New projects in Pune in the peripheries of the city are on the upswing due to the rise of the IT sector in the city. A recent announcement by the Prime Minister will lead to a greater boost for property in Pune’s outer regions and peripheries.
The PM’s Impetus to Spur Realty
Speaking to the entire nation on New Year’s Eve, the prime minister announced that urban households who earned an annual income of up to 12 lakhs would be eligible for a reduction in interest rates of up to 4 percent on a home loan valued up to 9 lakh. This lower rate of interest on real estate in Pune and elsewhere in the country would be carried out under the Pradhan Mantri Awas Yogana.
Urban households which earned up to 18 lakhs annually would be eligible for a rebate of up to 3 percent on a home loan up to 12 lakh rupees. These government initiatives will have a beneficial impact upon flats for sale in Pune’s peripheries; meaning that there is expected to be greater demand for such flats in Pune.
Regions expected to be Impacted
The regions on the outskirts of Pune, particularly the suburbs, are already an attractive and in demand localities due to the relatively affordable flats in these regions. Government initiatives that attempt to lower the borrowing cost for buyers are expected to further spur demand for homes in these regions. According to reliable data, a home can be bough in regions such as Ranjangaon, Shikhrapur and Saswad Road, and the Sirwal Satara stretch for as low as forty lakh rupees. It is expected that property in Pune in regions such as Ranjangaon and Shikhrapur will be bestowed upon them the status of satellite townships and will be a hotbed of activity which is expected to lead to a huge infrastructure upgrade in these regions as well.
Excellent Social Infrastructure and Connectivity
In addition to the mentioned activity above, with an upcoming airport at Purandar, these regions will soon enjoy far greater connectivity with the rest of the country. Many experts also believe that far better social infrastructure in these regions is also likely to lead to greater demand for property in Pune, in particularly at the periphery.
The Target Consumer
While the government’s initiative is expected to spur demand for flats in Pune from among first time homebuyers; the suburbs of Pune are regions at which households who already own a house buy properties. Many of those who are expected to buy flats in Pune at the regions mentioned above are likely to already own another home.
Additionally those who live as tenants in the city of Pune also aspire to own their own home, this leads them to purchase a home on the cities periphery as prices at this region are far more affordable than at the city center. Such households are expected to buy a home under the PM’s scheme as well.