Demand for luxury homes in Pune

Pune is fast developing as a realty market for luxury housing due to the various advantages that the city offers. Many professionals as well as well to do people are considering buying luxury residential property in the city, either as an investment or as a second home. Most of these buyers are either from Mumbai or areas surrounding Pune.

Reasons for demand:

Prices of luxury homes in Pune are considerably lower when compared to high profile cities like Mumbai.

The pleasant climate in Pune is a major clinching factor to invest in luxury homes compared to those in Mumbai where you would need to have an AC installed due to the predominantly humid climate.

Luxury homes in Pune are more spacious compared to Mumbai due to the lower per sq.ft prices as well as due to the availability of more developable land across the city.

Due to high demand for luxury homes in Pune, there is a constant appreciation in prices for such luxury homes.

Unlike in Mumbai, the luxury homes in Pune are not located in areas which are over-developed, crowded and polluted.

Since the city is more compact in size compared to Mumbai, commuting to the heart of a city as well as to other areas around the city is a breeze.

Purpose:

What is the purpose for which prospective buyers are looking at investing in luxury homes in Pune? Most of the clientele for luxury homes in Pune are financially sound professionals as well as uber rich folk working in Mumbai or any other metro city. They are looking at investing in luxury homes in Pune more as a second home or vacation home as well as  for renting part of it to families. There are also many buyers who are looking at investing in such homes as a retirement home.

Features:

Prospective buyers of such homes are looking beyond budgetary constraints. Their primary focus would be on buying a premium luxury residence that is classy, elegant and sophisticated. Some of the common amenities that buyers expect include elevators, dedicated swimming pools, gym, clubhouse different indoor and outdoor sport facilities, landscaped gardens, water bodies etc. The personalised features expected include dedicated parking facilities, CCTV and biometric access, wi-fi internet connectivity, as well as personalised swimming and gym in case of luxury villas.

Areas:

There has been a paradigm shift in the preference of location for luxury homes in the city in recent times. Formerly, buyers of such homes preferred areas within the city  due to the convenience and facilities that they offered. These included areas like Koregaon Park, Boat Club Road, Prabhat Road, Kalyani Nagar etc. However, this scenario has changed in recent times with many buyers preferring areas on the fringes of the city, noted for its tranquility and lack of pollution. Some of these include areas like Baner, Kharadi, Balewadi, Aundh, Wakad, Ambegaon, Hinjewadi, Pimple Nilakh etc.

Prices and appreciation:

The luxury residential units in Pune are mostly 3 or 4 BHK apartments, individual houses or villas with an area of about 1500-3000 sq.ft. The prices of such luxury homes ranges between Rs.1-3 crore. The rentals for such homes ranges between Rs.50,000-1 lakh per month, excluding maintenance charges in case of apartments and villas. The annual rate of appreciation of these houses ranges between 3-7%.