Pune is no longer just a retirement city; it is now the second biggest software hub of India. This second-largest city in Maharashtra has recently seen the advent of the IT industry, which has not only boosted employment opportunities, but has also contributed majorly to its bustling economy. Owing to all these factors and its pleasant weather and numerous food and fashion centres, Pune tops the charts when it comes to the best city to settle down at. Naturally, the demand for real estate properties in Pune is high.
Read on to know other reasons for which there is high demand for property in Pune, so you can make a wise investment here.
Population and quality of living
Just a decade and a half ago, Pune was a small, peaceful city that made for a retirement haven, where retirees from Mumbai settled down due to its slow pace of life and pleasant weather. Today, in terms of population, Pune stands second in Maharashtra and ninth in India. Out 440 of cities across the world, Pune ranks 144 in terms of living conditions as per the ‘Mercer 2017 Quality of Living Rankings’. The ranking also revealed that it stands second in India for living conditions and features rapidly evolving business centres. Though the city is developing at a booming rate, it still offers affordable and superior living conditions when compared to many developed cities. This attracts many people from across India and overseas to its shores.
Connectivity to the financial capital of Mumbai
Pune is in such proximity to Mumbai, the financial capital of India, that it is known as Mumbai’s cousin. The connectivity and network between the two places are commendable and so, is its connectivity with other major cities of the country. In terms of GDP (Gross Domestic Product), Pune is the 6th wealthiest city in our country. All this has increased the business opportunities in Pune and has led to better infrastructural development here. It has also led to many cultural activities finding a home here, which attracts India’s younger population.
Increase in the IT and business parks
Previously, Pune was an abode to domestic companies like Tata Motors, Finolex, and Bajaj. It is still known for its cantonment. However, the IT industry has overseen a stark transformation of the city. With the development of the Mumbai – Pune expressway, and the advent of IT/ITeS in Hinjewadi, the city has attracted various MNCs like Infosys, Accenture, and others. The IT belt now stretches from Baner and Balewadi in the west to Yerwada, Kharadi, and Magarpatta in the east. The city now attracts young professionals from all over the country and this has contributed to higher demand for real estate.
Aspirations to implement smart city features
Now, Pune aspires to deploy all the 24 features of a smart city so as to represent a liveable and sustainable Aundh-Baner-Balewadi neighbourhood that is on par with the global standards. The development of this area will certainly see an increase in the population that is forecasted to go up by 4 times by 2030. To achieve this, the city is planning on enhancing public transportation through e-buses, e-rickshaws, BRT routes, and bus stop overhauls. With the creation of more parks and green spaces and riverfront development on the anvil, Pune is now more attractive for those who want to call it home.
Contribution to the graduate workforce
The Oxford of the East, as Pune is also called, offers quality education to students from all over the country and thus, generates strong human capital. It has 811 colleges and contributes as much as 30% of the graduate workforce to the job arena who then go on to work in the top IT companies of the city. Apart from this, the presence of strong auto and engineering base also attracts many aspirants here who want to kickstart their careers.
So, plan to invest in an attractive property in Pune and seize benefits. A planned investment can reap handsome capital appreciation a few years down the lane. Start by searching for the ideal property in Pune without any delay. Choose Bajaj Housing Finance Limited to enjoy facilities like in-person search assistance, affordable funding, and other services that make your purchase both effortless and economical.
Consider investing in properties like the Joyville Hinjewadi that have great potential for capital appreciation. Get access to home loans at affordable interest rates and enjoy high-value loan amounts of up to Rs.3.5 crore to fulfil your dream of buying a home without any compromise. With the property dossier offered by Bajaj Housing Finance, you can learn everything about the legal and financial aspects of buying a property and be fully informed. Start by checking your pre-approved offer to view customised deals, enjoy quick approval and expedite your financing for a home in Pune.