Every Indian dreams of having their very own home, and most people work all their lives to save up enough money to purchase it. In fact, this is the primary driver of the Pune property market, since this city holds to the traditional concept of homeownership as a gauges of security and success. And, of course, a new home is the best gift you can give yourself and your family.
Because of the recent economic crisis, a lot of Pune property buyers have begun thinking twice about purchasing a new home. The major reasons are increased interest rates and the rather unfriendly Pune property rates. While a number of banks are offering to help out families in Pune who want to buy their own home, there are still clouds of doubt that hover above the decision makers.
It is true that buying a home is a huge investment, and that you need to maintain it for a lifetime. For a middle class homebuyer in Pune, buying a residence is literally putting all the chips on the table. Here are some tips that are worth considering before you proceed with buying a property in Pune:
Location is perhaps the most important factor to consider, because it will say a lot about your purchase. Do not forget that its location dictates the price of your new home in Pune. For example, a 3 BHK flat in the middle of nowhere will cost you a lot less than a 1 BHK in the middle of the city’s commercial district. Some areas are called prime because of their central location. They are close to the places that we need access to, such as schools, healthcare facilities and shopping centres. These places cost a lot more because they offer all of these.
However, the new concept of township properties has created an entirely new paradigm. The new townships in Pune allows property buyers to avail of all these facilities even if the location is not in the centre of the main city. Some of the best townships in Pune are coming up in the Pimpri Chinchwad area – for instance, Woodsville in Moshi and Celestial City in Ravet, both being developed by Pharande Spaces. These are integrated townships that offer every convenience of modern living in Pune’s flourishing sister city.
The cost of your flat in Pune is obviously one of the most important considerations. As already stated, certain properties in Pune cost more simply because they are centrally located within the city. It is significant to note that despite the higher pricing, the homebuyer has to put up with traffic congestion, air pollution, lack of greenery and inadequate parking facilities.
Those who are looking for a reasonably priced flat in Pune will only find it in the further locations. Many of these new areas do still have some greenery and less traffic congestion and pollution. However, in time these areas will also succumb to the hammer of indiscriminate development which has been the hallmark of the Pune real estate market.
Again, Pimpri-Chinchwad township properties offer the perfect alternative. The real estate development in the PCMC area is strictly controlled. This means that infrastructure keeps pace with property development at all times. In other words, these Pune township properties will never be strangled by over-development and traffic snarls. They are the perfect alternative for Pune property buyers who are looking for a clean, green environment to live in – not only for the current generation, but for all generations to come.
Security is a major concern in a fast-developing city like Pune. Your choice of location for your new home also reflects on the safety of your family as well as your property. Security is definitely a very important consideration when you purchase a new home. It makes more sense to buy a property in a township project which offers round-the-clock security than in a urban city centre with a high crime rate.
While central location is a big driver for property prices, central locations are also the most volatile in terms of price fluctuations. This is because the property market in city centres is more often than not driven by investors rather than genuine end users. On the other hand, there are no other price drivers in a congested, overdeveloped city. Very little can be done to enhance the infrastructure and therefore the lifestyle quotient of property owners.
Though prices stagnate in the city centre for these reasons, property valuations for township properties in developing areas such as Pimpri Chinchwad increase because of the better infrastructure, more wholesome environment and the steady – yet controlled – addition of value-adding projects such as office complexes, malls, schools and hospitals.
While buying a flat in Pune, it makes a whole lot of sense to consider the purchase from all angles. In short, keep in mind what kind of standard of living you wish to enjoy in your lifetime and also pass on to your children.
Posted by: K. D. Nagarkar