Will Pune's Start-Up Culture Work For Rental Realty?
In an interview with a national daily, Maharashtra Chief Minister Devendra Fadnavis asserted that he would like to see Pune emerge as the startup capital of India. There is a reason why the CM thinks so. Not long back, over a hundred city-based startups registered with the National Association of Software and Services Companies' (NASSCOM). Moreover, start-ups find Pune more attractive as the city has to offer a great-yet-affordable talent pool, shows a survey by CutShort.
Where are start-ups setting offices, buying/renting homes?
Ravindra Vij of Private Spaces says, “Most startups are inclined towards e-commerce or allied domains. Usually, it starts as an idea before it assumes the shape of an office space. Therefore, residential areas are usually preferred.”
“Youngsters are getting creative by the day and most of them vie for a central location so that it is easier to meet clients. Not every new idea can afford to grow in Koregaon Park,” adds Vij.
Madhur Kolte of Kishore Properties says, “In Pune, homebuyers generally face issues such as commuting. Therefore, if you are not staying in any of the central areas and if you do not have a personal conveyance, there are chances you may miss out on networking.”
“Relatively affordable realty prices have led to many homebuyers to shift to Pune. While Mumbai remains more of a financial city, Pune has widened its grip on manufacturing, IT, growing e-commerce industry and a vast base of support teams,” says Omkesh Gujral of Right Property.
Trend watchers in Pune feel that being an IT city, Pune offers a conducive environment for job mobility. While this attracts various prospective buyers, it also makes the city full of opportunities. Now, who wouldn't want a home in a land of opportunities?
Areas such as Baner, Wakad, Kharadi, Pimple Saudagar, Kothrud, Hadapsar, Viman Nagar, Wagholi, Aundh and Hinjewadi, etc, are popular among buyers and tenants. With the prices in the range of Rs 5,000-10,000 per sqft in terms of capital values and Rs 12,000-50,000 monthly when it comes to rent, much of the crowd that is IT employed lives here. This is the crowd that has the highest inclination to try a hand at startups.
Gujral says, “If economic drivers such as these become diversified, it would surely translate into housing demand. This would also take care of capital appreciation in the mid to long term with no undue advantage to any one residential corridor but in the entirety.”
The rational pricing of Pune's real estate seems to be an encouragement to those willing to take up challenging career paths! Are you joining this league?