The Hindu Business Line : Pune garners Rs 45,000-cr investment

If Pune is witnessing a heavy action, it is not without any reason. Investments are fast flowing into the district and according to statistics, it has brought in to itself investment as close to as Rs 45,000 crore, during the past three years, out of the total 72,000 crores which the State had got for itself.

This fact is corroborated by the State Minister for Industries, Mr Ashok Chavan, while noting that more than 60 per cent of the investment had come into Pune. And with all these investments coming in, people from across the country have now begun to look at Pune as an investment option especially for residential purposes.

It is not a new trend that has begun, as Mumbaikers even in the early days used to buy flats and either let it out on rent or used to keep it closed as a weekend get away. But now the trend has caught on like fire. “A second home will earn you rich rental returns and if it is in a weekend destination, it would provide the much needed break from the hustle and bustle,” is how many of the buyers who own a second house putsit.

Return for investment

“We had bought a house way back in 1988 at a paltry sum of Rs 1.25 lakh for a 1 BHK (bedroom, hall kitchen). Now if i am to sell it, I can quote anywhere above Rs 10-12 lakh. This is the kind of returns that I am getting for an investment which at that point of time I had thought of it as of not much value. I am a true Mumbaikar and I would not even think of shifting,” is how a buyer talks about his ‘now cherished second home.’ According to industry experts, the concept of investing in a second home is being redefined and the concept is no longer restricted to the affluent individuals. Rates too vary depending on the locality selected such as Pimple Saudagar or known as Aundh Annexe, Aundh,Wakad and moving a bit further away, Talegaon, Dhanori, Shirwal, Undri offer a weekend destination at a comparitively cheaper rates.

IT boom

Customers today are no longer looking at just the four walls, but are now looking at customised homes with all the latest technology and gadgets. About 15 per cent of the buyers are from Mumbai and they prefer Pune for its climate and proximity to home. And these fully automated apartments are available in a range of two to four BHK from 1,500 sq ft to 7,000 sq ft and could range between Rs 70 lakh and Rs 6 crore.

And it is basically the software professionals who are now looking at this segment with renewed vigour. “We have recently bought a flat in Pune. We already have one in Bangalore. And we would be shifting locations as per the project goes. But just a look at the amount I can pick up as rent when I move out, I feel that this investment would be a gold mine to me,” a buyer added.

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