Is property in Pune hot?

"Bowled over by the property rates in nearby Mumbai, I decided to scout for my dream home in Pune. A 2-hour ride through the Mumbai-Pune express way landed me into a place called Shivaji Nagar, hardly few kilometres away from Mumbai. Immediately, I spoke to a real estate agent on the property rates and I was absolutely shocked on what I heard!

I was told that the rates of the property are as follows
. Per square foot for a 2 Bedroom Hall Kitchen - 2000 per Square Feet
. Per square foot for a Bungalow - 2250 per Square feet

"That's impossible", I told him. Only last year, the rates were in the 1000s. Why could the rates go high? When I asked him, he told me "Sir, look around." It was then that I knew the reason for the steep increase in prices of property in Pune. I had been to the same place a year before. Then, it was all open spaces and today, it has construction work going on in 20 something skyscrapers with more to come.

I asked the real estate agent on what were the reasons behind the construction boom. He told me that following reasons:

. Mumbai is getting to be a costlier place to live and hence a lot of people want to migrate to Pune. The lifestyle in Pune is pretty much mirroring itself on Mumbai, hence people who have lived in Mumbai would not miss much.
. Pune has got an international airport and is well connected to all major cities of India by train.
. Pune has also become one of the top Tier II cities that have thrived on the IT boom. Companies mostly BPOs have set up base here in Pune. As these companies pay their employees big, people have more money to invest in property.

I so badly wanted to buy a property in Pune as I was charmed by the city's slow pace. What a shame as my dreams were squashed by the high rates! This was when my agent told me that he would take me to an alternative place about 20 kilometers away. He told me that I could find a place as per my budget there.

When I went there and did a short analysis, I found that Pune is not all expensive. With a cost of 500 per square foot, I did not need a second invitation and immediately bought over the bungalow. I knew that this rate could go up to 2000 per square foot the next time I come to Pune. Parvez Chauhan, the author of the article speaks extensively on the real estate scenario in Mumbai and Delhi."
Parvez Chauhan
Nahan, Himachal Pradesh, India
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