In Pune, property and quality of life were once synonymous, but that can no longer be taken as a given. In earlier years, it did not really matter much where one chose to buy property in Pune - all locations were more or less supportive of peaceful family life in their own right.

Today, while considering flats for sale in Pune, one has to consider a number of variables - among them the levels of traffic congestion and pollution, the availability of basic facilities such as water and, of course, quality of the neighborhood.

Let us take Kothrud, for example. This once charming area was one of the first suburbs to be developed after the old city. Even today, it is considered a desirable core area due to its strong connection with the city centre via Karve Road. However, for better or for worse, Kothrud is also mentioned in the Guinness Book of World Records as the suburb with the fastest urban growth in the world.

There's a good news for property seekers in Pune. The city is expanding its territories and adding new sub-urban areas to its borders. This spells more space for real estate developers and builders and more housing units for the property seekers. Adding to joy, is the fact that property values seem to be heading for a stabilisation phase. Recent reports from property markets indicate this trend.

Sample this, the rental value for two-bedroom house in Chinchwad East is currently between Rs 7,000-10,000 per month. These property values are almost same as they were two quarters ago. It's the same story in other localities of the city. The capital value for apartment ranges between Rs 2,500-3,000 per sq ft in Dapodi area. For Kasba Peth region, the property rates for an apartment range between Rs 3,200-3,600 per sq ft. The capital value for plot in Hadapsar range between Rs 10,000-18,000 per sq yard, while the capital value for apartment are Rs 2,000-2,500 per sq ft.

Property brokers and agents say that stabilisation in Pune's real estate market reflects the trend prevalent in the country's property segment. The country's economy is facing a slow-down and it is the same case with the construction sector as well.

Pune's real estate market is pulling itself out of the doldrums of the slowdown. Over the last three months, buyers have begun populating the residential market again and are beating a path to various developers' sites in search of good deals.

While Pune's real estate market was in the deepest throes of the downturn, the 1BHK and studio apartments were practically the only moving products. Today, general buyers preferences have once again evolved to 2-3BHK flats. The most popular price tags currently fall within the range of Rs. 25-65 lakh.

The slowdown had brought about residential space affordability and availability in areas that were previously out of reach for middle-income buyers. Due to reduction in pricing, residential property buyers because of a choice of attractive deals in preferred areas like Baner, Wakad, Kondhwa, NIBM Road and Aundh.

Projects that were put on indefinite hold during the financial crunch are now seeing the light of day, with construction once again on evident across the city. Projects that are due to be launched within a six-month time frame are being advertised heavily.
On the downside, we have been seeing the first stirrings of price escalations in Pune. Based on the fact that the demand revival is still in its infancy, this represents a worrisome scenario which seems to indicate that the slowdown did not deliver a sufficiently convincing message. Owing to the price-conscious buyer profile that generally defines Pune, demand for residential spaces will only continue to grow as long as rates remain rational.s