The Ultimate Guide to Investing in Residential Projects in Pune

Pune is the second largest city in Maharashtra, known for its rich history, cultural diversity, and educational institutions. The city offers pleasant weather and a comfortable lifestyle to its residents. Apart from being the IT hub, Pune has a thriving engineering, automotive, manufacturing, and related industries. There is a constant influx of professionals into the city making Pune a real estate hub. As a result, builders in Pune are focusing on constructing better projects every day to meet the growing demands of housing in the city. The number of residential projects is on the rise and the city is one of the top real estate investment destinations in the country. Here is a guide to follow when investing in residential properties in Pune.

Location

Pune offers many options for suburbs or localities to invest in. Depending on the budget one can choose to invest in a residential property. Also, each location offers some unique advantages that can prove to be beneficial in the long run. A location which is easily accessible and has good connectivity to important hubs is ideally suited for investments. These will ensure that the return on investment in the form of rentals and price appreciation are assured in the long run.

Property Type

Pune offers a range of property types to suit the many criteria for an investor. Flats, villas, independent houses, apartments, penthouses, duplexes, triplexes, and bungalows are some of the options to choose from. Each type of property comes with its own advantages and disadvantages. Depending on the budget, investment plan and priorities one can decide to invest in any of the above types.

Budget

Knowing your budget is one of the first steps in buying a property. It’s only then can the properties be shortlisted from various options available. The buying process also involves other costs which are significant. Registration fees, stamp duty, legal expenses, and maintenance charges should be factored in during budgeting. The property should be evaluated for its long-term returns considering all factors involved.

Infrastructure and Facilities

The social infrastructure and facilities should be evaluated by visiting the location. The locality should be well-connected to educational institutes, markets, hospitals, and recreational places. The location should also have ample options for entertainment and recreation. Shopping centres, malls, multiplexes, restaurants and cafes are avenues for socialising that are sought by people living in Pune.

Legal and Regulatory Compliance

The property should have clear titles. It should have all the required permits and clearances from the relevant authorities. A legal expert can be hired to help through the process to make sure that there are no inconsistencies in the paperwork.

Investing in Pune is a  smart move for those interested in increasing their wealth in the long run. According to Knight Frank India, a leading real estate research company, Pune is the second fastest growing city in terms of property prices with an average price increase of 5.5%. The rental yield in Pune is estimated at 3% which is considered good in the industry.