Popularly known as one of the best education as well as IT Hub, Pune has witnessed a fast pace infrastructure development in the last few years. This has made a positive impact on the city’s realty market too. Not only, it is attracting end-users but it also gained a top spot among the developers when it comes to rental housing or student housing.
Moreover, with growing demand in the residential housing segment, developers are launching new projects in almost all the segments may be affordable, mid-segment or luxury segment. According to recent data, more than 250 new projects have been launched in 2018 and the number has increased in the first half of 2019. Of them, 29% of projects were launched in the west area while 23% and 22% were in the east and south district. The central area has registered the least number of launches.
Reasons behind the Market’s Stimulating Growth
- The primary reason behind the growth is mainly due to the presence of leading IT companies and MNCs. In recent years many IT hubs have been developed in various areas of the city like Hinjewadi, Hadapsar which has attracted many IT professionals from different cities here. This has considerably increased the demand for homes and thus had spurred the realty market.
- Another reason is an increasing demand in the rental housing or student housing segment. With an influx of students and working professionals to the city over the years, the demand for rental homes has created a stir in the market. Developers and rental housing companies are coming up with unique projects like co-living and student housing where you can feel at home with personalized services like TV, internet, games, food, etc.
- Presence of well-established social and civic infrastructure is also fuelling up the realty market. Good connectivity via a modern public transportation system, ample water supply, presence of leading schools, colleges, entertainment centers, hospitals across the city has greatly facilitated the real estate market.
- Lastly, many new launches in the affordable housing segment have also flourished the realty market of Pune like never before. Some of the leading developers have already developed such homes in areas like Wagholi, Wakad, Kharadi, and Hadapsar that are in the range of 30-35 lakhs.
Moreover not only in the residential segment, but the city is also witnessing a fast pace jump in the commercial sector too with some big transactions in the pipeline.