Until a few years ago, Pune was this quiet, picturesque, and lowkey city that people visited to spend some relaxed few days in. The town surrounded by gorgeous hills keeps the city’s weather cool and very comfortable for living. This specific view of perceiving Pune is now slowly changing due to various factors contributing to its sustainable planning.
Over a 7-year horizon to gauge price growth across top cities and markets, Pune saw the highest rise of 38% in average property prices between 2013 and 2020. As per ANAROCK research, Pune’s average property prices stood at INR 3,980 per sq. ft. in 2013. This increased to INR 5,510 per sq. ft. in 2020 (a 38% jump).
More recently Pune city has clocked about 53,000 sales of housing units in the period January-July 2021 as compared to about 49,000 units sale in January-July 2019 indicating the growth of almost 8%,
In terms of value, Pune clocked Housing Sales of approx. Rs 27,500 Cr. in January-July 2021 period as compared to Rs. 21,500 Cr in January-July 2019 indicating a growth of 27% in sales of higher ticket size housing units in 2021 – revealed a Real Estate market analysis report by CREDAI- Pune Metro and CRE Matrix.
Yet while this growth is going on, Pune has ranked second in the entire country in the ‘Ease Of Living Index’ in the last year making it an officially great place to live.
1. The rising hub of IT and industrial growth– Attracting investment of over one-fifth of the total industrial budget allotted for the country, Pune has a perfect mix of IT/ITeS, manufacturing and services industries, which gives it a decisive advantage. Moreover, it perpetually presents itself as a significantly more affordable property market than neighbouring Mumbai – while providing a comparable lifestyle – and, going by the recent Ease of Living Index, a better one. Pune has managed to show consistent, rapid growth despite the COVID-19 pandemic.
Maharashtra was placed as the second-most IT export of the country, as the Software Technology Parks of India (STPI), Pune, generated a whopping 18,000 crore in the first quarter of the FY 2020-21. The city is also becoming a hot destination for several start-up projects. More than 3000 active start-ups are dotting the city as of now, attracting a talented crowd to the town for various job opportunities.
2. The education centre of the country– Pune, is infamously known as ‘Oxford of the East’ due to being home to some of the top colleges and institutes in the country affiliated to Savitribai Phule University. Some of the notable colleges in Pune include College of Engineering, Pune, Symbiosis Institute, Fergusson College, ILS Law College, the National Defence Academy, Film and Television Institute of India, IISER-Pune, and many more institutes offering a wide array of courses and degrees.
Pune has a rich legacy in the domain of education. The city is known for sheltering the first women’s school and the first women’s university (SNDT) in the country. Some of the best scholars and researchers are drawn to the city because of this very reason.
3. Cultural Heritage– Along with offering the best education, the city is also known for being the ‘cultural capital’ of the state. From events like Pune International Film Festivals, Sawai Gandharva, Pune Festival, Osho Festival, and institutes like FTII, Pune is brimming with fine arts, music, theatre, and various academic pursuits. Pune is home to all kinds of artists and acts as both a hub for learning and enjoying creativity.
The city also holds prime importance in Maratha history and India’s struggle for freedom and is marked with historical relics and forts that serve as a true treat to any intellectual.
4. Excellent connectivity– Pune boasts of being one of the best-connected cities in India. The Pune-Mumbai Expressway, which is a segment of the Mumbai-Bengaluru highway, has essentially improved the connectivity between the major cities of the country that fall on the route. The highways connecting Pune to Mumbai and Bangalore have especially improved in recent times making the journey a picturesque pleasure. The Maharashtra government has approved the 128-kilometre Ring Road project which will further stimulate around 50 townships in its vicinity. These mega infrastructure projects promise fantastic growth and development for Pune real estate market
Pune has good intracity connectivity with a network of municipal corporation buses and private rickshaws and cabs. Metro is also under construction in the city, which promises to improve intracity connectivity and improve real estate value
5. Fantastic returns on investment– With real estate increasingly flourishing in the city, investors are getting impressive returns on their investments. Areas close to downtown Pune have seen a growth of as much as 50 percent per square foot.
The price appreciation is expected to grow evermore as the city offers excellent opportunities for both employment and education, attracting more population from all over the country to the city of cultural heritage as well as NRI investors also look for real estate investment opportunities in Pune for the very same reason.
6. Phenomenal healthcare– The city is a habitat for some of the most prestigious medical colleges and hospitals in the country that helps boost medical tourism in the nation. The National Institute of Virology and Serum Institute of India that is playing a global role in combating Covid 19 also reside in Pune. This attracts the top healthcare professionals from across the country to this humble city.
With so many factors contributing, post the pandemic Pune is positioning itself as one of the best places to live and work thus offering great investment opportunities for anyone looking to invest in real estate that gives terrific returns.
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