With Pune stretching its boundaries in all directions, the suburbs are emerging as new hubs of real estate development. The city centre is completely choked for space. As a result, all new construction is happening on the city borders and suburbs. A large number of property projects are coming up in these areas that cater to the needs of the up market, luxury-conscious consumer.
An increasing number of people are choosing to settle down in Pune’s suburbs to enjoy a calm lifestyle, while being suitably close to the heart of the city. Prominent suburban localities like Kothrud, Oundh, Baner, Kondhwa and Viman Nagar are popular residential destination for young professionals. Kondhwa is emerging as the prime suburban area, where capital value for a residential apartment ranges between Rs 1,000-3,500 per sq ft.
These suburban areas not only offer luxury apartments at affordable costs but also host some of the plush and premium real estate projects. Certain real estate projects here are targeted at the investors rather than the buyers. In fact the premium lifestyle projects coming up in the suburbs are positioned as good investment option for Non Resident Indians (NRIs), High Net-worth Individuals (HNIs) and local investors.
Pune’s residential property offers good Return on Investment (RoI). Property prices in the suburbs are very reasonable as compared to suburban rentals in the mega cities like Mumbai, Delhi and Bangalore. Nevertheless, Pune apartments usually earn very high rental rates, hence are an asset to the investors.
According to local property
brokers, many Mumbai residents are keen investors for property
investment at Pune. The city is just a drive away from Mumbai and makes
it a worthwhile property investment. The reasons are obvious in terms of
cost, where Pune property prices are reasonable as compared to Mumbai.
Pune is fast becoming a haven for home seekers, property investors and