By Accommodation Times News Service
Pune is the second largest city of Maharashtra and preferred by many over its high profile cousin Mumbai for various reasons. Being the 9th most populated city in the country, Pune boasts of a massive industrial estate Pimpri – Chinchwad and three cantonment areas – Pune, Khadki and Dehu Road forming the Pune Metropolitan Region. As per the 2011 census, the population of Pune was estimated at 7.27 million.
Pune is a cosmopolitan city with a character of its known. Emerging from the shadows of Mumbai, Pune has successfully established itself as a city worth staying and investing in.
Things that make Pune a choice of city to live
Pune has a lot to offer, especially for the young generation. Here are a few reasons as to why it has gained popularity over the years:
The advantage of size: Unlike other metropolitan cities of India, Pune is of smaller size and therefore it is easier to commute from one part of the city to the other. Unlike Mumbai where you need to stay near your workplace or have to commute for hours, one can stay where-ever they want in Pune and still reach work on time.
An array of educational institutions: Pune hosts a variety of reputed educational institutions and has established itself as a chosen place for higher studies. Not only does it host good schools and colleges, but Pune also has several reputed Engineering colleges, Medical Colleges, Universities, Film schools, Business schools etc. In fact, Pune is often called the ‘Oxford of the East’ due to this reason.
Weather: Being located on the western side of the Deccan plateau, Pune has distinct seasons. The climate can be classified as semi-arid characterized by a hot summer, rainy monsoon and cool winter. In summer, the temperature can rise to 42-degrees Celsius while in winter it can go as low as 12-degree Celsius.
An industrial hub: Pune is a well-established industrial hub of the country. The Kirloskar group set up the Kirloskar Oil Engines in Khadki, which is the largest diesel engine company in the country. Apart from this, the Kirloskar group has a variety of other factories in Pune including Kirloskar Brothers Limited which is the country’s largest manufacturer and exporter of pumps and pumping project contractors. Pune also hosts Greenfield facilities of all the major automotive companies of the country – Mercedes Benz, Jaguar, Land Rover, Renault, Volkswagen, Bajaj Auto, Tata Motors, Mahindra and Mahindra, General Motors and others. In fact, Pune is the single largest hub for German companies for 60 years as per the Indo-German Chamber of Commerce hosting more than 225 German companies.
A famous IT hub: Pune takes pride in its IT establishments. The Rs. 600 billion Rajiv Gandhi Infotech Park in Hinjewadi alone hosts 800 IT companies, big and small. Apart from Hinjewadi, IT companies are also located in several other parts of the city such as Magarpatta and Kharadi. Pune is also the city of choice for start-ups, especially tech-start-ups and the Government has taken several initiatives to ease the setting up process of start-ups and promote them.
Living in Pune:
While opportunities are one thing, living a day to day life is a completely different thing. A city needs to have all the amenities of life to be considered a good place to live. Thankfully, Pune qualifies in this regard too. It is the second greenest city of the country after Delhi. The roads are lined with trees which provide shade and a much-needed break from the concrete jungle. The municipal corporation employees work hard to keep the city clean. Most people consider Pune to be very peaceful considering it to be a pensioner’s paradise.
However, we know the young generation wants action too. And this is where the city doesn’t disappoint. It has its own share of pubs, malls, multiplexes and restaurants which keep the young generation entertained. Pune has an amazing array of restaurants with mouth-watering spreads on offer. From traditional Marathi food to Iranian food – one can get something that fits their taste buds here.
It is a safe city with a low crime rate. It is also cheaper than most cities in India. The public transport is quite well-developed in the city to ensure an easy commute.
Real Estate Market of Pune:
With such a wide array of employment and education, it is no wonder that people, especially the young generation are considering Pune to be their choice of city to build a home. Pune has several housing locations and a variety of living options from 1 BHK to 3 BHK to luxury apartments with prices varying from Rs. 35 lakhs to Rs. 10 Crores. The real estate of Pune is definitely affordable. Prices have been on a steady rise over the last couple of years ensuring that the city provides the right option for investment as well. This is why NRIs have been investing heavily in the city.
The most expensive localities of Pune are Kalyani Nagar (Rs. 11,000 per sq.ft.), Shaniwar Peth (Rs. 10,700 per sq.ft.) and Aundh (Rs. 9,900 per sq.ft.). The other upmarket localities include Koregaon Park, Bibvewadi and Central Pune where the real estate prices are more expensive than the rest of the city, but the infrastructure is most developed. Several schools, hospitals and malls are located in this area itself. If one is looking to invest, Hadapsar is a great place to look at, since the area presents both capital appreciation as well as good rental income. For IT professionals, Hinjewadi and Magarpatta are great places to stay. The outskirts of Pune such as Undri, Wagholi, Ravet, Talegaon and Wakad have grown rapidly and people are settling down here.
Currently, the average price of a property in Pune is around Rs 4600 per sq.ft., with several new projects being launched on a regular basis. The average size of a home in Pune is around 747 sq.ft.
Pune has maintained its popularity among home-seekers and will continue to do so. The real estate market in Pune has been booming and it is definitely a great place to invest, if not to settle down.