Pune has developed massively over the last few years. The growth rate in the real estate sector has been most impressive. It continues to grow at a significant pace as compared to its neighbour, Mumbai. A stable flow of workforce from across the nation and the development of new real estate projects has opened a pool of opportunities for investors. It has become one of the best places to live in the country. With the right balance of cultural, socio-economic, and industry exposure, it has become a favourite among real estate investors, especially those wanting to develop residential projects.
The steady influx of IT professionals and the establishment of a sprawling IT sector has transformed the city into a thriving technological hub. The rising demand for a comfortable and cosy lifestyle has propelled the need for conveniently located compact homes. To cater to this demand, real estate developers are developing housing options of various ticket sizes in multiple locations, namely Chinchwad, Pimpri, Balewadi, Hinjewadi, Warje, and Malwadi. Professionals searching for 1 BHK flats in Balewadi or Hinjewadi or even, Chinchwad can find living spaces matching their demands.
Factors contributing to the growth of housing demands in Pune:
Booming Commercial Real Estate - The flourishing IT sector has brought a plethora of professionals and resources, thereby giving way to numerous infrastructural and residential developments in the city. Pune is experiencing commercial leasing of a stable 4-5 million sq. ft. per year, and it is expected to go to 6-8 million sq. ft. in the coming year.
Growing Employment Opportunities - The growing number of multinationals in Pune has boosted the employment rates impressively. More employment equals more housing requirements. A rise in employment is also indicative of an increase in income levels. Hence, an upgrade in the buying power of the customers.
Pune has always been a concentration of reputed educational opportunities. This, too, has a role in adding to the talent pool of the city, thereby giving birth to many new employment opportunities.
A Concentration of Manufacturing Industries - Pune is home to some of the most significant automobile, engineering, and electronics companies. It has experienced a massive warehouse stretch across the city. Also, the logistics sector has had an enormous growth in the first quarter of 2019. Private equity players like Morgan Stanley, Warburg Pincus and LOGOS India brought in nearly $200 million into cities like Bengaluru, Chennai, and Pune.
Connectivity - Excellent connectivity and easy accessibility amidst the city makes it one of the most desirable places to live. The vast number of professionals can enjoy hassle-free commuting to and from their workplaces. The Pune Metro project is also nearing its point of realization. This is expected to further the quality and ease of travelling for Pune residents.
Also, along with Aundh & Baner, Balewadi was proposed for the smart cities mission. Thus, there has been significant growth in the infrastructure.
These are just some of the many factors making Pune an attractive city for people and industries alike. Moreover, most residentials options in the city are furnished with amenities such as good water supply, lift service with backup, proximity to good schools, colleges, malls, and ATM, among others. If you are looking for residential options, such as 1 or 2 BHK flats in Balewadi, Aundh, Baner or any other area, you are quite likely to find the perfect living space.