Pune Real Estate Overview
By Jyotika Joe
Pune is one of the fast growing cities in terms of real estate in India. Its culture is a mix of the heritage of the place with modernization. There are many well known educational institutes located here like IUCAA, FTII and the National Defence Accademy, as well as the major software companies like Infosys, IBM, Wipro, etc.
The climate of Pune as well as the fact that Mumbai is at a close distance from here, makes it the best place to live or do business. It is calculated to have almost 40 percent of the green coverage in India. Due to the ideal conditions mentioned before, the city has a population of around seventy five lakhs and offers a lifestyle unparalleled by the other metro cities in India.
Pune always had its base in cultural traditions, the main center for education and home to the largest IT industries. The history of the city has helped in making it grow and adopt the new technologies and the knowledge that the industry offer. The fact that Mumbai is just a few hours away from Pune makes it the manufacturing center for the Mumbai based businesses.
Pune real estate has grown faster and to a great level as compared to the other cities of India. The growing rate has multiplied in all parts of the city, including the suburbs and the neighboring areas which are used for real estate purposes. The city has become a single urban zone involving the two largest municipal corporations; Pune city and Pimpri-Chinchward acting as twin cities.
Due to the increasing popularity of Pune with the software industries, the infrastructure of Pune is getting better and better and becoming Maharashtra's leading industrial city. With low rates of interest in the banks, fixed deposits, stock markets variation and the huge returns on mutual funds; the Pune real estate investment is gaining popularity again. The increase in the Pune real estate market has been further accelerated with the government of India allowing 100 percent FDI in the construction and development sectors.
Pune real estate is coming out as a favorite place for investment and the city is looking forward to growth in the commercial real estate development. The prices of lands have been reaching the sky. The most commonly found hoardings say 1/2/3 BHK flats. Classy malls, posh residential buildings and complexes, large multiplexes and 5-star hotels have come up in the city.