Ranked first in the Ease of Living Index released by the Union Housing and Urban Affairs Ministry, Pune has established itself as one of the best places to live in India. This is primarily due to the IT sector boom, thereby creating a number of employment opportunities. The city also happens to be Maharashtra’s education hub, with reputed institutions such as Symbiosis and Pune University calling Pune their home. The young city has a cosmopolitan atmosphere with a lower cost of living compared to Mumbai. The infrastructure is also well developed, with an efficient transport service. The city does not suffer from any law and order issue. All this Pune an excellent place to invest your money in.
While it is easy to avail a home loan in Pune, there are, however a few factors which need to be taken into consideration before buying or investing in property or real estate. The first step is to calculate the amount of loan you will be eligible for. This is done by using a home loan eligibility calculator. The next step is to estimate the EMI you will be paying. This task is easily accomplished through house loan calculators, which are offered by various banks. This will depend chiefly on the current home loan interest rates and the term of the loan. It is also important to keep documents required for home loan close at hand.
All this said and done, here are some of the best localities to invest in Pune:
This popular commercial cum residential area was named after Dr Neelkanth Kalyani. It is advantageously located between Koregaon Park and Viman Nagar, making it easily accessible from the airport and the railway station. The area houses a number of IT Companies. This is a well-connected area, with the government taking the initiative to link the area with the Koregaon Park through the Kalyani Nagar-Koregaon Park Bridge. This rapidly developing location is an excellent spot for investors to invest in, with real estate developers opting it for their upcoming residential projects. The going rates in the area are between Rs. 9000-20000 per sq. ft.
Aundh has always been an attractive area for investors. Demand for residential cum commercial properties began to rise rapidly after the IT sector boom, and Aundh was one of the first areas to profit from it. It is also very close to the Pune University, and connectivity to Central Pune and Mumbai makes it an evergreen favourite of investors. The annual appreciation of this high-end area is approximately 20% and the going rate is between Rs. 10000-12000 per sq. Ft. Prices in the secondary re-sale market are between Rs 7000-8500.
If Aundh catered to the high-end investors, Wakad became the preferred investment for the mid income section. While the area suffers from a general lack of social infrastructure, it is located in the well-developed PCMC area and is close to the Mumbai-Pune Expressway and the Hinjewadi IT area. Annual appreciation ranges between 15-18% and the prices of residential property are Rs. 5000-6000 per sq. ft. In this area, you will find the best residential projects like Green Valley in Wakad, at affordable prices.
Baner has developed into one of the most important localities in Pune. This was a result of the spill over demand from Central Pune and the demand from the Hinjewadi IT area. The area caters to the mid income section, and has an appreciation rate between 20-25%. Prices range between Rs. 7000-10000.
With excellent and rapidly developing urban infrastructure, backed by demand from the IT-Sector, Pune is, and has always been an excellent place to invest in.