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Pune is situated to the west of Maharashtra and is the eighth largest metropolis in the country. Considered as the second largest city of Maharashtra, Pune is tagged as one of the fastest developing real estate market of India.
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Pune has been called by a number of sobriquets, popular among them include pensioner’s paradise, Queen of the Deccan, and Oxford of the East. One of the historical cities of the nation, Pune is endowed with a shining past, a ground breaking present and an auspicious future.
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One of the fastest growing cities of west India, Pune is blessed with traditional old economy industries that continue to play a pivotal role towards growth and development. Government and private sector, Research Institutes, Manufacturing, Information technology and Automobile are the pillars of Pune's economy. Rapid growth of its industrial sector has made property in Pune one of the prime hot spots of recent times.
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In the last few years, Pune has witnessed defence, engineering and other crucial sectors making it their headquarters, transforming it into a major industrial centre. Considered as the greenest urban areas of the nation, Pune has more than 40% of its area covered by greenery which is slowly reducing due to high demand for property in Pune and boom in Pune Real estate.
Pune Real Estate market
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Considered as an end-user market, the real estate prices in Pune are generally high and increasing. Increased input cost of the developers, together with rise in investor's demand from the peripheral locations is what drives the property in Pune and the overall Pune real estate sector.
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Though the maximum demand for property in Pune was encountered in the Rs 30-Rs 40 lakh category, the supply of apartments, flats for sale was not up to the mark. The Rs 40-60 lakh category witnessed the maximum inventory supply. In comparison to the last year, carpet and built-up area in the city have elevated by 25-30%. This is further expected to increase with property in Pune vying for more luxury segment.
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Demand for residential apartments in West Pune is emerging from the IT hub, which is located in the Rajiv Gandhi InfoTech Park, Hinjewadi. Demand in East Pune is mainly being driven by CBDs in Viman Nagar, Cyber City, Kharadi and Magarpatta.
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Key builders in Pune are Mittal Brothers, Kumar Properties, Gagan Properties, Rohan Builders, Namrata Group, Ranjeet Developers, Paranjpe Schemes, Kolte Patil Developers, Kohinoor Group, Goel Ganga Group.
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Key projects of Pune are Hillside Urban, Magarpatta Nanded City, Mittal Akshardham, Amrapali Aurum Towers, Nitron Landmark, Gokhale Group Anandban, Tanish Pride, DSK Kasturi, D. R. Gavhane Ankur, SKD Shiv Samruddhi, Vishwa Vinayak Residency, P4 Ventila, Aarav Balboa Avenue, DSK Gandhakosh, Shamaprasad Mukharjee CHSL, JM Adi Amma Bliss, Ravima Feel Bliss, Aditi Splendor Residency, Magnum lifestyle, Chandrarang La Melosa, Shraddha Landmark Kanchi Enclave, EDEN LA'MONTE CARLO, Sai Raj Heights, Vastu Tejonidhi, Shroff Signature Heights Phase 2, Gagan Adira, Venkatesh Graffiti .
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Some of the most popular properties searched in Pune are 1 bhk flats in pune, plots in pune, villas in pune, 2 bhk flats in pune, 3 bhk flats in pune, house in pune, Flats in pune.
Demographics:
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Going by the 2011 census, the urban population of Pune around 51 lakh. The estimated population includes towns such as Pimpri, Dehu, Khadki and Chinchwad. Consistent growth in the education and software sector has fuelled the influx of labours and workers from across the nation.
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As per PMC reports, the rising trend in migration to Pune from 1991 to 2001 was mainly to economic reasons. Migration to the city between 1991-2001 was estimated at 3.6 lakh that was calculated as 15% of Pune's total population at the end of the decade. This will increase demand for Real estate in Pune.
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In regard to the rapid growth of the IT sector, migration between 2001-2011 remained constant at 12%, however it is expected to decline by 10% between 2011-2021 and by 8% between 2021-2026. This migration has also driven the demand for properties for rent and properties for sale in Pune.
Information Technology
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After Bangalore, Pune has emerged as the potential destination to home the growing number of IT companies in the country. Hinjewadi in the west has emerged as a perfect destination for the upcoming IT/ITes companies in India, since it offers vast vacant land that is ideal for buil-to-suit offices.
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At present, the IT/ITes sector in Pune account for 75% of the total office space occupied. The pace at which the IT/ITes sector is flourishing in the city has triggered the construction activity in the office space market in the last decade, significantly.
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Currently, Pune is home to a number of IT/ITes giants, namely TCS, Infosys, Tech Mahindra, Wipro and Cognizant. The Rajiv Gandhi Infotech Park at Hinjewadi, Blueridge SEZ, Dlf Akruti IT SEZ and Embassy Techzone have changed the face of Pune into a major IT hub.
Connectivity
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Indian highways and state highways constitute connectivity in Pune. National Highway 4 connects Pune to Bangalore, Mumbai and Kolhapur, while NH 9 joins the city to Hyderabad and NH-50 to Nashik. The State Highway connects the city to Aurnagabad, Ahmednagar and Alandi.
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India's first six-lane high-speed expressway, the Mumabi-Pune Expressway, has changed the overall connectivity of the city. Built in 2002, the Expressway has reduced the travel time between Mumbai and Pune by 2 hours.
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Situated at Lohegaon, the Pune International Airport, regulated by AAOI offers domestic flights to major cities.
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Local trains in Pune connects it to Lonavala and Pimpri-Chinchwad, while the daily express trains links the city to Hyderabad, Kochi, Chennai, Kanpur, Jammu, Patna, Mumbai, Delhi, Coimbatore, Bangalore, Howrah etc.
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Pune Metro Rail is in talks with the DMRCL for a more sustained connectivity. The proposed metro is expected to a blend of underground and elevated sections and the initial routes are outlined between Vanaz-Ramwadi and Pimpri-Swargate.
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PMPML buses offer excellent transport service within the city and its suburbs. In addition to it, the Maharashtra State Road Transport Corporation also provides buses from main stations in Pune Station, Shivajinagar and Swargate to all the prime locations in Maharashtra.
Pune civic administration
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Pune is administered by Pune Municipal Corporation. Comprising of 149 councilors, the corporation is regulated by the Mayor of Pune. The executive power is actually endowed with the Municipal Commissioner of the state.
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Along with the PMC, there are four different administrative bodies who work in sync to maintian order in the state. Such bodies include Khadki Cantonment Board (for Khadki), Dehu Road Cantonment Board (for Dehu Road), Pimpri-Chinchwad Municipal Corporation (for Pimprr-Chincwad)
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Pune is in talks with the state government to formulate Pune Metropolitan Regional Development Authority that would constitute corporations, municipal councils and other local government bodies of the city. This authority will oversee all Pune Real estate decisions.
Infra projects:
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Name of the project
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Impact areas
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Expected Completion Date
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Remarks
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Outer Ring Road I
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Theur Phata-Wagholi-Chimbli
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O2017-18
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Reduced travel time between NH9 and NH50.
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Bus Rapid Transit System (BRTS) project
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All over Pune
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Outer Ring Road II
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Connects Chimbali Phata, NH4 and Pirangut
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Completion of phase-I is expected in 2017-18
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North and South of Pune can be easily accessed
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Outer Ring Road III
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Pirangut-Sinhagad-Pune Bangalore Highway
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Post 2018
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Phase- III will connect West Pune with the south
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Outer Ring Road IV
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Katraj- Theur Phata
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Post 2018
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Will connect NH-4 and NH-9
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Pune Metro Rail Corridor I
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Ramwadi-Pune Station-Wanaz
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2017-18
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Will reduce the heavy traffic congestion between West and East Pune
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Pune Metro Rail Corridor II
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Pimpri Chinchwad-Shivaji Nagar-Swargate
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Post 2018
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Presently in approval stage
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Key localities in Pune
Charges by Government Body
Property Registration
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Stamp Duty: 5 percent (on consideration or market value whichever is higher)
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Registration Charge: Up to Rs 30,000 or 1 percent of property rate
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VAT: 1% percent (on agreement value)
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Service Tax: 2.575% of sale value
Maharashtra State Electricity Board (MSEB website)
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MSEB is the second largest electricity generating corporation in the country. Pune Metropolitian Area is one of the operating zones of MSEB.
Pune electricity rate urban areas/month/per service connection:
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Rs 20 for 0-30 units
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Rs 40 for single phase for 31 to 100 Units
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Rs 100 for three phase for 31 to 100 Units
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Additional Fixed charge of Rs.100 per 10 KW load for 300 Units and above
PMC Pune
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Pune Municipal Corporation is responsible for the treatment, procurement and distribution of water on the city. The sewerage and sanitation management is also headed by the PMC
Pune water charges:
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Consumption
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Domestic
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Non- Domestic
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0-25,000 Lts
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15/-Flat
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20% of Bill
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25001 -50000 Lts
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15% of Bill
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20% of Bill
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50001 Lts & Above
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20% of Bill
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20% of Bill
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PMC Property Tax:
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The Pune Municipal Corporation (PMC) collects the property tax on all types of residential properties in Pune. PMC collects tax from all its jurisdiction areas and the suburban regions of the city.
