Investing in a flat in Pune is a significant financial decision, necessitating thorough research and due diligence. Pune, often referred to as the Oxford of the East and the cultural hub of Maharashtra, has experienced rapid urbanization and real estate growth in recent years. Given the plethora of options available, prospective buyers must carefully evaluate various factors to make an informed decision. This guide aims to provide an in-depth exploration of the crucial factors to consider before purchasing a flat in Pune, covering prime locations, infrastructure, social amenities, transportation, and other pertinent aspects.
7 Things to Check Before Buying a Flat in Pune
Strategic Location
Before purchasing a flat in Pune, it is essential to identify prime locations that offer a harmonious blend of convenience, connectivity, and amenities. Some of the prominent residential areas in Pune include Koregaon Park, renowned for its upscale residential complexes and proximity to restaurants, cafes, and shopping centres. Another notable area is Baner, which is favoured among IT professionals due to its proximity to Hinjewadi IT Park and diverse housing options. Wakad, situated near Hinjewadi and Pimpri-Chinchwad, is also gaining popularity as a desirable residential destination, offering affordable housing options and excellent connectivity. Additionally, Kothrud stands out as a well-established residential area known for its blend of traditional charm and modern amenities, complemented by top-notch educational institutions and healthcare facilities.
Must Read: Pros & Cons of Buying Residential Property in Kharadi Pune
Infrastructure
When considering the purchase of a flat in Pune, evaluating the area’s infrastructure is paramount. Recent developments and key points to assess include:
- Road Connectivity: Pune has witnessed significant infrastructural developments, such as the widening and improvement of major roads like the Pune-Mumbai Expressway and the Pune-Satara Highway. Additionally, the Pune Ring Road project aims to enhance connectivity between different parts of the city, reducing travel time and congestion. Also, reports have been published that there are plans to build a new road to divert traffic from the Aundh Pune University road and fasten the metro construction.
- Water Supply and Drainage: Pune Municipal Corporation (PMC) has undertaken various initiatives to improve water supply and drainage infrastructure in the city. Projects such as the Bhama Askhed and Khadakwasla dams’ expansion aim to augment water supply, while ongoing drainage system upgrades aim to mitigate waterlogging issues during monsoons.
- Electricity and Power Backup: Pune has a reliable electricity supply, with initiatives like the Smart City Mission focusing on improving energy efficiency and infrastructure. Additionally, housing societies and commercial complexes often invest in backup power solutions like generators or solar panels to ensure uninterrupted power supply during outages.
Must Read: 5 Essential Factors to Consider Before Buying Property in Kharadi
Public Transport
Before investing or buying a flat in Pune, it is important to understand the availability and reliability of public transport options in the city. Pune has made significant strides in improving its public transportation system, including the introduction of the Pune Metro project. The Pune Metro, currently under construction, aims to provide a rapid transit system connecting key areas of the city, including Hinjewadi, Shivajinagar, and Swargate. Additionally, the city boasts a well-established bus network operated by Pune Mahanagar Parivahan Mahamandal Limited (PMPML), offering convenient commuting options for residents living here or for those visiting the city for leisure or business purposes.
Connectivity
Evaluate the connectivity of the prospective flat to major employment hubs, educational institutions, and commercial centres. Recent developments in Pune’s transportation infrastructure, such as the upcoming Pune Metro corridors, are set to enhance connectivity across the city. For instance, the Hinjewadi-Shivajinagar Metro corridor will provide seamless connectivity between the IT hub of Hinjewadi and key commercial and residential areas in Shivajinagar. Moreover, the extension of the metro network to areas like Hadapsar and Kharadi will further improve accessibility to employment centres and educational institutions, ensuring convenient travel for residents.
Amenities
When assessing a residential complex, it’s essential to consider the range of amenities and facilities it offers. Security is paramount, so ensure the residential society has robust security measures in place, including CCTV surveillance, security personnel, and gated access to guarantee residents’ safety. Additionally, check for designated parking spaces or provisions for parking within the complex to accommodate vehicles securely. Recreation is also key to a balanced lifestyle, so look for amenities like parks, gardens, swimming pools, gyms, and community halls that foster recreational activities and social gatherings, enhancing the overall living experience for residents.
Builder Reputation
Checking the reputation of the builder or developer is crucial before buying a flat in Pune. Researching the builder’s track record, previous projects, and customer reviews can provide valuable insights into their reliability, transparency, and commitment to quality construction. Additionally, verifying the builder’s credentials, certifications, and compliance with regulatory standards can help ensure a trustworthy and reputable developer. By choosing a builder with a solid reputation, buyers can be assured and have confidence in the quality and reliability of their investment, ultimately leading to a satisfying and secure home-buying experience. Some of the prominent builders in Pune are Vasupriya Constructions, Godrej Properties, Kohinoor Group, etc.
Legal and Financial Aspect
Before committing to the purchase of a property or flat in Pune, it’s essential to delve into its legal and financial intricacies. This entails verifying the authenticity of the property’s title deeds, ensuring all necessary approvals and permissions are in place, and meticulously examining any potential encumbrances or liabilities. Seeking guidance from a legal expert to navigate through the complex web of legal documentation is vital to safeguard your interests. Moreover, evaluating your financial standing, selecting the most suitable bank for financing, exploring diverse financing avenues, and meticulously scrutinizing the reputation of the builder or developer are pivotal steps in making a well-informed investment decision. By meticulously addressing these legal and financial considerations, you can effectively mitigate risks and facilitate a seamless transaction when acquiring a flat in Pune.
Final Thought
Buying a flat in Pune involves a multifaceted process that requires thorough consideration of various factors. From identifying prime locations and assessing infrastructure to evaluating social amenities and transportation options, each aspect plays a crucial role in making an informed decision. Furthermore, examining legal and financial aspects, such as verifying property documentation and assessing financial capabilities, is essential to ensure a secure investment. Additionally, researching builder reputations and exploring financing options contribute significantly to the overall decision-making process. By meticulously addressing these factors, prospective buyers can navigate the Pune real estate market with confidence, ultimately securing a desirable and rewarding investment in their new flat.
