They were soon followed by other government officials and then the business community. Soon enough the city started to attract business. Initially, there were government manufacturing units but later the private firms gained prominence. The nineties saw phenomenal growth in the local economy. Pune became an ancillary hub of auto motives; second only to Chennai. But the big change was led by the evolution of the IT industry.
Pune as an Investment Arena
A direct result of the humungous economic alleviation of Pune led to rise in real estate development. There has been a constant stream of new launching projects in Pune. But that puts up the question about how to assess the right and wrong information about the real estate in the city.
There are a lot of places one can seek advice from. There are experts on television who offer their opinions regularly. There are newspapers with their real estate sections offering advice on various topics. There are a multitude of other resources available online offering trends and guidelines for investment. But most of such advises turn out to be marketing techniques more than anything else. Therefore a lot of advice sourced from them does not bode well in terms of an actual investment.
The worst such advice about the city in the recent times has been about the inability of Pune to sustain growth of the residential sector. Many experts have predicted humungous growth in the Eastern and Western fringes of the city. But according to them, these areas are the commercial belts and therefore have offerings for businesses rather than individuals. Hence they advise against investment in the residential properties.
But what such experts have forgotten is that there are other areas like Baner, Wakad, Hadapsar and Kharadi where large tracts of land have been acquired primarily for the development of the residential sector. They have also forgotten that there was an addition of at least 47000 jobs in 2013 due to industrial development. They also forgot about the rising demand for commercial spaces.
Demand in Residential Sector
The highest demand in residential spaces is for 2 BHK and 2.5 BHK in the city. These houses are available in a price ranging from 35 lakhs to 55 lakhs. That being said, houses with prices ranging from 70 lakhs to 3 crores are also available. They too do not remain in market for a long time. The high end projects are quickly sold as are such apartments in the posh areas of the city. Though the residential properties in the old Pune city are few, costly and far apart; yet any upcoming project is quickly booked.
Such growth is expected to continue well into the future. 2014 has witnessed rise in sales as well as demand in both residential and commercial spaces. The city not only offers apartments, but also plots and land for new development.
Pune properties are undoubtedly on the rise. There is demand in both commercial and residential sectors. Anyone believing otherwise is bound to lose a good opportunity for profitable investment.