Pune Real Estate Paradise
Ajit Bhagnani, a chartered accountant from London has bought a house in Kondhwa and also commercial place in Sohrab Hall. Amit Choudhari, also from England, has invested in an entire building in Kharadi. Similarly, Rana Sengupta from South Africa has bought three flats in areas like Viman Nagar, Kalyani Nagar and Kharadi. There are many like Bhagonani, Choudhari and Sengupta, who are parking their money in Pune's flourishing real estate industry. Experts point out that in the last one-year , several Non Resident Indians (NRIs) have invested in multiple properties - commercial as well as residential - in Pune. This trend is attributed to "reasonably good return on investments" and the "growth of the IT sector" in the city. Also, owning a property in the Motherland is one of the guiding factors . But the fact that Pune is a safe parking lot for their money, rules over all the other factors. Take the case of NRI Ramesh Kriplani, who has been living in New Jersey for the last eight years. He decided to buy a house in Pune mainly because of the "booming economy in the city" and also the city has a bright future.
Nari Karnani, another NRI who owns a company in Barbados, has bought three flats in the city and is about to finalise on the fourth one. Before purchasing his first property in Pune, he scanned the real estate market in Bangalore. "I simply fell in love with Pune. I loved the peace and tranquillity here. The first time I came to the city for my cousin's wedding, I thought it was a hill station," says an impressed Karnani. Most importantly, the city is not too far from Mumbai, the commercial hub of the country. "Investment in real estate is extremely common among the NRI's ," says Shivlini Babhulkar of Shiba Consultancy on Senapati Bapat Road. She explains that other than looking at the properties as investment options, the NRIs purchase houses in the city for their retirement. Babhulkar points out that unlike locals who prefer 2BHK homes, NRIs like to invest in larger houses. "They prefer independent bungalows, row houses and condominiums. This is mainly because someday they would want to come and stay here. And their house cannot be any different from what they are used to abroad," explains Babhulkar.
Mukesh Charbhe of Pune Hot Properties and Projects Pvt. Ltd, seconds Babhulkar's point of view. "Every NRI wants to ensure that in case he comes back to the country, his house should be comfortable enough for him to live comfortably," he says. "The biggest yearning for the NRI is to maintain a lifestyle similar to the one abroad. The best way is to invest in a home that closely resembles the one he has been accustomed to living abroad," explains Jayant Shivdasani of Chetan Enterprises. He adds that the NRIs are ready to spend a little extra in projects that offer state-of-theart amenities. Experts explain that till last year, NRIs preferred investing in properties in Mumbai. But now that the IT industry is growing by leaps and bounds in the city, NRIs prefer Pune to Mumbai. Moreover, thanks to Expressway, the distance between Pune and the commercial capital of the country has reduced considerably.
Ravi Verma of Estate Agents Association of Pune explains that the trend that started a year ago is fast picking up. "Now we have NRIs purchasing entire buildings in townships, commercial land and also readymade space. They are interested in investing in commercial property that can be rented out. Good returns on investment is a guiding factor," he says. The developers are obviously happy with NRIs coming to Pune. Hemant Naiknavare, MD, Naiknavare Associates explains that the NRI investment in the real estate industry in Pune is not limited to merely purchasing properties. Some of them have turned developers. "There are NRIs who purchase large chunks of land in the city and then develop townships or similar high end products. Some piggyback on large projects by investing in two or three flats while the construction is in process. By the time, the project is ready, their investments multiplies," says Naiknavare. All in all, it's a win-win situation for the NRIs as well as the real estate industry in Pune.
Nari Karnani, another NRI who owns a company in Barbados, has bought three flats in the city and is about to finalise on the fourth one. Before purchasing his first property in Pune, he scanned the real estate market in Bangalore. "I simply fell in love with Pune. I loved the peace and tranquillity here. The first time I came to the city for my cousin's wedding, I thought it was a hill station," says an impressed Karnani. Most importantly, the city is not too far from Mumbai, the commercial hub of the country. "Investment in real estate is extremely common among the NRI's ," says Shivlini Babhulkar of Shiba Consultancy on Senapati Bapat Road. She explains that other than looking at the properties as investment options, the NRIs purchase houses in the city for their retirement. Babhulkar points out that unlike locals who prefer 2BHK homes, NRIs like to invest in larger houses. "They prefer independent bungalows, row houses and condominiums. This is mainly because someday they would want to come and stay here. And their house cannot be any different from what they are used to abroad," explains Babhulkar.
Mukesh Charbhe of Pune Hot Properties and Projects Pvt. Ltd, seconds Babhulkar's point of view. "Every NRI wants to ensure that in case he comes back to the country, his house should be comfortable enough for him to live comfortably," he says. "The biggest yearning for the NRI is to maintain a lifestyle similar to the one abroad. The best way is to invest in a home that closely resembles the one he has been accustomed to living abroad," explains Jayant Shivdasani of Chetan Enterprises. He adds that the NRIs are ready to spend a little extra in projects that offer state-of-theart amenities. Experts explain that till last year, NRIs preferred investing in properties in Mumbai. But now that the IT industry is growing by leaps and bounds in the city, NRIs prefer Pune to Mumbai. Moreover, thanks to Expressway, the distance between Pune and the commercial capital of the country has reduced considerably.
Ravi Verma of Estate Agents Association of Pune explains that the trend that started a year ago is fast picking up. "Now we have NRIs purchasing entire buildings in townships, commercial land and also readymade space. They are interested in investing in commercial property that can be rented out. Good returns on investment is a guiding factor," he says. The developers are obviously happy with NRIs coming to Pune. Hemant Naiknavare, MD, Naiknavare Associates explains that the NRI investment in the real estate industry in Pune is not limited to merely purchasing properties. Some of them have turned developers. "There are NRIs who purchase large chunks of land in the city and then develop townships or similar high end products. Some piggyback on large projects by investing in two or three flats while the construction is in process. By the time, the project is ready, their investments multiplies," says Naiknavare. All in all, it's a win-win situation for the NRIs as well as the real estate industry in Pune.
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