Author: Ankit Goel, Director- Goel Ganga Developments
Whenever any person dreams about buying a home, the first thing that comes to mind is – will that be affordable and the price of the flat fall within my budget? That’s why affordable housing is a buzz word and has gained immense momentum in the past few years.
One of the biggest reasons behind such an unprecedented push to affordable housing is the focus on real estate policies by the Modi government. Further, this Union Budget brought some additional relief to homebuyers in terms of affordable housing as Union Finance Minister Nirmala Sitharaman provided the much-required succor to the affordable housing segment.
Affordable housing as of now basically means homes costing up to Rs. 45 lakh.
Now, with the push, the affordable housing segment is expected to flourish in Pune too and in a big way. Pune, the second largest city of Maharashtra and the eighth-most populous city in India, has many feathers already placed on its cap as the city has been ranked as the most livable city in India in various surveys.
Post Covid-19 pandemic, as India is bouncing back to its original real estate potential with many green shoots and positive signs in the realty market, this time is apt for homebuyers looking forward to the affordable housing segment. Property value in Pune is giving attractive returns to homebuyers. Also, even rental incomes are promising, if one is considering home buying as a part of investment strategy.
Moreover, a considerable reduction in home loan interest rates has led to enhancement in affordability.
Moreover, the gradual appreciation of property prices in Pune is also a win-win for homebuyers and developers. Due to prestigious institutes, metro rail and even extension of Pune rapid transit system and one of the best environment in terms of cities are some of the added advantages if one chooses to buy a home in a vibrant city like Pune. In August 2020, Pune showed a big jump of 22 spots in Swachh Surveksha in 2020 rankings and ranked 15th cleanest city in India.
Moreover, real estate players in Pune are known for delivering projects within the defined possession time frame. Realtors in Pune have a proven track record of giving possession on time under normal circumstances, and hence increasing the confidence of homebuyers to invest in Pune for their dream residential space under the affordable housing segment.
All these factors coming together make Pune one of the best cities to invest in and be in your dream home that too within a defined budget under affordable housing.