by Mr.
Kishor Pate, CMD – Amit Enterprises Housing Ltd.
Mumbai had for long
held the title of being the most desirable city in India to live in. This had
nothing to do with ease of living and everything to do with its economy.
Despite the fact that
life in Mumbai is hard for everyone but the richest of the rich, it trumped all
other cities in the quality and availability of jobs.
However, this
perception has now changed forever. Just 200 kilometers away, Pune has emerged
as the more preferred destination on every count – lifestyle, job opportunities
and real estate investment.
It all began with the
Mumbai-Pune expressway, which reduced the distance between the two cities.
Today, people can actually work in Mumbai and live in Pune.
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| Kishor Pate, CMD – Amit Enterprises Housing Ltd |
Pune is still seeing
a very healthy demand for property. While neighbouring Mumbai is now being seen
a largely unaffordable, real estate investors are now flocking to Pune in order
to participate in the real estate boom in this city.
According to
Magicbricks' Housing Sentiment Index, Pune saw only a marginal correction in
sentiment while Mumbai, which was already looking at subdued sentiments for
over a year now, is still in the grips of a prolonged slowdown in its real
estate markets.
Thanks to the massive
growth in Information Technology industry and rapidly improving connectivity,
West and East Pune are now the most preferred real estate destinations.
Consistent Growth..!
Pune property market
has been even more noticeable over the last two years. The steady momentum has
been the key to healthy growth in real estate demand in Pune. In terms of
appreciation too, investment in the Pune market is far superior when compared
to Mumbai.
According to real
estate property consultancy Cushman & Wakefield, Mumbai saw only 16%
appreciation in 2014 while Pune recorded the highest national increase in
capital values at 39%.
Cost Of
Real Estate..!
Real estate in Mumbai
is getting more and more expensive every day. For someone looking to buy a
small apartment (600 square feet of space) in Mumbai, the minimum required
corpus should be nothing short of Rs. 1 crore.
As a result, more and
more Mumbaikars are moving to the outskirts and fringes of the city including
places like Thane and Navi Mumbai, where property prices are lower.
On the other hand,
Pune provides a variety of options within the city at prices between Rs. 30 to
Rs. 70 lakh.
An
Easier Lifestyle..
More and more
Mumbaikars finding it hard to maintain any kind of lifestyle at all in their
parent city within their incomes are moving to Pune.
Though Pune is not
yet a metro, it offers property choices and a lifestyle that completely matches
that of any metropolitan city in India, with a cosmopolitan lifestyle which is
still very much affordable.
According to the data
aggregator site Numbeo.com, the cost of living in Pune is decidedly lower than
in Mumbai.
According to
Numbeo.com:
Consumer Prices in Pune are 6.91% lower
than in Mumbai
Rent Prices in Pune are 59.70% lower than
in Mumbai
Restaurant Prices in Pune are 16.48% lower
than in Mumbai, and
Local Purchasing Power in Pune is 4.25%
higher than in Mumbai
The higher purchasing
power in Pune is not without reason. Apart from the fact that almost everything
is cheaper in Pune, the city is also the fastest-growing IT hub in India, which
means that it is generating several thousands of well-paid jobs every year.
This fact is drawing people from all parts of the country to Pune.
Today, even
celebrities are moving to Pune - not because of the cheaper residential rates
but because it is a less crowded and far more pleasant city with much better
weather than Mumbai. Also, Pune's property market offers larger and
better-planned homes.
About The Author
Mr. Kishor Pate,
Chairman & Managing Director of Amit Enterprises Housing Ltd. is the
driving force behind one of the 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 and Colori in Undri and the Mediterrenean-style
township Astonia Royale in Ambegaon.
For media contact
Jay Kalghatgi
Client Interface -
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Mobile: 93201 42248
jaykalghatgi@gmail.com
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