Half the price, twice the rise – What Mumbai home buyers think of Pune homes
Pune has become the new “IT” destination for Mumbai home buyers and property investors. Let’s consider some numbers first:
- The real estate in Mumbai is 75.21% costlier than Pune! You have to pay Rs 486,900.90 per square meter to buy an apartment in Mumbai city, whereas you have to pay only Rs 120,710.13 per square meter to buy an apartment in Pune City. This shows a difference of 66.8% reduction in prices.
- Mumbai ranked 262nd and Pune ranked 304th on the Expatisan’s Cost of Living of Index, 2019. Further, the same index suggests that the cost of living in Pune is 19% cheaper than Mumbai.
Do you think these numbers are the only reason behind the increasing interest of Mumbai-based home buyers in Pune real estate? No, there’s more to it, and the reasons are being evaluated here in detail.
- Pune – The Smart City: Pune features on the list of Smart Cities published by the Government of India. Widely known as Oxford of the East, the city is a flourishing IT and automotive hub, and leads as the higher education centre. Owing to the facelift in its social, commercial, and civic infrastructure, and growth possibilities, the city is on the track of becoming one of the world-class smart cities in the world.
- Hinjawadi – the Real Opportunity Hub: Until the late 80’s and 90’s, Hinjawadi was a relatively unheard and underdeveloped suburb of Pune. It changed with the establishment of the Rajiv Gandhi Infotech Park in 2001. The Hinjawadi is designed in three phases, which host IT and ITes companies of various sizes. The companies spread across these three phases employ more than 1,20,000 employees. There is a lot of scope for growth, as several new companies are planning to launch their operations in the area, and existing ones are establishing new offices in Phase III.
- Increasing Rental Incomes: Traveling is one of the most time-consuming activity for most migrant professionals who travel to their workplaces in Hinjawadi. This has increased the demand for liveable residential properties in Hinjawadi. Living in Hinjawadi is beneficial for several reasons such as locational advantage, easy connectivity accelerated by Pune-Bangalore National Highway and Metro, better lifestyle choices, and smart homes equipped with all modern amenities, and so on. In short, all these have contributed to its growth as one of the most preferred addresses in Pune!
- Improved Quality of Life: The quality of life in Hinjawadi has improved in recent years, and you can easily judge it with various modern amenities that it offers. You have access to shopping and business centres, social hubs, educational institutions, fitness centres, and so on. Additionally, the area is also known for its prestigious real estate projects that assure state-of-the-art amenities to people like clubhouses, mini theatres, well-designed gardens, and so on.
Mumbai-based home investor Amrit Pal says that the fast-growth of Hinjawadi area has fuelled interests of buyers like him in Pune real estate. “After a lot of consideration, I decided to invest in Pune, especially Hinjawadi. There are several housing projects in Hinjawadi that assure you the best value of the investment,” he concludes. Like Amrit Pal, there are several other Mumbai investors who understand that investing in 2 & 3 BHK flats in Hinjewadi will be beneficial for a lifetime. We hope this information will help you make a wise investment in the area.