What makes Pune one of the fastest-growing cities & real estate market (2024)

FAQs

What makes Pune one of the fastest-growing cities & real estate market? ›

With competitive pricing, ease of living, and a growing emphasis on infrastructure, Pune is counted as one of the most preferred cities for a permanent home.

Pune, the second-largest city in Maharashtra, India, is experiencing an unprecedented growth trajectory in its real estate sector. Fueled by robust economic development, well-established infrastructure, and an appealing lifestyle, Pune has become the favored choice for both home seekers and investors alike.

Pune is considered a more developing city in Maharashtra for several reasons: proximity to Mumbai. Well-established educational institutions, such as the University of Pune and the Indian Institute of Science Education and Research. Thriving automotive, IT, and manufacturing industry.

Pune is not just a cultural hub but boasts some of the best colleges and universities in the country. From the prestigious Indian Institute of Information Technology (IIIT) to the renowned Film and Television Institute of India (FTII), Pune offers diverse educational opportunities.

Situated along the banks of the Mula-Mutha River, Kharadi is one of the fastest-growing areas in Pune. With its strategic location near the Pune Airport and prominent business districts, this neighbourhood has witnessed significant growth in recent years.

Pune real estate market saw a 23 percent year-on-year (YoY) jump in property registrations in February 2024 at 17,570 units compared to 14,284 in February 2023, according to Maharashtra government's Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

Primary growth drivers like the growth of road network, increased intra-city connectivity and the planned airport propelled the residential development on peripheral locations. While many other cities are still trying to cope with recent reforms by the Government, Pune's market displayed resilience.

Pune exemplifies an indigenous Marathi culture and ethos, in which education, arts and crafts, and theatres are given due prominence. It is the birthplace of the poet-saint Tukaram (in Dehu) and Jnaneshvara (in Alandi), the author of the well-known commentary 'Jnaneshwari',on the “Bhagavad Gita”.

Once the centre of power for the Maratha Empire, Pune's rich historical past has made it the cultural capital of Maharashtra. Home to many colleges and universities, Pune is considered a prestigious educational destination, winning itself the title of “The Oxford of the East”.

Pune is one of the largest IT hubs in India. It is also one of the most important automobile and manufacturing hubs of India. Pune is often referred to as "Oxford of the East" because of its highly regarded educational institutions. It has been ranked "the most liveable city in India" several times.

Why do people love Pune? ›

Pune's pleasant climate has always been a reason for people preferring the city as their residence. Pune does not get very hot even during the summers, and you can get respite from the heat just by standing under a tree.

Scenic Views & Proximity To Western Ghats

You don't even have to drive far out of Pune to get a break from urban life - hill stations and weekend getaways are just an hour or two away (Lonavala, Wai, Mahabaleshwar, etc.). Plus, you can actually see as far as the hills - from most parts of the city.

Magarpatta City is one of the most expensive localities in Pune. There are residential areas with luxurious properties, bungalows and apartments. However, there are limited commercial properties in Magarpatta City. Magarpatta City is well-connected to hospitals, schools and colleges.

Future plans for Pune include the development of cultural and recreational hubs, offering a vibrant mix of entertainment, arts, and cultural events. These initiatives aim to enhance the city's overall lifestyle, fostering a sense of community and shared experiences.

A: Pune is ranked 154th globally in the Mercer Quality of Living City Index 2023. Q.

Ans: Determining the right time to buy property in Pune depends on various factors such as market trends, interest rates, and personal financial readiness. Currently, if you're finding properties at competitive prices and favourable financing options, it might be a good opportunity to invest.

The global real estate market is projected to experience an incredible expansion in the coming years. With rapid urbanization, population growth, and increasing demand for commercial and residential properties, opportunities abound for investors, developers, and professionals in this sector.

Despite recent declines in population, house prices continue to stay high. This could be from the housing shortage, meaning more people want to live in Los Angeles than there are homes available. Though it's not a housing crisis right now, it very well could be by the end of 2023.