Pune Real Estate Market: Trends That Will Define Pune Realty Market in 2019
Pune is a sprawling city in the western Indian state of Maharashtra. The cultural capital of Maharashtra is growing and evolving at a rapid speed. There is a huge influx of people moving to this city either for educational or employment purpose. Pune real estate market is one of the most sought-after real estate markets.
Here are top trends & overview that will define Pune Real Estate Market in 2019.
Population growth
According to Pune census department, Pune is the second-largest city in the Indian state of Maharashtra, after Mumbai. It is the ninth most populous city in the country with an estimated population of 3.13 million. Being awarded as India’s most livable city, Pune offers pleasant weather and serene lifestyle.
All these contribute to a huge influx of population thereby increase in the demand and investment in Pune real estate market.
Image by Sebastian Wagner from Pixabay
Upcoming infrastructure
Metro project
Pune is growing smart. With the upcoming metro project, it is believed to grow even more in terms of population.
Line 1 comprises 14 stations from PCMC to Swargate, out of which 5 will be underground type and 9 will be elevated type. Line 2 comprises 16 stations from Vanaz to Ramwadi and all of them will be elevated type.
IT Parks
Pune Municipal Corporation (PMC) has given permission to develop Information Technology (IT) hubs in Kharadi, Aundh, Baner and Balewadi. According to industry experts, these parks will have the capacity of providing nearly 1 lack of jobs.
The growing investment by NRI
Pune real estate market is seeing a steady and significant investment from NRI investors. A fluctuating Indian currency against the US dollar has helped NRIs to actively invest in the Indian property market.
Pune is one of the most preferred real estate destinations among NRIs. Pune is equipped with developed infrastructure, cosmopolitan culture, reputed educational universities and institutes, active IT hubs. Moreover, high returns on investments, the presence of IT hubs, attract IT professionals working in nearby companies thus making Pune an attractive investment option.
New reforms such as GST, RERA and demonetization have enhanced transparency and accountability thereby offering more ease to NRIs.
