Flats In Pune And Their Core Consumer Segments

The Pune real estate market is counted among the most active real estate markets in India

. The booming job market here is supported by the developing infrastructure. Several areas such as Kharadi, Pashan, and Baner Annexe that were hitherto just villages, have steadily transformed into urban suburbs.

Various elements that create demand for flats in Pune

Pune has a number of educational institutes, and lakhs of students come here from different states and countries. A number of these students prefer to take up a job in Pune after completing their education.

Another reason for the boom in the demand for flats in Pune is the presence of an increasing number of corporate entities here. Leading names from the automobile, biotechnology, engineering, and software sectors have made their presence felt here. These entities have created thousands of job opportunities drawing in talent from various parts of India and the world.

Thousands of professionals come here for a job and purchase 3 and 2 BHK flats in Pune as an investment in their future. There is a small segment of retired professionals from the defense, government, and private services who prefer to settle in Pune. Retired professionals consider Pune as a convenient and peaceful place with moderate weather conditions. Furthermore, there are a number of people from Mumbai who purchase properties in Pune as they wish to slow down the pace of their life, or explore new business opportunities here.

Supply of residential units by real estate developers

Thus, real estate players in Pune have responded to the demand for flats in Pune from these various consumer sectors. Such builders provide a number of housing options such as studio apartments, 1BHK flats, 2BHK flats, 3BHK flats, condominiums, penthouses, and independent row houses or bungalows.

From a nuclear family standpoint, 2 BHK flats in Pune are more affordable than the other residential options such as row houses and penthouses. In fact, it is the 2BHK apartment segment that is considered most active in Pune. There are a number of real estate developers in Pune that offer compact as well as large 2BHK apartments in Pune. Thus, there is a residential option for just about any budget and family size. Most people look for bank-approved projects so that they can avail home loans while purchasing their dream home.

Pune has a unique market where the demand for house rentals is also high. Thus, a number of people prefer to invest in a second property and rent it out. This becomes a source of a lifetime income. In fact, there is an emerging second property segment that real estate developers are already tapping.

Thus, the demand for flats in Pune will continue to see a stable growth provided that the factors leading to this demand remain stable.

by: Rajesh Chopade

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