Far flung suburbs are the new hot spots for the young and the restless in Pune
Far flung suburbs are the new hot spots for the young and the restless in Pune
As the real estate market is steadily getting back on its feet, it has buyers between the age group of 25 to 35 years who prefer developing areas like Wakad, Pimple Gaurav, Pimple Nilakh, Rahatni, Khergoan, Ravet and Sinhgad Road.
Experts from the real estate business feel that various factors like prices and living condition influence their decision.
The realty price was one of the deciding factors for 31-year-old Vinod Chaudhuri, who recently purchased an apartment at Christine Grandier, Wakad, he added, "I had three reasons to buy a property here. One was of course the price, which it is 30 per cent less than that in Aundh and Baner. The connectivity is great as it is five minutes from the highway and is also close to my workplace. I am glad we decided to buy a place here."
Growing trend
Consultants have also seen a 60 per cent growth in the last three years where younger investors have seen to be showing an interest in these areas.
Santanu Mazumdar, Branch Head, Night Frank Pvt. Ltd, a consultancy, maintains that affordable pricing is the factor in the changing mindset. He said, "The crowd who invest in these properties are mostly those with three or five years of work experience. They do not want to spend a big amount of money, but prefer flats within the bracket of Rs 15-16 lakh, which is available only in these areas. So they are not reluctant to invest here. It's easy for them to get the loan and the EMI is also affordable."
According to Raju Punjabi, Director, Rama Group who has a project coming up at Ravet and Chikli, "Young professionals can save on the extra bucks and spend the money in investing in home du00e9cor or buying a car instead. If one gets a flat at a lesser amount than anticipated, they prefer investing the rest of the money in something else."
Apart from the prices, the changing attitude and mindset of the younger crowd are also a reason behind the changing trend. As youngsters are not worried about the locality and distance, they prefer a value-added place.
Atul Goel, Managing Director of Goel Ganga Group, who has numerous projects at Khergaon, Pimple Nilakh, Rahatni, Valabhnagar and Undri, thinks that as the younger lot is not connected with their neighbours or the society, they so not mind staying in far flung areas.
u00a0He adds, "Also, they prefer first hand products, be it a car or a flat. If a first hand place fits in their budget, they grab it. As these new areas have apartments with better amenities, they attract the crowd better."
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