Annual increase in price per sq feet in this city, basis makaan listings
Annual Rental Yield
% of property cost that you are likely to recover as rent in 1 year
Property in Pune
: an overview
The eighth largest metropolis in India, Pune is also the second largest city of Maharashtra. Owing to the presence of numerous educational institutions, it is also known as the Oxford of the East. Located at 560 metres above the sea level, the city is ensconced in the Deccan Plateau. A mix of capitalism, history, spirituality and modernity, Pune attracts professionals from across the country for work and study purposes and boasts of a rapidly flourishing real estate market. Hence, the rates of property in Pune are also surging.
Infrastructure The international airport is located at Lohegaon. A proposed international airport, which will be designed and constructed by the Maharashtra Industrial Development Corporation, will connect the city to destinations. Apart from one of the busiest railway station, the city has a robust local train network. There are plans to have a metro for the city as well. The proposed network will have several underground and elevated routes. The PMPL bus network operates in the city along with MSRTC buses. National Highways 50, 4 and 9 pass through the city and Old Pune-Mumbai Highway and Dehu Road-Katraj Bypass are other major roads. Pune-Nashik City Highway or National Highway 50 is a part of the golden triangle, i.e. Pune-Nashik-Mumbai. Mumbai-Pune Expressway, built in 2002, has six lanes and has reduced the travelling time between Mumbai and Pune. A ring road is also being planned to decongest roads. This construction work will be done in four phases and will cover as many as 29 villages of Pune district. There are many upcoming flyovers in the city, which include a two-km flyover on Sinhagad road from Vithal temple in Hingne Khurd. There is also a proposal for flyover on Pune-Solapur Road near Ghorpadi and Pune-Miraj railway line. An underpass at Gunjan Chowk in Yerawadas Nagar Road area and a flyover at Golf Chowk in Yerawada are also proposed for the city. A bridge between Keshavnagar and Kharadi is under way, which will improve transportation and give a fillip to property prices in Pune. With the developments in the infrastructure, the real estate in Pune has been growing rapidly and is much in demand.
Homes and Living Pune has a thriving real estate market and areas including Model Colony and Koregaon Park are popular because they are well-developed and offer good social amenities. Property rates in Deccan Gymkhana and Swargate are also quite high but are worth buying owing to good connectivity and infrastructural advantages. Magarpatta is one of the hottest investment destination in Pune owing to rapid development along with Wadgaon Sheri. In the western corridor of the city, Balewadi is a rapidly emerging area due to its proximity to the software park of Hinjewadi and Mumbai-Pune expressway. Therefore, Balewadi is one of the most sought after real estate destination of home buyers in Pune. The Pimpri-Chinchwad industrial belt is also witnessing realty growth along with Chakan. The demand for 1 BHK and 2 BHK apartments is high in areas including Keshav Nagar, Wagholi and Hadapsar as these areas offer affordable housing. In eastern Pune, Kalyani Nagar and Nirman Nagar are upcoming areas with a host of projects under way. There are numerous options available for flats on rent in Pune, too.
Real Estate and Construction All property tax information and payments can be made online -- propertytax.punecorporation.org. All issues related to property tax in Pune can also be resolved at this portal. Registering properties can now be done within 30 minutes. Thus, a boost for developers and home buyers. As per the government guidelines, the Department of Registration and Stamps has been asked to complete all registration procedures within 30 minutes. This can be done after buyers and sellers have booked registration timings online. Post-booking, both parties have to visit the sub-registrars office and get their documents in time. The system also comes with a date verification feature. Pune Development Authority and Pune Metropolitan Region Development Authority are major housing, planning and infrastructure agencies in the city.
Demographics In the last few years, the city has witnessed a huge population migrating here from different parts of the country. As per 2011 census, the population of Pune was 9.4 million, which was 30.37 per cent more than in 2001. The average literacy rate in Pune is 86.15 per cent and the sex ratio is 915 women per 1,000 men.
Governance Pune Municipal Corporation (PMC) looks after the civic administration of the city. It includes 149 elected members who are headed by the mayor. Pune Development Authority and Pune Metropolitan Regional Development Authority are responsible for infrastructure and planning of the city. Pimpri-Chinchwad Municipal Corporation (PCMC) is an urban agglomeration (UA) of Pune, which is responsible for the region and surrounding zones. PCMC provides several services to the citizens which includes water supply, sewerage and drainage, electricity (street lights), primary education and many other miscellaneous services. Similarly, there are three more administrative bodies, which look after the administration of different regions of the city Khadki Cantonment Board looks after Khadki, Dehu Road Cantonment Board is responsible for administration of Dehu Road and Pune Cantonment Board is responsible for Pune Cantonment.
Industry and Employment Two industrial estates have been developed by Maharashtra Industrial Development Corporation (MIDC) in Parvati and Bhosari. The automobile sector is a major growth driver in the city. It is home to ARAI and houses industrial units of companies such as Force Motors, Tata Motors, Mercedes Benz, Mahindra & Mahindra, General Motors, Kinetic Motors, Jaguar, Land Rover, Volkswagen, Renault and Fiat, among others. Companies like Robert Bosch, Visteon and Continental AG are located here in the auto component field along with the renowned consulting firm Frost & Sullivan. LG, Posco and Hyundai have their industrial plants here along with the Kirloskar Group. Pune is a major hub for education with multiple reputed institutions and research centres dotting the city. It is a prominent IT zone and boasts of a strong manufacturing sector as well. Hinjewadi IT Park is home to several leading companies and Microsoft is currently planning a $100-million project in this area. Pune has its own food cluster, which is funded by World Bank for development of vegetable and fruit-processing industries. The city is a major startup and e-commerce hub with companies including Pubmatic, TastyKhana.com, Firstcry.com, Storypick.com and TripHobo.com based here. Pune International Exhibition and Convention Centre will be completed in 2017 and will boost global trade and business. The biggest Indian hotspot for German companies, the city is also emerging as a hot destination for the back offices of major global banks like Deutsche Bank, Credit Suisse, Citibank and Barclays.
Lifestyle Pune has a dynamic and vibrant culture of its own and is home to numerous reputed educational and research centres. There are many parks, zoos and museums in the city. It is also home to several religious and spiritual centres, including Osho International Mediation Resort, which was founded by Shree Rajneesh. Pune offers an easy access to weekend getaways like Lonavala and Khandala. The city is home to multiple clubs, lounges, pubs, cafes and restaurants. Barbeque Nation Pune is one of the restaurants where you can enjoy with family and friends. There are several live music and classic performance venues in the city. Pune is also home to multiple sporting clubs and institutions apart from possessing several shopping centres and malls. Some of the popular malls in Pune include Phoenix Mall Pune, Seasons Mall Pune, Inorbit Mall Pune, D Mart Mall Pune and Amnora Mall Pune. Some major attractions include Chabad House and German Bakery at Koregaon Park.
Looking for a rental property in Indian cities? Data with Makaan.com show that Mumbai has the highest supply of rental properties in the country, followed by Delhi, Bangalore, Gurgaon and Pune. Here’s a look at top localities with substantial supply. This data is important to understand profitable destinations for those who plan to invest, for rental returns.
Pune Localities With The Highest Price Appreciation
Since price appreciation is a key criterion based on which investors put in their money in a city, let us try and find out which are the areas in Pune that have seen the most upward movement in the recent past, as per data available on Makaan.com.
Housing sales in India’s nine residential markets declined 25 per cent in the July-September quarter of the current financial year, a latest report by PropTiger.com shows, indicating that the various measures launched by the government as well as the developer community to push demand has yet to yield the desired result. An ongoing liquidity crunch and a shift in work approach has also led to a fall of 45 per cent in new project launches during the quarter when compared to the same quarter the previous year.