The ongoing pandemic has been a big driver of housing investments in India as families have come to realize that they need more space in their houses to quarantine as well as to work from home. This is evident from recent reports published by property consulting majors.
Sales experienced maximum recovery in Bangalore by 99% year-on-year, followed by Pune by 69%.
Thus, if investing in a house is what one is seeking, then Pune should be on one's list of preferred cities. Nicknamed ‘Queen of the Deccan,’ Pune has some of the most thriving real estate locations in the country. The pleasant weather, growth of IT establishments, a plethora of choices at all budget levels,
and high Returns on Investment (ROIs) make the city a highly desirable real estate destination across Tier 1 cities.
The real estate market works on the understanding of a standard property rate, that differs from area to area, from micromarkets to other micromarkets. This rate considers the amenities available in the localities, the demand, the supply and other geographical and social attributes – and then deciding what the going property rates in that particular locality is.
In short, it is the price at which a land, or a real estate piece may go for, as dictated by the current market valuation of the area.
Recent reports have revealed that property rates in Pune price per square feet (sq. ft.) have corrected from Rs.4,860 in H1 of 2016 to current levels of Rs.4,010 in H1 2021, registering a price fall of Rs.850 per sq. ft. This is certainly positive news for aspiring buyers, who have been deterred by the high costs in Pune’s real estate market.
The lowest property rates in Pune are available in areas like Baramati. Per square meter, the price ranges between Rs.2,338 and Rs.2,890 approximately. The highest recorded rates for a residential apartment in the city range between Rs.12,500 sq. ft. and Rs.13,600 sq. ft. for localities such as Law College Road.
For residential lands, the range is between Rs.4,500/sq. yd. and Rs. 35,000/sq. yd. Areas, such as Katraj Kondhwa Road and Jejuri, have the lowest rates available. On the other hand, property rates in Pune for areas like Hadapsar and Manjari BK are on the higher side.
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Last update on 11-Mar-2021
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