Often perceived as a haven for luxury investment from wealthy buyers, affordable housing in Pune is seen on a growing path. This is evident from the Magicbricks' data that states that currently, the city has approximately 60 projects that offer properties priced below Rs 20 lakh.
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In addition, locations that are offering such properties are primarily in the extended suburban region of Pune, such as Jejuri, Peth, Keshe Park, Bhor, Kamraj Nagar et al. Most of these places do not have proper infrastructure and public transportation to support habitation. So what are the options for Pune buyers?
In addition, locations that are offering such properties are primarily in the extended suburban region of Pune, such as Jejuri, Peth, Keshe Park, Bhor, Kamraj Nagar et al. Most of these places do not have proper infrastructure and public transportation to support habitation. So what are the options for Pune buyers?
Affordability vs new developers
Buyers with budget limitations are banking on under-construction or pre-launch projects which are available at much lesser prices. "Projects which have had a soft-launch are almost 20-30 percent cheaper. However, the risk associated is very high especially for first time home buyers who are considering the option for end-use," says Krishna Raj, managing partner, KCR Prop Solutions.
Another property pundit states that buyers should avoid pre-launch projects, especially when the builder is new. "Reputed builders can be trusted because they have an image to maintain and possess publicly known funding channels. It is difficult to assess the financial situation when it comes to new builders," says an industry insider.
One of the easiest ways to check a builder's authenticity is to find out whether banks are offering loans and have approved the project.
On the other hand, a ready property from a new builder can be an option to consider as the construction quality and the legality can be easily judged. Moreover, properties from relatively new builders price their projects competitively.
Smaller units, big localities
Areas, such as Wagholi, Kalyani Nagar, Viman Nagar, Baner, Aundh, Kharadi and Hinjewadi are some of the popular localities which have smaller units within Rs 30lakh. Most of these units are sized below 500 sqft which suits the need of young couples who have less time to maintain their property but want to own a house within a modest budget. Investing in such localities is a win-win situation for buyers as these are within the city limits and offer properties at an affordable budget.
Areas, such as Wagholi, Kalyani Nagar, Viman Nagar, Baner, Aundh, Kharadi and Hinjewadi are some of the popular localities which have smaller units within Rs 30lakh. Most of these units are sized below 500 sqft which suits the need of young couples who have less time to maintain their property but want to own a house within a modest budget. Investing in such localities is a win-win situation for buyers as these are within the city limits and offer properties at an affordable budget.
"Smaller units are in demand for outright purchase as well as for rental accommodation. Company leasing and serviced apartments are the other two categories which have raised the demand for 1BHK units," adds Raj.
Constructing affordable housing can be a challenge for developers due to rising cost of land. But for a city like Pune, where land parcels are still available in abundance; this can be an opportunity to meet the goal for affordable housing and Housing for All by 2022.
Constructing affordable housing can be a challenge for developers due to rising cost of land. But for a city like Pune, where land parcels are still available in abundance; this can be an opportunity to meet the goal for affordable housing and Housing for All by 2022.
Source - ET
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