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Pune Vs Mumbai For Buying Property
It is necessary to understand each step and parameter before buying a property in any area. Pune and Mumbai. Deciding the location is an important part of the decision before buying a home.
If you are confused between two locations which are Pune and Mumbai, then the evaluation of the following parameters of both the areas would help with your home buying decision.
Property Rates in Pune Vs Property Rates in Mumbai
Pune
Due to the peaceful and green environment in Pune, it is noted that the demand for properties is high compared to Mumbai.
This also increases the property rates in Pune. There has been a steady growth in Pune will increase the property rates further.
Currently, the property rates in Pune are affordable because of the high supply compared to demand.
You can avail of an affordable 1BHK in Pune ranging from 35 lakhs to 45 lakhs, depending on the area.
As per the graph of the trend in property prices in Pune during the quarter of April 2022-June 2022, the average property rate was Rs 6674/ sq ft.
Mumbai
Mumbai is costlier compared to Pune because if you are looking for a 600-700 sq ft apartment, then the property rate would be around 80 lakhs-1 crores depending on the area.
The property prices in this city are always 30-40% higher compared to any other city in India. The main reason behind this is its already developed infrastructure and employment facilities.
The property prices in different parts of Mumbai have increased significantly. However, the property rates in Mumbai sometimes vary due to the demand and supply of new housing units.
There has been a surge in property prices due to high property demand. The year-on-year property price appreciation ranges between 1%-5%.
The average property price during April 2022-June 2022 was Rs 17,998/ sq ft.
Infrastructure- Pune Vs Mumbai
Pune
There has been a fast development in IT hubs which has increased the career opportunities in Pune.
The growth in infrastructure in Pune has become noticeable in the past few years. Many celebrities are now buying properties in Pune due to its rising quality of living.
In Pune, the proximity has increased towards educational institutes, real estate market, industrialization, service industry, development in Public sectors and IT sector, etc.
Few of the infrastructure developments of Pune in recent years are the following:
- WiMax zones in Pimpri-Chinchwad and Pune city
- New sewage treatments
- Highway from Katraj to Kondhwa
- International Airport at Chakan has been planned
- Pune Metro Rail is under an extension plan
Mumbai
Mumbai is going through many infrastructure developments which will improve the quality of living in this city.
Few of the infrastructure developments of Mumbai are the following:
- Mumbai metro will extend to 14 metro lines to cover a distance of 350 kilometres
- Navi Mumbai International Airport is under construction
- By September 2023, the Mumbai Trans Harbour Sea Link will be ready
- 650-km long Mumbai-Ahmedabad Bullet Train Corridor is under construction
- Airoli-Katai Tunnel Road is under construction
- Goregaon-Mulund Link Road is under construction
- Coastal Road is under construction which is a 22-km long freeway
Connectivity- Pune Vs Mumbai
Pune
Pune railway station is the major railhead in Western India, hence, it provides great connectivity to major cities.
The Mumbai-Pune six-lane Expressway is 93 km long and it can be covered within 2 hours. Similarly, Pune-Solapur Expressway is a four-lane road and Pune-Bangalore Highway is a six-lane road providing seamless connectivity.
Pune Metro Rail is a major connecting source in this city which links the ends of the cities in two phases.
The 1st Phase is Chinchwad to Swargate and Vanaz to Ramwadi, and the 2nd phase is Deccan Gymkhana to Bund Garden and ASI to Hinjewadi.
Mumbai
Mumbai metro and railways service is famous for providing seamless connectivity to people.
The upcoming connectivity facilities in Mumbai like Mumbai Trans Harbour Sea Link, Airoli-Katai Tunnel Road, etc are built to provide a seamless connection to people.
The main purpose of the connectivity facility in Mumbai is to provide less travel time and easy and convenient life for people.
Real Estate Projects In Pune Vs Mumbai Comparison
Pune
Pune has attracted many famous developers in this city like Mahindra Lifespaces, Godrej Properties, Shapoorji Pallonji Real Estate, Kolte Patil Developers, etc.
A few of the creations by these developers for Pune people are Godrej Meadows, Godrej Hinjewadi, Mahindra The Woods, Kolte Patil Life Republic ORO Avenue, Shapoorji Vanaha, etc.
Mumbai
Mumbai is well-known for its famous residential townships and the living style offered by popular developers like Lodha Group, Godrej Properties, Piramal Realty, Sheth Creators, etc.
A few of the developments by these developers are Lodha Codename Central, Godrej Exquisite, Piramal Vaikunth Thane, Sheth Vasant Blossom, etc.
Return On Investment- Pune Vs Mumbai
Pune
The return on investment in real estate in Pune can be beneficial considering a few factors like the location, and infrastructure.
If you are renting out your property in Pune, then the rental yield will range from 3.4% to 3.6%. The property prices since 2021 have also appreciated by 50.3%.
Mumbai
There are many areas which will yield great ROI in future in Mumbai like Malad, Kanjur Marg, Bhayander, Vikhroli, Kurla, Marol, Gokuldham, Goregaon, Thakur Village, and Chandivali.
It is calculated that the Y-o-Y price would appreciate by 8%-30% in these places. Hence, there will be better ROI in Mumbai.
FAQs
| Q1: Where to invest in real estate in Mumbai?
Ans: Few of the areas in Mumbai which will have great ROI in future and also provides better quality of living are Malad, Kanjur Marg, Bhayander, Vikhroli, Kurla, Marol, Gokuldham, Goregaon, Thakur Village, and Chandivali |
| Q2: Is Pune a good place to invest?
Ans: Yes, Pune is a developing city which provides a great infrastructure facility and a better quality of living. |
| Q3: Which is the richest area in Pune?
Ans: Few of the posh areas in Pune like New Kalyani Nagar, Shivaji Nagar, Koregaon Park, Kothrud, and Senapati Bapat Road. |
| Q4: Which is the richest area in Mumbai?
Ans: Malabar Hills, South Bombay, Bandra, etc are a few of the posh areas to live in Mumbai. |
