Pune property market is one of the most active segments in Western India. Private property developers along with local property builders and civic authorities are pouring in more investments in the city.
Recently, Milestone Capital Advisors announced an investment of Rs300 crore for commercial real estate development in Pune. Milestone is a fund house and focuses on Tier I and II cities. Milestone chose to invest in Pune owing to its sporadic IT sector.
Market reports suggest that commercial property in Pune fetches about 20-25% returns on investment. This makes Pune a favorite destination of investors.
The residential property segment also does well there. These days, Pune builders are focusing on affordable houses. Prominent real estate builders like Kolte-Patil, Gera Properties have announced affordable housing project in the city. The plan is to build one-room set and two-room set accommodation that costs between Rs 10-15 lakh. These builders have outlined that the quality of construction will not be compromised, however these flats/apartments would not have elaborate lifestyle features.
Most real estate builders are now focusing on the bordering areas of Pune. The city centre commands very premium capital and rental values. Hence, most of the users look for affordable accommodation in suburban and bordering areas. And, property builders are trying to cash in on this sentiment on the property seekers. Property in localities like Kothrud, Vanwadi, Oundh are much in demand. These areas were once the extension of villages but are now the hub of property development.