Long gone are the times when Pune was perceived to be a quiet place and people entering their old age phase would retire there for some peace and rest. Over the years, many factors have led to the rise of this state. The growth of Information and Technology has also led to this state’s growth. Professionals working in such companies have moved base here and this has further increased the sale of flats in Pune. Another sector that has flourished over a considerable period of time is the retail sector.
Initially, this state was the hub for BPOs. It was a right move to make the most of the English speaking power of the locals and the low property rates. This move created an impact on the budding economy. Because of this, it would be safe to say that people had started to mint money. This considerable increased the demand for property in Pune as people could afford that kind of money. It was also fuelled by the desire to own a home that belonged to them. This also ensured that IT companies settle themselves in this peaceful locale. People working in this industry also got the luxury to work in companies that were close to their homes. Travelling was not at all cumbersome.
The demographics too have played a part in the rise of this state. At one point of time, its fate was influenced by people working in jobs that were not too stressful. They saved a lump sum amount of money and then invested in flats in Pune. They did not consider the factor and were more or less happy with what came in their kitty. At that point of time, they were not too competitive. They were satisfied with what they had. The situation was such that young people did not have opportunities to explore outside of Pune. The requirements were basic. This also affected real estate as the realtors did not have to go out of the comfort zone.
However, change had to come and when it did, it impacted real estate too. The demographics changed in every way. Suddenly, they had to cater to an audience that wanted comfort over utility. The demand for spacious flats had increased. People did not want to stay anymore in homes with single rooms. Property in Pune was becoming all about luxury. These residences were being occupied by employees that had a great pay package.
The demand for flats in Pune has gone up. A clear difference has been observed with the scenario that existed in the 90s and the current situation. Mumbai to an extent has been trying to cope with unsold property, but that is not the case with this state. Supply and purchase of flats is happening consistently and the best part is that rates are relatively affordable even after the real estate boom.
Pune has undergone quite a transition and this is evident with the number of people that are moving here, away from the crowd and chaos of Mumbai. This city is no less in offering young people a promising career along with a home in a not-so-overtly active locale. People can enjoy some great recreational activities here without their peace of mind getting affected. They can also work for a decent number of hours. It is no wonder that everyone has been aching to invest in property in Pune. It is definitely on its way to become the next big thing.