What’s driving realty in Pune

Pune is one the most profitable realty markets in the country. A combination of factors of have come together and made this city into the hot property destination it is today. It has shed its image as a haven for retired personnel and is today home to a young cosmopolitan crowd and the social infrastructure to support them. Let’s have a look at some of the factors which has turned this city into the real estate magnet it is at the moment. One of the biggest factors that is driving real estate here is the availability of properties at a reasonable price. When compared to the real estate prices of Mumbai the going rate for properties in Pune is far less. The median rate for homes here stands at INR 4500 per square feet on average. The pricing at more established areas would go up to INR 10000 per square feet. But the prices for homes in Mumbai are sometimes 2 to 3 times higher than the most expensive property found in Pune. This is one of the reasons why real estate in Mumbai stagnant and the same industry is doing so well in Pune. The information technology boom here also cemented the city’s place in the real estate sector of the country. This city is following the model of Bangalore when it comes to its relationship with the IT sector. These companies have become enamoured with this city as it offers the right kind of infrastructure for them to set up their business. They are lapping up commercial spaces here and this in turn is contributing to the residential real estate sector. Many of the big players in the IT sector have leased huge properties here to set up their offices. The thriving job market here has created demand for homes. This has been recognized by builders who have come to this city in the droves to set up their projects. rnThe prospect of upcoming infrastructure has also translated into sales here. The biggest project which is in the making is the smart cities mission. This will ensure that the city get a nice infrastructure facelift. The Pune Metro is also another project which is in the pipelines which could give a big boost to the real estate sector here. rnMany micro markets in this part of Maharashtra are in demand. Areas which are well connected to Mumbai tend to do much better in terms of demand. Ravet is located on the Mumbai Pune Expressway and enjoys some popularity with buyers because of this. Lotus Laxmi is a project which is located in this micro market. Lotus Laxmi by Lotus Group is a ready to move in property. Lotus Laxmi located on Dehu Road lies in close proximity to the Mumbai Pune Expressway. Lotus Laxmi by Lotus Group is considered to be a premium residential property. Pune is littered with many such properties which buyers and investors are lapping up. The future looks bright for this city as far as real estate in concerned.