A New Gadget Can Impact Property in Pune

The city of Pune to newcomers to the city often gives the impression of possessing a carnival atmosphere; it may after all be the youth capital of the country where many of the countries young people study and work. Much of the property in Pune is built keeping in mind the relatively young demographics of the city and an upward mobility found in only a few other urban centers in the country. Any young person in the country is guaranteed to have an enjoyable experience in Pune should they happen to visit the city.

House parties which take place often at flats in Pune are common, so is going out to a pub for drinks on weekends. The city has some of the best DJ’s in the country and loud music is often heard in the city at what would be considered odd hours in most other cities. Pune can be understood as a magnet for the young in the country who are drawn to it because there are so many of them in a city which also provides great professional opportunities for young people in their 20’s.

The young are so powerful a force in the city that property in Pune reacts to their whims and fancies. If a brand new must have expensive gadget is released in the country, it is likely to have an impact on real estate projects in Pune. How? Well a young person who is eligible to own property in Pune and has though of doing so may defer his or her purchase because of the prospect of owning the latest electronic product. Such a person could be the ideal homebuyer with a stable monthly income and of sufficient maturity and age, but the simple fact that the next must own product has been released makes him change his mind and defer taking out a loan as he or she can afford to wait to own perhaps a flat in Pune but not the said gadget.

Now consider that the city has thousands of such individuals and you and well imagine the large impact such a substantial number of potential homebuyers can have on the sale of flats in Pune and on its real estate market.

Youth culture in Pune also affects other aspects of the cities real estate sector. As we all know where a property is located is paramount when looking for a home. Now take into consideration the conflict between the old and the young. The young if possible would likely try to live without attracting attention or judgement from the elderly. They would like to live in an enclave separate from the those whom they consider mostly likely don’t understand them and may give them reason to reconsider their activities and chosen path in life. This has led to property in Pune at many locations to be occupied exclusively by young people separate from the other inhabitants of the city whom they consider to be party poopers. This separateness is not just directed towards retirees, even many over 35 are considered to be a different species to be avoided when in the relaxing company of friends to be spoken to only at the office or official parties after work.

Pune Investors and MIG Home Seekers

Pune may have carved out an identity of its own separate from that of Mumbai, yet it still doesn’t mean that property in Pune is in the same league as property in Mumbai. Far from it, as a matter of fact flats in Pune at some locations are priced to be within the reach of lower middle income households. No matter where you look in Mumbai, most likely you will have a very difficult time finding flats priced as low as some are in parts of Pune. 

A prime example is the locality of Uruli Kanchan in Pune, here homebuyers can purchase a flat for the same price as that of mid segment car. At some developments a 1 BHK flat in Pune at Uruli Kanchan can be yours for less than 7 lakhs, the locality is becoming popular as a residential destination due to its proximity to several Information Technology parks. The price for property at Uruli Kanchan has risen over 25% in the past 3 years due to the new found attractiveness of the locality among budget home buyers.

Another factor contributing to the availability of affordable housing in at Uruli Kanchan is the low cost of land in the locality. However as prices have appreciated over the past few months the cost per square foot for an apartment stands at 2800 rupees per square foot.  This is still quite a low rate and hence appreciation is bound to happen over time as the civic services in the region improve leading to higher quality developments constructed in the area. As things currently stand, Uruli Kanchan may be a great destination for a lower middle class home buyer who wants to purchase his or her own home or as an investment destination for investors who are keen to sell the property once it appreciates. There is a high probability that properties at Uruli Kanchan would appreciate over time as the real estate is starting from such a low base and with greater development in the region raising the attractiveness of the locality, prices are bound to eventually rise upward.

If you are keen to look for affordable housing in Pune, then almost certainly Uruli Kanchan would be among the top of the localities you would first seek out. To put things in perspective a 900 square foot 2 BHK flat in Uruli Kanchan would cost you a little more than 25 lakhs, considering that this is only 30 kilometers from Pune the location is ripe for some serious appreciation and would make for an excellent investment by speculators with money to spend who are keen to see the value of their portfolio grow.

However investing in this region is certainly not for everyone; Uruli Kanchan is some distance from Pune and though technically a part of Pune it does need to catch up on the quality of civic services provided to its residents. If you are of an adventurous heart and want to own property in Pune which could very well appreciate significantly higher albeit in longer time duration then Investing in Uruli Kanchan may just be for you.