Among the most promising real estate markets in the country, property in Pune has had a stellar few years as prices in some parts of the city have appreciated over 18% the past three years.
For example Residential properties in Pune at Banur; that sold at an average price of 6,000 Rupees per square foot in 2013, have appreciated comfortably over 7,000 Rupees per square foot today. Flats in Pune at Wakad, have appreciated similarly posting an appreciation of over 15% since 2013.
Why have properties in Pune shown such healthy appreciation compared to the rest of the country? What has led relative upstart like Pune to have a more dynamic property market than places such as Greater Noida, a part of the NCR less than half hour drive from the capital.
Over 25 new residential projects in Pune have been launched this year and over 250 are scheduled to be launched. Wow! If that were not a sign of vigor consider that nearly 1,400 new residential projects are under construction in this young dynamic city.
Chennai may have a manufacturing plant by BMW, Pune however has one by Mercedes, the top luxury car brand in the world. The Mercedes cars are being manufactured at Chakan in Pune.
Although home to the biggest luxury car maker in the world, most of the upcoming residential projects in Pune at Chakan are remarkably affordable. If you are keen to purchase affordable apartments in Pune this location certainly deserves your attention. Most of the 2 to 3 BHK flats at Chakan are priced closed to or under 30 Lakhs, one such upcoming development by Maple, one of the best builders in Pune, has 1 BHK apartments priced at just under 19 Lakhs making them ideal for low to middle income families and a part of the many affordable housing schemes in Pune.
Even though Chakan may have some of the most affordable housing in Pune, the real estate prices here have shown a moderate appreciation, with most properties being dearer by close to 5% since being launched. Thought the appreciation in prices here has been modest, considering that the homes are targeted at consumers of the lower income to middle income segments such appreciation still makes the properties a good investment.
Another top builder in Pune with upcoming developments at Chakan is Sri Sai Associates. Thought the flats under construction by this group are significantly larger than the ones by Maple, the starting price for its 1 BHK flats is still only tiny bit greater than those for Maple. For customers interested in buying 1 BHK flats in Pune, who would like their 1 bedroom flat to be a bit more spacious, this upcoming project may be ideal.
In closing Pune is a young and vibrant city with many of the top manufactures in the country present within its borders. Such manufactures have placed huge multi crores bets on the city’s future, expecting to not only produce high quality products within the city but also betting that the capital invested by them in the various plants and offices will grow alongside the increase in the price of property in Pune. More likely than not the decisions made by such large multinationals is a sanguine decision.