A guide to buying property in Pune, for newcomers in the city

“The type of property that one intends to buy, will depend upon the economic condition of the home buyer and the time he/she is planning to stay in the city. There are homes available from Rs 35 lakhs to Rs 10 crores. So, it completely depends upon the individuals and their spending capacity,”

Pune, in Maharashtra, attracts people from all over India, as well as abroad. People often move to this city for education or to earn a livelihood, as this city offers ample employment opportunities. When it comes to buying property, these people have distinct requirements, as compared to the local people. “Compared to other cities, Pune has numerous housing options, from 1-BHK, 2-BHK and affordable housing, to luxury housing. Pune is witnessing rapid real estate growth, with demand specifically in the commercial IT hubs, owing to the growth in IT jobs.

Points to consider, for outsiders investing in Pune’s realty market
* Understand the purpose of buying the flat – whether it is for self-use, renting out, resale or investment.
* If you are planning to move in, consider whether you will do so shortly or later in the future.
* If you are planning to move out later, check the prevailing rental market to ascertain return on investment.
* If you are buying a property for self-use, check if the social and physical infrastructure in the area meets your requirements.
* Before you make the down payment, check your home loan eligibility with banks.
* Always consult with a property expert, to know more about the locality and for flexibility in buying and selling the property.