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Equipped with a deadly combination of educational and IT infrastructure, Pune real estate is rightly said as the second hottest destination in Maharashtra. Both commercial and residential property markets in Pune are driven by these industries while the traditional manufacturing industries of automobiles also are actively participating in the market growth.
Owing to the IT Park, Pune is expanding from its western end at Hingewadi, and the property prices in areas like Balewadi, Aundh, Wakad and Bhugaon have multiplied several times in the past few years.
At present, the land price at areas surrounding the IT Park hovers from Rs 1,000 to Rs 1,450 per sq. ft. An impressive appreciation of about 50 per cent is witnessed in the past 12 months, in the same.
Besides, the western end Pune real estate is also growing at an steady pace from Southern end. Take for instance, Kondhwa, which is fast emerging as a sub-urban region for the city.
Nevertheless, the successful forays of IT companies in the city have led a huge influx of educated gentry in the city, and that’s why the residential properties in Pune are steaming with demand.
Capital values for apartments at prime residential locations of Pune hover in the range between Rs 1,000 and Rs 3,200 per sq. ft.
Interestingly, the demand for house on rent in Pune is equally driven by students and professionals. Presence of prestigious educational institutions and Pune University attracts thousands of students to the city who then scout for rental houses all across the city.
Similarly, the city with its flourishing economy offers tremendous employment opportunities and success of IT, Banking and Finance industry further triggers the financial environment of the city. Several hundred people set up their residential base in Pune and look for properties in accordance of their needs.
At the other end, students who get their education from the Pune institutions also develop attachment with the city and thus prefer to start working in the city itself. With such factors in the picture, outlook for residential properties in Pune is quite upbeat
For more details on Pune Properties, log on to magicbricks.com
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