By Rohit Kothare on May 17, 2019 12:32:20 PM
A thriving, vibrant metropolis, Pune was once the capital of Peshwas. Thanks to its cool and dry climate, it also became the Bombay Presidency’s monsoon capital. Now the city is a bustling hub of multifarious people and activities and is in the contention of one of the top metropolitan cities in the country.
Pune is a centre of academia and business that epitomises ‘New India’ with its baffling mix of capitalism and spiritualism (ancient and modern). As IT and automotive industries are digging their roots in city limits, the cultural capital of Maharashtra is becoming an investment hotbed.
And to add to all this, a sound public infrastructure and a sea of housing options across luxury & budget segments have made Pune as one of the most sought-after realty destinations for buyers across the country and overseas.
Let’s go through a step by step process to know who, where, when and how to buy a home in Pune?
The ideal buyer persona
The residential real estate segment in Pune has witnessed considerable demand from non-resident Indians (NRIs), mainly for stable returns on investment and handsome rentals. However, does it mean people do not prefer Pune for residential purpose? Absolutely not!
Pune has become one of the primary considerations of future residents. One of the best hospitals, schools, active lifestyle options, security and picturesque surroundings have made a home buying decision in Pune easy for many.
A home buyer can be anyone, but according to the most recent trends, it can be said that IT professionals between the age of 25 to 45 and automotive professionals between the age of 30 to 50 years are making a shift here. The decision to buy a home in Pune also comes with the cultural mix you are looking for. Pune comprises people from all over the world and serves a diverse culture for all.
Occupation can vary from a supervisor in an automobile company to a manager in an IT company. Moreover, if you are confused to know whether you qualify to buy a house in Pune or not? Check out our blog on Who qualifies as a first time home buyer?
Even if your monthly income surpasses seven figures having a definite purpose surely helps.
From the vast ocean of homes, anyone can easily get confused while searching a property in Pune as housing options are as varied as the tastes of people in the city.
Related Post - Features and Amenities to Look for When Buying a Home
So what should you consider while buying a property in Pune?
Just answer four simple questions, and you will be sorted.
- What is your aim to buy a house - to reside or to invest?
- What would be most suitable for your family - proximity to work or lifestyle amenities?
- What is your budget including property cost, taxes, renovation, brokerage, etc.?
- Lastly, who and how many family members will be staying in the home?
Pune attracts property buyers from all over the country and overseas. So, it’s better to clear your considerations before making a decision. Answers to questions mentioned above hugely shape the buying decisions, which lead you to the next step.
Now that the purpose has been defined. Move to the decision on the area that best suits your purpose. So if you have moved to Pune because of work, areas like Kharadi, Viman Nagar, Hadapsar, Hinjewadi, Sus, and Wakad, may suit you the best. These areas have a diverse and cosmopolitan population.
Related Post - Who Qualifies as a First Time Home Buyer?
Here is a list of some of the most preferred location with approx prices in per sq. ft.
Cost (per sq ft) in Rs.
Similarly, if you are a Maharashtrian, and prefer to stay connected to the core areas of the city, then areas of Bavdhan, Kothrud, Karvenagar, Koregaon Park etc. would suit you better. Moreover, each location offers a distinct surrounding and lifestyle, which is closely inter-linked with the third fundamental aspect of this process.
Once you are through with the above steps, zero in on a property and delve into the available options.
Also, if you are confused about what to look for when buying a house? We have created an awesome checklist, so do have a look at it. Please find the checklist at the end of a blog.
Related Post - How to Save for Buying Your First Home?
A few more essential benefits first time home buyers can reap are:
- According to recent change in tax rates, the government has reportedly cut GST rate from 12% to 8% for houses purchased using the credit-linked subsidy scheme (CLSS) under Pradhan Mantri Awas Yojna.
- Fact-of-matter: “The first-time homebuyer with a family income of up to Rs 18 lakh per annum will be eligible for a benefit of up to Rs 2.5 lakh while buying a house or apartment of up to 150 square metres (1,615 sq ft) carpet area under the Credit-Linked Subsidy Scheme.” - Times of India
- The first time home buyer can avail benefits like deduction in taxes, deduction on GST, deduction on subsidy slabs, deduction on interest in his home buying process.