Pune is defined by its huge IT/ITES and manufacturing hub and has played a major role in boosting the real estate market belonging to Pune. The demand for a well-laid apartment at a good location and within a budget-friendly price range has surged over the past few years. Pune’s rental market has shown tremendous success and is thriving excellently on account of well-paid employment opportunities grabbed by expats coming in from different places and affordable prices.
Pune has a very growing at a very past face that it is impossible for you to ignore the housing segment here. There a lot of places but there are localities that have a better scope of growth in terms of rental housing segment as compared to others. The number of expatriates visiting the city is higher than other compared cities. Call it a Mumbai influence or a self-made stature, Pune has broken down all the notions.
Let’s have a look at some of these localities:
1. Wakad
Wakad is one locality in Pune whose tremendous growth percentage can be easily attributed to the upcoming Infotech & Bio-technology Parks. The locality is one of the hotspots in Pune and is eyed upon by a range of realtors for trying their hands in the favored residential as well as commercial segment. The reasons that have led to the growth of the locality is the presence of educational institutes, shopping malls, commercial complexes, proximity to Aundh, Baner, Pimpri-Chinchwad industrial corridor and Balewadi. Moreover, the public transport system here is planned and offer ease of travelling.
2. Kharadi
The property market of Pune has a lot of high points linked to it and Kharadi is one locality that adds to the charm. This very locality is regarded as the most popular destination in terms of rental demand and thus is flocked by a huge number of expatriates from all parts of India. Earlier regarded as an industrial corridor, Kharadi is now recognized as a famous IT destination. The rental amount here is higher than the counterparts; however, people still prefer the locality owing to its proximity to the IT hubs and centers. There are other supporting reasons for the growth that the locality has experienced; some of which are medical facilities, strong social infrastructure, proximity to developed locations and growth of commercial arena in the region.
3. Baner
Yet another locality in Pune that earns a fortune in its rental segment. Baner is a locality that has gained immense growth in past few years; reasons being proximity to Hinjewadi IT hub and nearness to developing regions like Aundh, Pashan and Balewadi. These locational factors have contributed to the rise of the rent demand and supply needs of the people and expatriates choosing the city for a good life. Another aspect is connectivity and here Baner wins by manifold. Mumbai-Pune and Mumbai-Bangalore highways are also helping to make the connectivity standards to and from Baner, way higher than what was presumed. The increasing demand of apartments for rent and temporary stay has boosted the real estate activities to a next level.
4. Hadapsar
Hadapsar is located on the Pune Solapur Highway region and is having a high time owing to a proximity to Magarpatta region. Magarpatta region is an IT hub and houses companies operating in some of the major industries. The expatriates or even the natives who feel the need to staying near to their work setting can’t stop themselves from getting attracted to Hadapsar. In comparison to the nearby localities, Hadapsar offers the best rental prices that suit the needs of tenants of varying budget capabilities. The real estate market in Pune has its rental segment flourishing with the region being as the major contributor.
Pune has the best real estate arena amongst the other developing Indian cities and localities. Despite the fact that Pune is located near Mumbai and has a real estate domain that is influenced heavily by this factor, Pune has broken down all the notions. The city has emerged as one of the hotspots in India and a realtor’s favorite. There is no doubt about the fact that the city will soon leave behind its counterparts and emerge as a winner in this competition.
Author Bio
Vineeta Tiwari is a keen writer on Global Economy and Realty market. She has written articles on Global realty market and ongoing trends and tips for investors. An ardent reader, she is happy to pen down research based write-ups for global audience. Currently, she is professionally associated with popular realty portal, 99acres.com.
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