Education &
Its Impact On Pune’s Property Market..
By Mr. Kishor
Pate,
CMD,
Amit Enterprises Housing Ltd
The Oxford of the East title is commonly used in context with
Pune because of the number of reputed schools, colleges and management
institutions in the city.
Apart from the real estate spaces required for the many
educational institutions seeking to make an entry or to expand in Pune, this
fact has also served to drive demand for residential real estate.
Variety of schools and
colleges..!
Many families prefer living in Pune because of the variety of
schools and colleges available within easily commutable distances. Reputable
developers make it a point to source plots in areas that have ready access to
these institutes by private and public transport. Large schools too have
responded by ensuring that their own school bus services reach all parts of the
city.
In fact, access to schools and colleges is an important
criterion for families who are looking for homes in Pune. For that reason,
property prices also tend to be higher in locations which are close to
established educational institutions.
Nevertheless, the marginal premium that home buyers pay for this
convenience is still far lower than it is in cities like Mumbai, Bangalore and
Delhi. Nor does proximity to schools and colleges necessarily carry the same
market clout in all cities.
In a city like Mumbai, home buyers are primarily concerned with
buying flats that allow them to travel to and from work. In smaller cities like
Pune, reaching work is not as serious a challenge.
The public transport system may not be cutting-edge, but most
families find that their personal vehicles suffice for most commuting purposes.
Nor is shopping anywhere as perilous in a retail boom-town like Pune, as it is
in the larger metros, where few people can hope to access anything better than
a ‘kirana’ store for their daily needs.
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| Kishor Pate, CMD – Amit Enterprises Housing Ltd. |
Home
buying considerations
Also, Pune has more hospitals, clinics and assorted healthcare
facilities per square kilometer than most other cities in Maharashtra (with the
exception of Miraj and Sangli, which are more or less hospital towns).
With a number of other home buying considerations taken care of
in many of Pune’s
established and upcoming areas, proximity to schools
continues to be high on priority list of property buyers.
This is why, from a property investment point of view, buying a
home in Pune which is close to one or more established educational institutions
is an important hedge against real estate market variations.
A cursory study of pricing trends certainly indicates that
residential properties which are near to a couple of good secondary schools
appreciate better than others. Savvy property investors know that even in a
recessionary market, a city’s social dynamics do not vary far from the norm.
With shopping, healthcare and workplace access not necessarily
serious constraints, families in Pune nevertheless give utmost importance to
the needs of their children. It is not without reason that developers in Pune
whose project locations justify such claims highlight proximity to schools in
their promotions.
Cost-saving advantage
Most families in Pune see such proximity both as a cost-saving
advantage, as well as a source of peace of mind. Thanks to the fact that
prestigious and established educational institutions are not transient by
nature, these advantages are locked into a location over many years.
It is therefore also much easier to sell such properties later
on. This is an important investment factor that everyone considering the
purchase of a home in Pune should take into consideration.
About The Author:
Mr. Kishor Pate, Chairman & Managing Director of Amit
Enterprises Housing Limited, is the driving force behind one of the country’s
most successful real estate development firms in Pune and beyond.
Apart from
its signature luxury homes towers and premium gated townships, AEHL has also
launched highly successful affordable housing projects like Astonia Classic in
Undri and Astonia Royale in Ambegaon.
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Jay Kalghatgi
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