The last decade in India saw property prices spiraling up like never before. With growing urbanization and development of ultra-modern residential projects, the rates for a traditional 2-BHK apartment or a 3 -BHK apartment in cities have risen exponentially. The infrastructure development in cities has also led to the rising prices. While property developers made a lot of hay while the sun shone, the prices have moderated to some extent now with the economic downturn hitting home. In smaller cities like Pune, Nagpur, Surat, Bangalore etc, there has been a lot of development in the real estate market.
In Maharashtra, Pune property enjoys strategic advantage location-wise, being close to Mumbai. Also, the city had developed as an IT hub in the region. A lot of Indian and multinational IT companies have set shop in Pune and are hiring local talent as well as people from outside the state. With an inflow of population, the demand for housing has also grown. Many people who come to Pune to work also settle down here eventually as the city offers all modern amenities on top of a pleasant climate throughout the year. Thus, there is a need to create affordable housing for the salaries class in Pune. Realizing this need, many real estate and property developers have started projects for affordable housing in Pune.
These developers have identified suitable land in and around the city where functionally optimal and aesthetically presentable apartments are being developed in the price range of 20-40 lakhs. There is choice of 1-BHK, 2-BHK and 3-BHK apartments. The housing societies provide all basic facilities like parking space, electricity, running water, a common park and some even provide luxury facilities at an additional charge. This has made it possible for people in the middle level salary range to own their own houses in Pune.
Even the state government declared 2009 as the Year of housing for common man’ NAd local developers have picked the cue. The government is providing them with the required infrastructure and necessary permission to build affordable housing projects. Many developers have raised money through funding for property in Pune while others are looking at joint ventures. Some housing societies are coming together on their own to acquire land at subsidized prices and develop residential units as per the requirement of the dwellers.
The Pune Municipal Corporation has also become active in this regard and is developing affordable housing complexes for its staff. There is also stress on relocating slum-dwellers in decent accommodation to make Pune a truly world-class city. The state government is also looking to partner with private firms to speed up the projects and build low-cost housing. The state government, on its part, is not just speeding up the approval system but also giving premium discount to developers willing to work on such projects.
Thus, it is clear that the time for properties with insane prices is over and the new era is of affordable housing in Pune. Those developers who have realized this need and delivered accordingly will prosper in the long run.