Pune Property: High on Demand

Real Estate at Makaan.com

Pune, one of the prominent Industrial hubs of Maharashtra, stands at sixth rank in terms of per capita income. This metropolitan city houses major software companies and is highly preferred by IT professionals from all over India who flock here every year, attracted by the high potential stored in for them. The availability of  quality infrastructure has rendered this city a popular investment place for real estate agents, developers, land owners, and buyers. The property investment is going great here and in the years to come, it is likely to see a consistent growth.

The analysis of Pune property, as performed over a time span of last 12 months indicates that the price per square feet of the land has gone up by about 11.5%. From a figure of Rs. 5000 psf in last July, the price has increased to Rs. 5773 psf. Though not a considerable change over a year, the values indicate that the prices are indeed quiet high. But that does not stop buyers to plunge in. This is true for all those buyers who are willing to pay hefty amounts to buy their dream houses in the city.

Property Pune, if seen in terms of demand for luxury houses and villas, scores quiet high in the localities like Hinjewadi, Wakad, Baner, and many others. The price index in Hinjewadi, as seen from January, 2013 to July, 2013, shows marked variations. While the psf value stood at Rs. 789 per square feet in the beginning of this year and remained constant throughout the month of January, a sharp rise to Rs. 4218 psf from February was noted. The value remained constant till June, 2013 after which there was a further rise to 5360. Hence, for a period of 6 months, the % rise in price index was a whopping 586%!!

The property rates in the other popular loacality, Baner, saw a change of about 20% over 12 months. On the similar lines, in Wakad too, a raise of about 19% was noted during this period. This clearly indicates that Pune residential property is high in terms of demand by upper-middle and elite class in these areas. This phenomena is seen as windfall by the developers who see it as an opportunity to procure profits.

The buyers keen to try their hand at Pune property should note that they are not going to see any wide difference in terms of investment if they seem skeptical whether to buy a residential property or hire it on rent. This is because, in either case, they are going to spend more or less the same, If, however, they want a permanent residence, buying would be a better option.

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