real estate developers in pune

10 Things that make cities smart.

This year's Budget and the government's Smart City push have together brought good news for home buyers. In the Budget, the Finance Minister extended the construction completion deadline for getting tax breaks under Section 24 from 3 to 5 years. Two, the tax benefit for buying a house on loan was increased with the FM announcing an additional deduction of Rs 50,000 under Section 80EE.

However, this benefit was limited to first-time home buyers with loans of up to Rs 35 lakh where the cost of the house is less than Rs 50 lakh. While it is difficult to find a house in metros within Rs 50 lakh, Tier-2 towns, on the other hand, have ample investment options in that range.

The passage of the Real Estate Bill will also play an important role in the Smart City story by protecting the interest of buyers and ushering in more transparency in a sector notorious for opacity.

Pune

Proximity to Mumbai and a thriving education, engineering, automobile and IT scene have accelerated real estate activity in this once sleepy city. The Mumbai-Pune Expressway has made Pune a much sought-after location for out-of-town investors, while year-round good weather makes it a preferred destination for homebuyers.

"In the last five years, the Pune real estate market has gone from an average performing one to one of the best performing," says Shantanu Mazumder, Director-Pune, Knight Frank India.

Pune offers properties catering to end users as well as investors at various price points. Prices start at Rs 15 to Rs 30 lakh in the affordable segment. The premium segment starts at Rs 1.3 crore and luxury projects can cost up to Rs 2.5 crore. Vishrantwadi, Dhanori, Kharadi and Whagoli in east Pune and Wakad, Hinjewadi, Ravet and Tathawade in the west are the upcoming areas to scout in.

GROWTH DRIVERS

- Metro Rail: Pune Metro Rail Corridor I, connecting Pimpri-Chinchwad, Shivajinagar and Swargate, will enhance connectivity between north and south Pune, once ready. The second corridor, between Ramwadi , Pune station and Vanaz, will solve the heavy traffic issues on the east-west route. Both corridors are expected to be completed by 2020.

Bus Rapid Transit System: With over 600 special buses, the Sangamwadi-Vishrantwadi Corridor and the Sangvi-Kiwale Corridor in Pimpri Chinchwad became operational last year. Routes between Nashik Phata and Wakad, Nigdi and Dapodi and Nagar Road will be completed this year. The Kalewadi Phata to Dehu Alandi route will be operational by 2017.

- International airport: The Lohegaon airport cannot serve international traffic of more than 3 to 4 flights a day. Hence, a new international airport is being developed 14 km west of Rajgurunagar, which would be connected by the Metro.