In Pune, Over 2,000 Projects Up For Sale Within Rs 50 Lakh
Looking for an affordable house in Pune? Despite the fact that Pune is climbing up the list of preferred investment destinations, there is no dearth of affordable homes. If you are looking at it from an investor's perspective, smaller units, in fact, help you clock in good returns because it is easier to move these in the market.
Consider this.
Radheya Shastri wanted to put her 3BHK unit on rent but because other landlords in the area had touted their properties in the range of Rs 12,000-16,500 per month, their units moved faster in the market. Shastri's 3BHK unit for which she asked Rs 20,000 per month was a difficult one to pitch unless a bigger family was looking out for a 3BHK unit and was willing to spend the amount she asked.
This is exactly what happens in the capital market as well. The menace of unsold inventory usually crops up because developers have brought out units too big, too small or too expensive for the buyer's liking. Hence, a demand and supply mismatch ensues. This happens even in the rental market but the implications are never too alarming because taking a rent cut is not as difficult as taking a cut in the resale market. Hence, a smaller unit has its own set of advantages.
Localities you can bank on
If you are looking at projects under Rs 50 lakh, Hinjewadi, Hadapsar, Undri, Wagholi, Kharadi, Manjari, Bhukum, Mundhwa, Mohammedwadi, Sus, Wakad, Rahatani, Pimpri, Kondhwa, Tathawade, Moshi, Dhayare, Talegaon Dabhade, Ravet, etc, will offer you plenty of choices. Browse through these projects here.
Most of these are 1BHK units in the size range of 550-800 sq ft. However, in areas such as Kedagaon, Bakhori, Talegaon Dhamdere and Ketkawale where properties are within Rs 10 lakh, units are smaller, in the range of 250-550 sq ft.
Also read: Pune's Residential Realty To Ride On Commercial Push
If you are keen on a 3BHK unit within Rs 50 lakh, turn to Shirwal, Jambhul, Baramati, Chakan, Bhor, Shivapur, Lonikand and Dhayari where such units are in the size range of 800-1,200 sq ft. However, basic infrastructure in many of these localities is still in the initial stages. However, the need for affordable housing has led to housing clusters mushrooming all along.
Mind these
- Research about the project thoroughly. Know your locality using information from web portals, formal indices and reviews of those who know the place well.
- Never accept discounts or rate cuts in lieu of the completion certificate. Unstructured sellers may insist on handing over a property even before they have received the permission to do.
- Check for all the legal and relevant documents. This ensures that your property is solely yours, and is undisputed in every way. It will help you in case you want to approach the corporation for any of the amenities or want to sell your house.
- Do note that there have been many instances of unauthorised constructions across Pune. Make sure yours is not one of them. You may want to know how the authorities are going down heavily on such structures. Read here.
- Give some time before the property can yield. Plotted developments yield higher but over a longer horizon. If you are expecting quick returns, go for a ready built property that can fetch you rental returns. Do note, rental returns may be higher if the locality boasts jobs and opportunities.
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