Pune Real Estate: Growing Demand For 1BHK Apartments
Apart from its thriving culture and vibrant night life, Pune is one of India's prominent IT hubs witnessing growth in its real estate industry with a number of residential and commercial projects being launched. This growth is led by an influx of IT companies and professionals to the city apart from students, as the city has also emerged as an important educational hub. Today, Pune has a cosmopolitan mix of residents, a significant majority of which comprises young, single and qualified professionals.
Tiny homes, Big Demand
Karl Marx once said that labour moves where the capital is. Pune is a good example of this. With major IT firms setting up base here, and many opening branches, young professionals have been flocking to the city for better employment avenues, further escalating the demand for homes. Infosys, iGate, Mindtree, Mphasis and Tata Consultancy Services are some of the companies.
Pune of late has also emerged as a startup hub, and with the startup ecosystem flourishing in India, there has been no dearth of jobs in the city. Much of the demand for residential real estate in the city is driven by young professionals and Pune caters to this demand with numerous projects of all kinds. Homes of all styles, architecture and sizes are available across the city. The demand for 1BHK apartments is driven particularly by home seekers, who are single, working professionals.
Investment opportunities in Pune realty
Investing in a 1BHK in Pune is a great idea for the people who have just started their careers as they can hold on to it until their career and family grows and then maybe dispose it of for a good price when the market conditions are right. Because of high demand, even investors like to invest in 1BHKs in Pune. The flats in this category are affordable, and because of continued demand, these can easily be sold in future.
Renting out 1BHKs is profitable
Most people who work in Pune do not have a budget to buy a home. So, they are on the lookout for rented accommodations, and even in this category, 1BHK flats seem to be the top choice. To a great extent, investments in this category are profitable both in the long term and short term. Developers such as Vastushodh, Xrbia and Sangam Group have been working to specifically build 1BHKs among other affordable homes. Flats having areas between 356 and 794 sq.ft. and costing between Rs. 10 lakh and Rs. 25 lakh have become common in Pune.
Upcoming projects in Pune
A familiar name in the affordable residential category, Sangam Group has announced a project called PlaytorChildspaces in collaboration with Brick Eagle, a company that offers financial services for affordable homes. Playtor's vision is to provide upcoming flats for sale in Pune in the range of Rs. 10 lakh and aims to provide residences to over 88,000 families.
A 1BHK in Chikhali area is generally priced at Rs. 3,400 per sq.ft., and hence, the price for a flat with an area of 552 sq.ft. is about Rs. 21.27 lakh. A project called Destination Memoir offers the same rates and is situated in an exciting and upcoming part of Chikhali. The 12-storey building offers facilities like lift, power back-up, Feng Shui compliant flats, parking, gym, among others, which makes the price a real bargain.
In Wagholi, the rates are similar. A 1BHK in Wagholi is generally priced at Rs. 3,250 per sq.ft. A project by the Venkatesh Oxy Group sells a 1BHK flat having an area 645 sq.ft. for Rs. 20.96 lakh. It is based in Nagar Road, which considered a posh area in Pune. Prices are a bit higher in Wakad locality. A 645 sq.ft. 1BHK in Wakad will cost around Rs. 30 lakh.