mumbai Bangalore Infrastructure Corridor aims to keep this growth juggernaut moving in the city. Moreover, the expressway leading to Mumbai and townships by it is quickly leading to growth in real estate in the form of purchase of properties and house for rent.
The SEZs or Special Economic Zones that have been planned for setting up automobile, pharma, manufacturing and IT sector factories and offices have led to the generation of numerous micro markets which are self-sustaining. These micro markets offer residential areas near offices and factories and also have good social infrastructure such as hospitals, schools and retail stores. Kharadi is an example of these micro markets. Located towards eastern Pune, the region is well connected with the rest of the city and good civic and physical infrastructure is coming up here.
Kharadi is different from other micro markets because it can be accessed from three areas important in commerce. Previously, it had farmlands dedicated to groundnuts and oats. But now, there are several IT companies setting up shop here because of the good road connectivity. The EON SEZ and numerous IT parks in Nagar Road and Kalyani Nagar have metamorphosed the area into an IT/ITeS hub. The residential demography of this area has also changed. Many important property developers have projects in this area.
Connectivity is perhaps one of the biggest influences in the growth story of Kharadi. It is located near the airport and several other IT firms. Social infrastructure in the area is quite good and will grow as investment pours in. Moreover, Kharadi is near the CBD or Central Business District and has many IT concerns.
The real estate market in Kharadi is driven also by its proximity to areas near the CBD such as Dhole Patil Road, Koregaon Park, Sholapur Road and Kalyani Nagar. Industrial zones such as Ranjangaon, Sanaswasi and Hadapsar are also near Kharadi. There are several retail outlets and Pune important malls such as Inorbit, Phoenix Market City and Amanora are located in close by neighbourhoods. These factors, when combined, make Kharadi an attractive residential location. There is ample availability of 2BHK and 3BHK apartments here along with single room for rent in Pune.
From the point of view of an investor, location is the determining factor for the appreciation of a property capital value. By investing in this area, you can earn rich dividends as the foundations are solid for the area. The presence of many retail and commercial establishments, easy connectivity and new residential projects is what makes Kharadi very lucrative.
Long and mid-term investors would find Kharadi to be the perfect investment destination because the pricing is right in this region and the market drivers are solid. There is also good physical, social and civic infrastructure in place.
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