Apart from creating extraordinary retirement homes and premium projects, Pune is becoming a hub for affordable homes. The insurgence of many MNCs (Multi National Companies) have lured several builders to create new residential projects in Pune that are not only affordable but are also spacious.
And with the IT companies creating several employment opportunities, a pool of migrant population are now driving the realty market. And the growing demand has resulted in a number of under construction projects in Pune mushrooming up.
Localities like Wagholi, Kharadi, Wakad, Hadapsar and Viman Nagar are bustling with construction activities. As per a recent report, the demand for 1 BHK homes have surpassed the demand for other bigger homes in the last two quarters. From 30% the demand has risen to 34% in a span of just 3 month thus luring many reputed builders to enter Pune’s realty market.
Localities like Baner and Pimple Saudagar are cited to be most preferred The presence of great social infrastructure have attracted a fair population of working professional. New residential projects in Pune especially along these vicinities are created with the aim of providing employees with a home that costs light on their pocket.
And with most of the employees not spending enough time at home- property developers are showing a keen interest in offering space that can be afforded. Apartments that range between 320 square feet and 750 square feet are cited to cost anywhere between Rs 15 lakhs and Rs 25 lakhs.
While smaller homes where initially built only in the peripheries, the sudden growing demand has pushed many local real estate developers to now enter mainstream realty market in established micro markets. Several under construction projects in Pune that fall under the affordable and mid segment section are finding many takers.
The steady influx has resulted in escalating capital values of apartments. Property prices of properties in Hadapsar and Wagholi have documented an increase of 18% and 3% respectively - thus making these neighbourhoods haven for off shore investors and second time home buyers. The robust rental market is another factor that is inviting many to shift base here.
1 BHK apartments in Hadapsar that cost an average of Rs 6,000 per square feet churn rental yields anywhere between Rs 8,000 and Rs 18,000 per month. So if buying a property in Pune is on cards- invest in smaller 1 BHK apartments in vicinities like Baner, Hadapsar and Wagholi. They not only promise high return on investment but also generate high rental returns making your realty investment a fruitful one!
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