Property investment offers high asset value, portfolio diversification, and long-term risk-adjusted returns. Here’s everything to know before buying property in Pune.
Pune is a significant metropolis in Maharashtra, one of Maharashtra’s largest cities and the state’s cultural capital. It is well-known for its pleasant weather and well-connected roads, which make it simple to get around the entire city.
The city’s infrastructure has dramatically improved, paving the way for lucrative property investment opportunities in Pune. The steady expansion of flagship infrastructure, such as the Pune Metro, which connects the Bhosari industrial belt to the rest of the city, has boosted Pune’s real estate development. However, it is essential to consider several things when buying the best apartment in Pune.
Why invest in real estate in Pune?
Consistent profits
From 2011 to 2014, properties in Pune experienced the most significant increase in market value among India’s various metropolitan cities. It is primarily due to the city’s developing nature, with a more significant influx of people due to the manufacturing and technology industries.
While the real estate market in 2017 was low, causing appreciation values to stagnate or decline, it has increased steadily in the last few years, particularly in areas of the city where job growth and construction are prominent.
Increased employment and education possibilities
Despite being a smaller city than other metros, Pune is now thriving in the education and information technology sectors. Real estate in areas populated by various corporations and schools is increasing the development and possession of projects well-suited to mid and high-level investments.
A luxury flat and best apartment in Pune is an excellent option for long-term practical use and gain if you’re looking to invest in property in India or want a suitable home to settle in with your family.
Infrastructure enhancements
Various residential areas in Pune that are further away from the city centre are currently undergoing infrastructure development, which will significantly improve the quality of life. As a result, there is a greater demand for flats in Pune.
Investing in property in Prime areas or on the outskirts of Pune can capitalise on this demand for housing and ensure consistent returns in the coming years.
Varied costs of housing
Property in Pune is a promising investment, whether you’re looking for a low-cost or high-end project. Apart from the residential flat itself, the recent trend has seen higher demand in township housing due to the facilities and conveniences available.
If you want to make a high-level investment, you could choose one of the prominent builders offering luxury flats in their newly constructed building.
Investing in new and upcoming projects of the reputed builder will give you a valuable piece of property and the name, prestige, and community life that come with the residential space and Hassle-Free Living facilities.
Smart city development model
Government officials support the Smart City development model in the planning of economically, socially, and environmentally sustainable residential projects. By incorporating these elements, a Smart City becomes the hub of a fulfilling lifestyle, ensuring that residents have complete convenience in their daily lives.
Investing in a Smart City project in Pune, which has digitised features, private water and power supply, and entertainment and education facilities, is always favourable. It would further ensure the presence of consistent returns and better rentals and would be a secure investment due to the holistic living appeal in a Township and constant demand for the same.
These factors combined make the residential projects in Pune excellent investments, particularly ready-possession flats. Whether looking for a 1BHK or a 4BHK in Pune, the city has thriving localities popular with working professionals, students, and families.
Things to check before choosing/buying the best apartment in Pune
Price
Before purchasing a new home, set a budget and begin sorting listings that fall within your price range. After you’ve decided on a price, compare properties from different developers in the same price range and seek honest quotes in similar locations for various real estate projects.
Carpet area
Next comes the carpet area when you want the best apartment in Pune.
You’ve probably seen a few projects where the built-up area appears to be adequate initially, but after construction, you realise that your initial assessment was incorrect. According to real estate experts, always take note of the carpet area of your property or flat.
Documents— Legal & written
From the sale deed of apartment, the builder-buyer agreement, and the tripartite contract to the approvals and NOCs from government authorities for land, water, electricity, sewage, and the Municipal Corporation, are the legalities which are essential to check before investing in any new projects in Pune.
Standard amenities
Ascertain that the new property you are considering has nearby sources for your daily needs. Dairy, grocery, local transportation – taxi/bus stands, community park, etc.
Check for adequate water supply in the area and frequent power outages. Ascertain that parking facilities are designated, and the most recent digital measures protect society.
Builder’s reputation
The best way to validate your builder’s or developer’s brand value and reputation is to visit an older property bearing the same name. Speak with the residents and owners of those properties about the builder’s promises and overall services. It will help you a lot to get the best apartment in Pune.
Location
While comparing beautiful interiors, society views, and surrounding maintenance when purchasing a new property in Pune, don’t overlook location advantages and disadvantages. Decide on how a location will turn out in the coming years based on your living preferences or investment priorities and whether there is room for growth and price increases in the area.
Neighbourhood
If it’s a ready-to-move property and you’re excited about moving in, check your neighbourhood and next-door neighbours quickly. Moving in will be easy and comfortable if you know the people you will be living with. As much as possible, avoid surprises in this area.
Financing options
When purchasing a new home and looking for a bank loan, look into all the financing options available in the real estate market. Before making a decision, compare your financing options’ EMIs, terms, tenure, and credibility.
The government has implemented numerous buyer-friendly reforms, which you should review before applying for a home loan with any bank or NBFC.
Hidden expenses
Finally, the hidden expenses come when looking for the best apartment in Pune.
Look beyond the starting price of your new home. The advertised base prices do not include registration fees, GST, society maintenance deposits, penalties, or additional clauses. So, read these terms carefully and seek expert legal advice to avoid paying a hefty final cost.
Purchasing a home is a major life decision; make your checklist carefully and wisely to ensure a smooth transition.
What is a deed of apartment?
A deed of apartment is a formal document that specifies how a piece of property is owned, transferred, and inherited. It frequently includes information about how much land a person owns or their rights to that land.
A property’s title deeds are the legal documents that transfer ownership of the property. They are commonly used to transfer property from one person to another.
To Conclude:
Pune is a developing IT hub, making it an attractive location for investment and residential purposes. Purchasing a new property in Pune is an important decision for you, and the wrong investment can jeopardise years of planning. As a result, you must pay attention to every detail before purchasing a home.
Consider the checklist of critical parameters mentioned in this article to assist you in buying the best apartment in Pune when looking for new projects for investment or residential purposes.
