Pune AN Emerging Smart City

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

Government has taken initiative to develop few of the major cities of India like Pune, Jaipur, Surat, Kochi etc. The Government is planning to transform these cities into smart cities by developing world class infrastructure, creating more job opportunities and enhancing lifestyle. These planned cities are the business hubs of India. Development of these cities will not only boost business but also helps tourism industry improving India's image globally.

Pune one of the cities in the Smart City mission, is the second largest city in the state of Maharashtra. It is also one of the fastest growing cities of Asia-Pacific region. Prime Minister Narendra Modi has already launched 14 projects in Pune which comprise of street and pedestrian walkway, vehicle health monitoring, maximum solar city, etc. and has initiated 69 projects in other smart cities. The Smart city project will encourage innovative ideas for the development in digitalization, smart meters and ideas that save energy. Under the Smart city mission, the central government will spend approximately INR 48,000 crore over the next 5years and has sanctioned 194cr for Pune smart city mission.

Following are the few characteristics of Pune smart city development:

House at reasonable prices

Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.

Pune constitutes 40% poverty of total population in that city and they contribute to economic growth. Thus, Shelter becomes their prime objective. Therefore, it is decided to build 20,000 houses in coming 10 years.

Infrastructure

This characteristic of Pune Smart City, is to bring up new technologies or upgrade present technologies, to improve the physical infrastructure of the organizations supporting principles of sustainable development. It comprises of transport and water supply as the main projects.

Upcoming start-ups

Smart city plan in Pune has come up with new idea of start-ups, to provide challenging job opportunities for the young population as they are technically skilled, due to many well-known universities in Pune.

A Transit zone

Poor connectivity leads to a barrier to public transport. Therefore, Pune smart city project has decided to make it functional with Metro, BRTS (Bus Rapid Transit System) etc. to provide a good connection with public transports and thus making travelling easier.

Why is Pune an ideal choice for Smart City Mission?

  • It is referred as the 'Oxford of the East' as it marks the presence of excellent colleges and learning centres.
  • Pune has many IT, Automobile, Floriculture, Engineering and Pharmaceutical companies
  • It has an excellent Human resource with literacy rate of upto 92%
  • Pune has witnessed a healthy growth in Real estate market and is considered to be one of the best cities to invest in.
  • Pune is going to be the next IT hub after Bangalore.
Buying Property Tips#6: Inspect the Property
To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
Buying Property Tips#7: Pick the Right Financing Option
While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
Buying Property Tips#8: Invest through Equity
One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
Updated: February 11, 2018 — 3:25 pm
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