Pune has always been considered a unique city because of its rich cultural heritage and educational institutions. With time, it developed into an IT hub with great job opportunities and saw a surge in demand for affordable houses in Pune and commercial spaces. So, it’s a desire of most people to have real estate investment in Pune.
In the past few years, Pune has seen immense growth in industrial and economic aspects and has been awarded as the second-best city to live in all over India. From cultural values to the booming IT sector, this city has everything one craves, and a distance of just two hours from Mumbai, Pune has become a landing place for investors.
Why Should I Select Pune?
Yes, there are other options and other cities where one could think of investing, but Pune has some features that a homebuyer could not resist.
Not too far, but at a reasonable distance from the hustle life of Bombay, Pune offers excellent weather, quality education, a safer environment, and ample work opportunities.
During covid, like every other business, real estate investment also marked a downfall which came across as a huge loss in the whole history, which was an irrecoverable one. The statistics post covid show that the real estate market improved in 2021. Even though those improvements were not as significant as expected, the real estate market is gaining momentum as a new start.
Experts stated that in 2022 there would be robust development, especially in the residential aspect.
With the evolution of hi-tech sources, real estate investment got a new dimension with modernistic platforms. However, some points need to be taken care of as an investor and a customer because of the availability of several options. Besides growing population and opportunities; realtors are now not limited to only one area or city and have started exploring different places, providing alluring spaces to investors.
Elements to Consider While Real Investment
Here are a few elements that a customer should take note of before making any real estate investment in Pune.
Deciding a Price
Your decision on property investment in Pune should not be based on a rough estimate. Keeping in mind your requirements and getting clarity on your budget for purchasing property and other expenses that come along with the purchase helps you to segregate the ones that suit you.
Commuting from your vehicle is a comfortable option. However, there will be circumstances when your vehicle is unavailable, and you’ll be left with public transportation. You need to analyze how easily and in what capacity the transit options are available near the property.
Future Possibilities of Growth
We all have heard from our elders that you invest in property, and you’ll surely get the returns in the future. Sometimes, the value depreciates, because of multiple reasons, such as unsafe areas, fewer transportation options, and lack of basic amenities. Hence, proper research regarding the investment's surroundings or future growth possibilities is good. Don’t just conclude your research on affordable houses in Pune.
Know about Your Builder
Builders are the ones who crafted your property, and they know in and out of that property. Here we are talking about knowing your builder, which is not limited to their name but also includes their work. Get details about them and look out for the properties that they have built as of now. Analyzing and comparing the workings of different builders help you to make the best real estate investment in Pune.
Schools, Medical stores, Hospitals, and Shops all constitute necessities, and their unavailability at a feasible distance will automatically depreciate the value of your property. It can create difficulties in your daily routine. Adjusting for a while could be a temporary option, but in the long run, you’ll look out for other options where you can get these amenities nearby. Accessing the neighbourhood area of a particular property is also a crucial aspect one should look for.
Purpose to Invest
Pune is an appropriate location not only for residential properties, but it’s equally suggestable for commercial properties also. Hence, knowing about your motive behind property investment in Pune will be a perfect start in the selection process, such as someone who wants to buy residential properties so they could use them for rental purposes.
Randomly buying property might be a good option for some, but people with long time savings should not take a risk. Analyzing all the aspects is a sign of being a good investor.
Apart from the above points, there are other elements one should consider, which are as follows:
The procedure followed for possession include:
Your eligibility criteria for a home loan and its process for application
Records of the land
Supply of water and electricity
After purchase costs such as renovation or furnishing
The domain of real estate investment follows the concept. We learn from our mistakes and experiences, which apply to every aspect of our life, from schooling to managing household expenses. Nowadays, along with the help of hi-tech technologies, different platforms are developed wherein experienced realtors’, and investors have combined all the basic requirements to cut down the hassle that comes up when one starts from scratch.
There cannot be a standard formula for investing in properties because everyone has different requirements with changing times. Hence, in situations where everything is changing and developing rapidly, we need to keep ourselves updated with the concept of Real estate investments.
Taking a plunge into real estate investment in Pune at its peak of recovery will give good returns and more affordable options.
Pune is one of the fastest-growing cities in India and is still developing, which gives investors insight into why there will be tremendous opportunities in the time ahead.