10 Frequently Asked Questions About Pune Real Estate
Pune is among the top hotspots for a real estate investment. Ample job opportunities and infrastructural development has turned this city into a choice for many homebuyers as well as tenants. According to various market research, Pune along with Mumbai and Bengaluru has been the most active residential real estate markets in the country. However, those planning to invest or rent a property in Pune has some common questions on their mind. Here PropGuide answers some frequently asked question about Pune's real estate market:
Q: Which are the most popular real estate pockets in Pune?
A: Hinjewadi, Kharadi, Sus, Undri and Wagholi are among the most sought-after and searched-for localities in the city.
Q: What configuration and property type is the most popular among homebuyers in Pune?
A: Apartments remain a favourite choice of homebuyers. The 2BHK and 3BHK units are equally popular although there are more 2BHKs on sale in the Pune market. Homebuyers who plan to settle in the city opt for bigger and spacious homes while those looking for mid-term investment prefer 2BHK units. These usually consist of IT/ITes professionals working for a few years now. They prefer turning their savings into an asset. Even when they plan to flip this property or lease it, the 2BHK units easily move in the market as the rents or capital values are comparatively reasonable.
There are at present over 8,200 units on sale in Pune.
Q: Which are the best localities to buy a property for rental purposes in Pune?
A: A tenant looking for a property on rent in Pune will have ample of options. Makaan.com data suggest that, at present, there are over 16,000 properties on rent and the price varies between Rs 2,000 per month for a 1BHK unit in remote localities to Rs 7 lakh per month for a 5BHK unit in plush localities, including Koregaon Park and Viman Nagar. Check out properties on rent in Pune. Kalyani Nagar, Kothrud, Hadapsar, Mundhwa, Talegaon Dabhade and Warje are other popular localities.
Q: Which are some of the leading real estate developers in Pune?
A: Some of the reputed developers in the city include Godrej Properties, Kolte Patil Developers, Purvankara, Kalpataru Group, Tata Value Homes, Xrbia North Hinjewadi Developers Pvt Ltd, Majestique, Pristine Properties, Penisula Land, Rohan Builders and Developers, Oxford Properties. These are experienced developers with a strong presence across the city. Our advice is that you must do a due dilligence before selecting any developer and a project.
Q: What is the average rate of property in Pune real estate market?
A: On an average, property rates in the market stands at Rs 5,000 per sqft, up from the rates in June of this year, although marginally. In April 2013, prices were at Rs 4,700 on an average and the rise has not been too steep.
Q: What is the average property price in Pune?
A: The 1BHK apartments in Pune can be bought for an average price of Rs 26 lakh while 2BHK units can cost about Rs 50 lakh. The average price of a 3BHK apartment in Pune is close to Rs 1 crore and that of 4BHK units is Rs 3.30 crore. However, these are average indicative prices and it may vary depending upon the quality of construction, the brand of the developer and the kind and the quality of the amenities provided by the developer you are opting for.
Q: Should I opt for an under-construction or a ready-to-move-in apartment?
A: If you are looking for a property for immediate end-use, a ready property is a good option. With Maharashtra Real Estate Regulatory Authority (RERA) now implemented, under-construction units are also safeguarded. Therefore, if you have time on hand, you can look at properties that would be ready in the next two to three years.
As of date, there are 5,600 properties that are ready to move in and 2,205 properties are under construction. The Pune's market is in a recovery mode as close to 400 projects are soon to be launched.
Q: How will RERA help Pune real estate?
A: According to the information available on MahaRERA website, 188 cases have been resolved by the authority. Penalties for late registration of projects have been tightened, too.
Q: Which are the affordable housing destinations in Pune?
A: Even the peripheral localities are witnessing capital values rising but on a comparative note, if you are looking at affordable places to invest, try Ambegaon Budruk, Chakan, Jambhul, Katraj, Kedagaon, Loni Kalbhor, Pirangut, Shirwal, Shivapur, Sinhagad Fort, Talegaon Dabhade, etc. You can see the full list here.
Q: What about plotted developments in Pune?
A: There are over 250 plotted developments for sale in Pune and prices start from Rs 1.5 lakh and onwards. Askarwadi, Bakhori, Bhor, Bhukum, Chakan, Hinjewadi, Jejuri, Kamshet, Kedagaon, Kharadi, Pargaon, Rajgurunagar, Sinhagad Fort, Wagholi, Wakad, Wadgaon Sheri, Undri are some of the areas. Price of plots in areas like Kalyani Nagar, Koregaon Park, Shivaji Nagar, Talegaon Dabhade can go up to Rs 7-8 crore. See all plots in Pune.