With the continuous rise in Pune as a thriving metropolis, the demand for affordable housing is directly proportional. This has created the need for a supply of affordable housing projects to cater to this market demand. 

Real estate in Pune is already bustling and reaching new heights with every passing quarter post covid. The major attribution to this is the growing spending power of the middle class, enhanced living standards, and the increasing awareness about better services and offers. 

Therefore, in this blog, let us explore the evolving scenarios of Affordable flats in Pune and decipher the major reason for this.

Why is Pune in the forefront of real estate development in West India

Being the 2nd largest contributor to Maharashtra’s economy, right after Mumbai, the city has much to offer. A constantly growing job market, improved educational institutions, and quality of living are the major factors. However, amidst this dynamism, the real estate market is experiencing new heights. Here’s why! 

• Improving connectivity

Roadways have always been the primary mode of transportation in Pune. However, the arrival of metro rail has made public transportation more convenient. This is backed by several new roads, including several ring roads, new expressways, and bypasses. 

The upcoming Navi Mumbai International Airport will further increase international connectivity, boosting more foreign investment and business presence in the city. 

• Increasing employment opportunities

Pune is already home to several automobile behemoths. However, the IT revolution has started a new sector in the city. The real estate market is experiencing higher demand for rental values, and if you are looking for a new 2 BHK flat in Pune for investment, this is a great time to start. Investments made near these IT parks, most of them present at Hinjawadi, Kharadi, Koregaon Park, and Pimpri-Chinchwad, are highly beneficial. The reason is their potential to attract high rental value and long-term capital appreciation for the property. 

• Subsidies and Government initiatives 

The role of any state or central government in boosting the real estate hotspot is crucial. In Pune, initiatives like the Pradhan Mantri Awas Yojana (PMAY) are incentivising real estate builders and developers to launch new affordable housing projects. The government is rolling out subsidies and financial support to both builders and homebuyers. 

Both the state and the central governments are offering attractive loans for investments made in affordable flats in Pune. Lower interest rates, longer tenure and waived processing fees are some ways aimed to attract middle and lower middle class homebuyers to invest. 

• Evolving micro-markets and technology

Emerging micro-markets, mainly the outskirts, are attracting more developers to launch affordable housing projects like Kohinoor Shangrila in Pimpri Chinchwad, Pune. Projects like these are strategically located in areas that will be the major developing areas in the future. However, developers ensure that areas are easily connected to all major employment hubs with decent civic and physical amenities.

Technology plays an important role as well, and developers are adopting innovative designs and advocating integrating technologies in construction. This not only optimizes cost but also ensures construction quality is not compromised. 

Real Estate Trends That shouldn’t be ignored by homeowners in 2024

In 2024, it is essential that your real estate investment is in sync with the future trends. This ensures that your property stays relevant to future demands and can enjoy a high return on investment. 

Here are some trends that you as an investor should keep in mind while investing: 

• Smart homes with home automation, energy efficiency, smart locking systems, and more will be in demand.
• Focus on green development with open space and greenery. 
• Sustainable and eco-friendly development includes installing renewable energy generators (solar panels), rainwater harvesting, and sewage treatment plans. 
• Natural lighting and fresh air ventilation 
• Smart use of carpet area to maximize usable space. 

Now that you understand why one should invest in Pune today, it’s time that you are aware of the new 2 BHK flats in Pune that are not only affordable but also come with the prospect of booking high capital appreciation in the future.

Kohinoor Shangrila in Pimpri Chinchwad, Pune

A residential project under construction in Pimpri-Chinchwad, Kohinoor Shangrila, spreads across 3.92 acres. The project comprises a total fo 3 towers, each of 22 storeys, with a total of 260 spacious 2 and 3 BHK homes. 

These are completely RERA-approved properties, and Kohinoor Group’s strong legacy in the real estate industry ensures quality construction and timely delivery. 

An epitome of luxury available with affordable pricing, Kohinoor Shangrila has several location advantages coupled with multi-modal connectivity and well-thought-out features and amenities. 

Here are some of the location advantages along with its features:

• Pimpri Chinchwad Railway Station is just 1.3 km 
• Pimpri Chinchwad Metro Station is just 0.6 km 
• Close proximity to Mumbai – Pune Expressway
• Educational institutes like Dr D Y Patil Vidyapeeth, SNBP Law College, ASM (CSIT) College Of Commerce, Science And Information Technology, and ATSS College under a 2 km radius 
• Surrounded by Global Automobiles Companies

The Final Call 

Whether you are a first-time investor or have already invested in Pune’s real estate, it is clear that the city has something for every type of investor. 

The city is a real estate haven for its strategic location, improved connectivity, increasing employment opportunities, evolving micro-markets, and subsides provided by the local and central government for investments made in affordable flats in Pune. In this increasing real estate dynamics in Pune, investors must be aware of the latest trends in real estate. 

Investing in properties that are future-ready and are synced with such trends is important. However, if you are looking for a future-ready investment, Kohinoor Shangrila in Pimpri Chinchwad, Pune, is a great choice to begin with. Multi-modal connectivity and strategic location advantages for all major universities will make them prone to high demand in the future. And, as an investor, you can enjoy stable monthly rental incomes along with promising returns in the long term. 

Happy Investing!