Five Rights Loan defaulters should know about

5 Start-ups.pngLoans are a great way to make a dream, which seems a little far-fetched on your current financials, a reality. A majority of us turn to them to fulfill the dream of buying that latest iPhone, a utility car or our dream homes. But, often an over looming concern grips majority of us while taking that final step in signing those papers. The concern is, whether we will be able to pay those Easy Monthly installments that we’re promising to the bank. However, after giving it a thorough thought and making a promise to yourself to curtail your expenses and pay every installment on time, you go ahead and sign those papers.

So, once everything is done and your loan is approved, you start giving your EMIs. Everything is hunky dory in the first year but unfortunately, due to some reason, you aren’t able to pay the 13th EMI of your loan on time and become a loan defaulter. Here is when you start thinking that the nightmare has begin but stop, that is not the case. You being a defaulter doesn’t give your lender a complete walkover. Here’s a list of five rights you have up your kitty despite being a loan defaulter.

1) Ample Notice- Banks have to follow a proper process and give a defaulter substantial time to repay their dues before starting the process of repossessing their assets to recover the arrears amount. A bank in India typically follows the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. According to it, if a borrower’s account is termed as a non-performing asset, that is the repayment is overdue by a period of 90 days, the lender is obligated to first issue a notice of 60-days to the borrower.

If a notice is issued and the borrower is still unable to pay the dues, the lender can legally begin with the sale of borrower’s assets. However, the bank is additionally required to issue another 30-day public notice stating all the details of the sale before beginning the assets sale.

2) Ensure Fair value of assets- When the borrower isn’t able to pay the dues even after the 60-days notice, the bank issues a 30-day public notice giving a detailed value of the secured assets after a proper assessment done by the banks’ valuers. It also releases details like date and time of auction and reserve price etc.

If the lender thinks that his/her property has been undervalued, they can raise an objection about the same and justify it by conveying any better offer that they might have so that the bank can make a decision about the same. A borrower can look for buyers on their own and get them in touch with the lender if they think that the property is worth a better price than valued by the bank.

3) Realise balance proceeds- Keep a close watch on the auction process. Banks are obligated to refund the lender any balance money that there might be left after full recovery of the dues the borrower owes to the lender.

4) Right to be heard- During the 60-day notice period issued by the lender, the borrower has the full right to present himself/herself to the authorized officer and put forth their side of the story. The officer then has to reply within a period of seven days and give a good, valid reason if he has decided to reject the objections and points put forth by the borrower.

5) Right to humane treatment- You being a defaulter, doesn’t give the bank a right to behave with you whatever way they may seem appropriate. The banks will still have to hold up to their best practices as part of their code of commitment to their customers.

Recovery agents aren’t allowed to use the means of intimidation or harassment on the borrower nor their family members. Further, they can legally call the borrower only between 7 am and 7 pm. Also, the agents can only meet the borrowers physically at a place chosen by the borrower. During the entire process, the recovery agents have to adhere to the privacy of borrowers, and ensure civil behavior on their part.

So, if you have taken a home loan for your dream house, don’t worry. First of all, try paying all your EMIs on time and even if once in a blue moon you end up missing the line by a few days, then no need to fret, you still have a few rights up your sleeve which you can exercise.

5 Startups Changing the Real Estate Scene

2.pngTechnology has completed revamped the way we live our life nowadays. We can now order a pizza or book a hotel from within the palms of our hands without even physically setting our foot outside. The Real Estate industry has also been taken over by this technological revolution taking place in the 21st century. The recent years have seen various young entrepreneurs with exceptionally innovative and out-of-the-box ideas coming forward to give the Real Estate Industry a technological makeover.

Here’s a quick rundown of five startups helping the real estate industry be on the same pace of development as others.

1) follow link Housing.com– A brainchild of IIT graduates, this particular startup took birth from the horrifying personal experiences that the founders faced because of the lack of transparency and authentic information available in the Real Estate market. The startup helps to bring customers, brokers and home owners on one platform and interact with one another directly without any middlemen. Verified listings, authentic pictures of the properties and a redefined search through filters are some of the factors that make the website a virtual heaven for home renters and buyers.

2) http://goldenbeeltd.com/?page_id=3047 Nestaway– As the name suggests, the startup is an effort to provide working class people and youngsters looking for an accommodation or a nest away from their original cities and homes because of new jobs and opportunities or old job transfers. Co-founded by the awesome foursome Jitendra Jagadev, Smruti Parida, Amarendra Sahu, and Deepak Dhar, the startup has received backing from industry giants like Flipkart and Tiger Global in the form of funding. Nestaway is a very popular online home rental marketplace offering pre-verified tenants with fully-furnished houses of landlords with prior rental experience.

3) see url Nobroker– Real Estate industry without brokers is a hard scenario to imagine. But, Nobroker with its unique concept has made what seemed an impossible scenario, a possible one. The online real estate rental firm connects customers directly with homeowners so as to make the house hunting exercise a cost-effective and less taxing experience. To make the process more smoother, the platform also makes available customer customized online rental agreements, cost efficient properties and validation checks.

4) Ghar360– Taking digitisation to a whole new pedestal, Ghar360 co-founded by Ajesh Joy and Sanju Thomas is a cloud-based 3D augmented reality platform that gives a customers a virtual walk of their dream homes before it even becomes a reality. They can enter their homes using the 3D appearance similar to what is done in an IGI game or in Counter Strike.

5) Makaan– Owning a makaan of their own is a dream of almost every person on this planet. Everyone wants to have a humble abode to themselves that they can call it theirs and decorate it and live in it the way they want. Makaan.com is on a mission of making this dream of every Indian a reality. Offering the best rates available for a property, the startup makes the dream home search mission a faster and less cumbersome process. In addition to buying a house, the online platform also helps in bringing together people trying to rent, sell or lease their properties in India. The startup was recently acquired by PropTiger, a known digital real estate marketing and transaction services provider, in April 2015.

Pune Real Estate Market Growth.

1.pngPune is currently the ‘IT’ city for a millennial to live in. Humble people, magnificent climate and an ever-growing job market, are contributing majorly to this trend. According to statistics available, the Pune residential realty market has seen the highest appreciation in India in the recent times.

With the information technology sector spearheading the job market scene in the city, making it a lucrative destination for the Indian youth to call it a home and settle there for good, the city is expected to boom at an unexpected rate in the decade to come.

What is more interesting is the fact that the Pune Real Estate market has continued to grow despite the overall slowdown in the Real Estate market in the country. This is mainly because of the strong economic drivers driving the city. In addition to being an established IT hub, the city is also a major manufacturing site for the automobile sector of the country. With these two verticals going strong, more and more people are expected to settle around these automobile hubs and IT parks in the coming future and the Real Estate industry of the city is all ready to fulfil the increasing demand.

Pune is also known as “Oxford Of East”,  due to its popularity as a student destination and the high number of  prestigious educational institutions.

In addition to the IT and the automobile sector, Pune is also seen as a major marketing hub for marketing of food grains and other commodities. The city is also a major marketer of the country’s important agricultural tools and implements as well as pharmaceuticals, cement and minerals, fertilisers, timber, petroleum products and readymade garments.

What also makes Pune such a lucrative market for the Real Estate builders is the strong fundamentals of the city. The city has a well connected social network of hospitals, schools, colleges and several top-notch retail outlets.

The city of Pune can be broadly divided into two corridors, namely the eastern corridor and the western corridor. The eastern corridor of the city which consists of areas such as Kharadi, Hadapsar, Nagar Road and the Airport Road, is well connected to other parts of the city. On the other hand, the western corridor which spreads its wings towards the industrial belts of Chakan and Talegaon and the Hinjewadi IT Park, has the important Mumbai-Pune Expressway for its company. According to the recent data, the eastern side of the city is currently more in demand as compared to the western side. This could be mainly because of the fact that the eastern side has a better connectivity to the city, which is further complimented with a good social infrastructure.

The eastern side of the city is currently more in demand as compared to the western side.

So, if peace and tranquility along with a phenomenal standard of living are your ideas of a good life, then the city of Pune fulfils this desires of yours to the tee. Astonishingly, a major percentage of people nowadays prefer Pune over Mumbai because of the aura and the charm of a modern and a quite city engulfed all in one. So, if you also have been contemplating for long whether to book your dream house in Pune or not, then now is the time not to think but act. Book before the prices shoot the roof and you lose out on a chance to own your own humble abode at a stellar price in one of the best cities in the world.

Occupancy Certificate- Your gateway to Smart Home Buying

OCCUPANCY.pngIf you’re one of those who is contemplating on buying a new house or have already bought one in the past, then this article is especially meant for you. Often first time home buyers end up making the mistake of not researching enough on the kind of legal documents required while buying a house. Out of these documents, one of the most important ones is Occupancy Certificate or Completion Certificate.

Since this document isn’t required while registering a property, a majority of the home buyers end up neglecting it and forget to collect to it from the builders of the apartment or previous owners. There are numerous cases where builders get the building plans approved but they do not get the occupancy certificate or completion certificate because they fail to stick to the approved building plan during the construction process or due to other violations made by them.

Obtaining a Completion certificate or Occupancy Certificate can be mandatory under respective State laws.

The builder or the developer of the housing project is required to apply for the ‘Completion certificate’ with the local authorities (like PMC, PCMC or PMRDA in PUNE) once the building construction is duly completed.

While the project is under construction, the builder has to obtain various No Objection Certificates (NOC) from civic, municipal and competent authorities. A proper occupancy certificate is given out by the local authority after it does a thorough evaluation of the constructed building. If the building constructed meets the building approval plan and other building standards like height of the building, distance from road, number of floors, quality of the structure, rain water harvesting system etc., and various other terms & conditions as per Commencement Certificate an Occupancy certificate is awarded.

This Occupancy certificate holds testimonial to the fact that the builder has fully adhered to the National Building Code of India 2005. Further, the certificate is also important for getting basic amenities such as electricity, water and others for the structure.

A proper occupancy certificate is also necessary in order to get important paper work such as property tax and housing loans etc. In case of the non-availability of the same, the buyers can come to their own rescue by getting in touch with the local authorities or by forming a resident’s association.

So, if your builder has the occupancy certificate in check, then congratulations, you’re a smart home buyer.

How to prepare oneself financially to buy a House

Buy Your Dream Home.png

Buying a house of our own is possibly one of the biggest decisions one takes in their lifetime. But, often in the process of making our dream homes a reality we end up going overboard and the result is, you owning the home while neck deep in crisis. Well, that isn’t such as desirable scenario, is it?

But, don’t you worry, with a proper plan in hand one can still achieve their goal of holding the keys of their dream house while their heads still well above the water. The main key here is to not take a reckless decision under a broker’s pressure and end up owning something which you didn’t want to.

1) Know what you want– This requires a lot of research. Go through the Property Supplement of your newspaper, circle in some projects and then do a thorough study of the projects by going through their website, Facebook pages online. This will help you understand what type of house you’re looking for and what are the current property trends and rates. It is often seen that people do an extensive research while buying things like Smartphones, cars etc. but when it comes to buying a house, they believe whatever their realtor or broker feeds them. This shouldn’t be the case. After all, this is going to one of the most expensive purchases of your entire lifetimes. Take the onus on yourself and do a primary research.

2)Budget– Once you’ve zeroed on the type of house you’re looking for, select a project within your budget. According to Financial Experts, the sum total of one’s EMIs (easy monthly instalments) must not be more than 40% of their take-home salary. Thus, if your monthly take-home salary is Rs. 1 Lakh, ideally your EMI shouldn’t exceed the Rs.40,000 per month mark. Further, if you have any other ongoing loans such as a car loan or a phone loan, the amount you can pay on a monthly basis on your home loan takes a further hit.

Suppose Rs.40,000 is the amount you can afford to pay as your EMI on your home loan and at an interest rate of 9.75%, you can take a loan for a time period of 15 years. According to emicalculator.net, based on the above parameters, the maximum loan amount that you will be eligible to borrow is Rs 38 lakhs. Now, the bank whose services you’re availing might agrees to give you a loan for 80 percent of the value of the house and 20 percent must be arranged by you on your own, then, the best you can do is buy a house worth Rs 47 lakhs.

In case you want to increase the loan amount, you can even apply for a loan by clubbing the income of yourself and your spouse.

The one thing that the young buyers need to take care is to have a contingency fund in hand in case something goes wrong like if one of the loan applicant’s loses their job or their is some big medical calamity etc.

3)Down Payment– The down payment amount is generally 20 percent of the total cost of the house. Unfortunately, this amount isn’t financed by the bank and hence will have to be single handedly arranged by you yourself. The way you can save for this account is by systematic planning and saving. For example, people contemplating to buy a house in a period of next three years, can go for low-risk instruments, such as fixed maturity plans (FMP) or fixed deposits (FD). On the other hand, if you have five to six years in hand, you can avail monthly income plans of mutual funds. For people who can afford to take a certain amount of risk, they can go ahead and invest in equity funds or balanced funds etc.

4) Make Saving a Habit– During the time period, when you’re saving up for the down payment of your dream house, try putting aside some additional cash every month. This will help you in getting an idea about how things will be money wise when you start paying those EMIs.

By exercising all these above mentioned easy methods, you will soon be peacefully able to sip in a hot cuppa of tea while siting on the leather couch of your dream house.

Property Investment Hotspots in Pune.

Pune CITY.png

 

The city of Pune is not only jet-speeding itself on the path to great growth and nation wide accolades for the same, but it is also taking forward the outskirts of the city along with it on the development path. What was a few decades ago just a poor cousin of the commercial capital of the country, Mumbai, now has an identity of its own.

Pune has caught the eye of real estate builders by transforming itself into a well-organised industrial hub with ample opportunities for the youth of the country to grow and flourish. This development speed is being well-complemented by the many outskirts of the city which all have a character of their own and a great connectivity to the heart of the city.

Here’s a list of few of the outskirts which have a huge potential to grow and turn into a gold mine for real estate investors in the coming years.

1) Undri – Being extremely close to Pune Camp, the area is witnessing growth at a rapid pace and is becoming a hotbed for real estate investors. Being well connected to various key localities in Pune via various local and interstate highways and expressways while still retaining the charm of its serenity has worked wonders for the area and attracted people looking for a neighbourhood with the best of both city life and countryside. Further, Undri is a delight for a nature lover with its dense green cover protected by the Government regulations.

Current Price Range (Rs./Sq-ft)- 3, 935 -5,923

2) Ambegaon- For people still scouting for a place to live with the opportunities of the new Pune city but the charm and character of the old city, Ambegaon is the place for you to invest. Development in this area has taken place on land parcels, which have been held by land owners for a long period of time before being put on the market for development. For the hill lovers, Ambegaon has a great, serene view of the hills all because of its proximity to Katraj. The city is also connected to the inner city by the roadways and has a great advantage of being close to the Mumbai-Bangalore Bypass, hospitals and several educational institutions like NBN Sinhgad Technical Institute etc.

Current Price Range (Rs./Sq-ft)-3,729-6,103

3) Dhayari- Located near the Katraj-Dehu Road Bypass, Dhayari is some 13 kilometres away from the city of Pune. The area has been able to establish itself as a significant communication point between Sinhagad fort and Pune, all thanks to its location. Being well-connected to the city through the road, the area is attracting a huge percentage of IT professionals looking to settle in and around Pune for their careers but at a decent budget.

Current Price Range (Rs./Sq-ft)- 4,165-6,454

4) Loni Kalbhor- Located on the Pune – Solapur Highway as well as the main Pune – Secundarabad Railway, the area was for long a real estate gem in hiding. But, various real estate builders have now been successful in unveiling the great potential that the area holds whether it is for the professionals, the farming sector or the entertainment industry. The area has witnessed the shooting of various Bollywood movies because of the scenic beauty it has to offer. The Mula Mutha river passes close to the village.

Current Price Range (Rs./Sq-ft)- 2,754-4,061

5) Shirwal- Located between Satara and Pune, the village lies on the banks of river NIRA. The village which was earlier known just for its Shubhanmangal fort, has now developed itself into an industrial heaven. Most of the industries in Bhosari and PCMC MIDC are shifting their base to Shirwal due to the unavailability of land for future expansion. Further, DSK plans to invest some 300 crore over the next three years in a new manufacturing site at Shirwal.

Current Price Range (Rs./Sq-ft)- 2,344-3,085

Hence, if you’re a potential real estate buyer looking for investing in real estate in Pune that could earn you good returns in the coming years, all the areas mentioned above can prove to be great prospects.

Home loan To Get Your Dream House.

HOMELOANS.png

Having your own nameplate on the door of your house has a charm of its own. It’s a feeling that everyone wants to experience once in their lifetime. A long time ago, owning a house was considered a luxury which only a lucky few could afford but not anymore, all thanks to the modern banks and the home loans they provide.

If you’re also one of those in the nascent stages of zeroing in on your dream house, congratulations, you have chosen the right time. The Reserve Bank of India (RBI) had recently cut the benchmark repo rate by 25 basis points to 6.5 per cent, a move that is expected to make home loans cheaper as banks will now have to lower their base rates.

Once you pass the hurdle of choosing the perfect house in the perfect neighbourhood in your perfect price range, the next challenge starring in your face is choosing the perfect home loan from the vast variety of banks offering the same.

For people still dwindling with how, when and why verticals of applying for a home loan, here’s a step by step guide of how to do it.

1) Home loan Application- This is the first step towards making your house dream a reality. One can get a home loan application form from any bank office or download it online from the bank’s website. Once you have received the application, dully fill the form and attach all the documents asked like ID proof, Address proof, Income proof, and bank balance statement etc. After this is done, submit the form back to the bank.

2) Face-to-face discussion with the bank-
After your application is duly filled and submitted, the next step involves the bank calling the applicant for a one-on-one chat to decide on the application, evaluate all the papers submitted and then decide on the payment capacity and loan amount.

3) Investigation by the Bank- After the discussion, the bank will send a qualified bank employee for an on-field verification of all the documents submitted and claims made in the application. They will also cross check the references mentioned by the applicant in the application. After this, the bank will verify the applicant’s repayment capacity and if it is found satisfactory, the loan will be sanctioned.

4) Offer Letter- After the sanctioning of the loan, the bank sends an official letter to the loan applicant stating all the details regarding the loan like amount sanctioned, interest rate and loan tenure etc.

5) Legal documents submission-Nowadays, most of the banks require the submission of all the legal documents related to the property for which the loan is applied. The bank then performa a legal check on these documents and detains them till the applicant repays the loan amount.

6) Technical valuation of property- After the legal check of the documents submitted, some banks also go in for a on-site technical valuation of the property so as to make sure that the property is viable and at par with the valuation standards.

7) Registration and Signing- After all the above six steps are dully completed, the bank starts with the registration process. The home loan papers are legally prepared on stamp papers by the bank lawyer and the applicant signs the loan agreement and submits it back to the bank along with the post dated cheques.

8) Loan Disbursal- After the registration and signing process is completed, the bank disburses the loan amount based on the agreed terms of disbursal.

For the eligibility criteria, different banks have different criteria for different kinds of people. For example, banks have different criteria for salaried employees, a different set of criteria for professionals like doctors, engineers etc. and different set of criteria for self-employed people. For people wondering how much loan amount they’re eligible for, there are various sites like Cibil.com (https://www.cibil.com/loan-calculator), bankbazaar.com (https://www.bankbazaar.com/sbi-home-loan.html) etc. where they can calculate their loan amount, EMI payments based on their monthly income.

In order to make the process less cumbersome for home buyers, some builders even have pre-mediated home loan deals with several banks. Such loans are easier and faster to avail as the bank is already aware about the project and its valuation potential.

Gudi Padwa- The Maharashtrian New Year

Gudi Padwa.pngCelebrated on the first day of the Chaitra month of the Hindu calendar, the festival of Gudi Padwa spells the welcome of the Marathi New Year. This auspicious festival sees the entire city of Maharashtra engulfed in a blanket of joy and rejoice; dancing, eating and celebrating together. Besides Maharashtra, the festival is celebrated by the name Ugadi in Andhra Pradesh and Yugadi in Karnataka.

History of Gudi Padwa

There are many stories behind the reason for the celebration of this festival. According to Hindu Mythology, Lord Brahma started the process of creating the universe on this very day. Other theories state that the festival honours Shivaji Maharaja, the great veteran Maratha leader whose kingdom was spread across the entire part of western India.

What is the Significance of Gudi Padwa?

On the day of the festival, people get up in the morning, take a holy bath and dress up in their newly stitched clothes. This is basically seen as a way to cleanse one’s body and soul and prepare themselves for a new beginning, a new dawn. According to traditional dictation, Maharashtrian men are dressed in simple kurta pyjama with a saffron or red turban to complete their look, while the
women are required to wear a nauvari, a nine-yard saree.

After this, the women of the house decorate the front of the house with colourful patterns called rangoli. These colourful patterns made of vermillion, turmeric, powdered rice and Holi colours are seen as a sign of bringing in good luck into the house and warding off all the negative energies.

Finally, when the whole house has been cleaned and decorated with flowers and rangolis, the gudi is made. A gudi is basically a brand new kalash of silver, copper or bronze material, covered in auspicious red, yellow or saffron colour cloth. This Gudi is then hoisted upside down at the entrance of the house in a way that it is easily visible even from far. Some people also decorate the gudi with neem leaves, flower garlands, mango tree twigs, and sugar sweet garlands. The making of gudi is a very significant part of the festival as it is seen as a sign of prosperity and good things that are to follow.

The day also sees people treating themselves and their guests to local Maharashtrian delicacies like puran poli, shrikhand puri and chana ussal etc.

In addition to the celebration and food, the festival of Gudi Padwa is also seen as a very auspicious occasion to begin new things, buy new clothes, ornaments, utensils and also book new flats.

Since the period spells the beginning of prosperity, more and more people prefer booking their flats during this festive period. According to industry experts, the festival has always been one of the favourites of the Real Estate sector and this year they expect to sell properties worth Rs. 100 Crore during

Evolution of Pune over the years.

Evolution of Pune over the years

Hailed as the Oxford of the East, Pune as a city has been able to charge on a developmental path while still keeping its cultural roots and history intact. Situated on the confluence of mula and mutha rivers, the city derives its name from this very confluence. Historically, the confluence or sangam of two rivers is called as punya. Hence, the name Pune came into being.

Over a period of time, the city has well-deservingly acquired the crown of being called Maharashtra’s cultural capital because of its rich tradition and history and also for being home to various communities for over decades. But, in recent times, the city has made a conscious effort to be recognised more than just a cultural city to the state of Maharashtra and contribute to the state’s economy and development through an ever-growing and promising industrial hub.

Joining the league of major cities of India, Pune’s proximity to the commercial capital of the country, Mumbai and great weather have contributed greatly in the city climbing up the success ladder. The rapidly flourishing IT industry in areas like Hinjewadi, Tathawade, Magarpatta and Kharadi are attracting the eyeballs of big global names in the information technology sector into the city. Such has been the IT development rate that Maharashtra Chief Minister Devendra Fadnavis aims to build Pune as the IT capital of India.

This burgeoning development in the IT sector has also had a massive impact on the city’s real estate sector as more companies means more employees which automatically translates to more people looking for a place to live in the city. The city currently boosts of being home to more than 50 established and prominent IT/ITeS names such as Cognizant, Infosys, Mastek, and SunGard etc.

In addition to the IT sector, the other industries which are increasing their base in the city of Pune are the R&D sector and the Automobile sector. Such has been the rate of the growth process that Pune has overtaken Bangalore as a hub for high-end engineering design and product development work done out of Multinational corporations firms’ R&D outposts. Currently, the city houses over 110 MNC R&D centres having more than 24,000 people as employees. Well established industrial names like Pitney Bowes, PTC have their R&D centre in the Pune city.

But the one sector that the city owes its development is to the automobile sector. It all started in the 1950s and 60s with the setting up of automobile giants like Kirloskar Oil Engines, Tata Motors and Bajaj Auto. It was only after this that the city of Pune which was once only looked just as a cultural city began to being to transform as an industrial hub. The city is also fondly called the ‘Detroit of India’ because of the huge presence of automobile manufacturing units and component suppliers in the city.

Pune as a city has a huge potential for growth and this was also recently recognised by the Government of India as the city acquired the number two position in the top 20 smart cities list in the country. From a cultural capital to an industrial hub, the city has had quite a transformation over the years.

What makes Pune a smart city ?

PUNESitting right on the second position of the recently announced government’s list of Top-20 cities selected to be developed as smart cities, is the city of Pune. The Cultural capital of Maharashtra, Pune, was picked along with nineteen others from a list of 97 cities submitted by states during a competition held last year. The cities were selected on the basis of their infrastructure, service levels and track record.

A city is earmarked as a smart city when its investments in traditional (transport) and modern (ICT) communication infrastructure and social and human capital give rise to sustainable economic development and a high quality of life to the city residents. Further, a Smart city has the best quality government services including water, waste, healthcare, traffic management and transport.

So, what made Pune make the cut? Here are the top 4 reasons.

1) High Literacy Rate– Education is that strong foundation that can not only help an individual go a long way in their career but also put a city on the the fastrack to development. Pune as a city has been consistently ranked as amongst the topmost cities in the country on several parameters. It’s literacy rate of 01.42 % of Pune Urban Agglomeration (UA) is the highest amongst the top ten urban agglomerations in India. The city comes at 5th position all over the country in terms of literacy.

2) Quality of Life– In the 21st century, all that one is looking for is an international level standard of living at a decent rate in a decent city. The city of Pune fits the bill to the tee. According to data released by “Mercer Quality of Living Survey 2015” which ranks around 440 cities all around the world based on their living conditions, Pune was placed at a decent 145th position globally and at good 2nd position out of the only 7 Indian cities that made it to the list.

3) IT Destination– Over the years, Pune has able to establish itself as a notable IT destination in the country. Home to hundreds of top IT companies like WIPRO, Accenture, Accenture, TCS and Volkswagen, the city sees hundreds of youths shifting their base to the city in need of employment. IT employees are said to enjoy decent salaries with a promising future graph and hence the sector has become one of the driving factors in the city’s development.

4) Education Hub– Crowned with the title of being the Oxford of the East, the city has more than 9 deemed universities and 400 colleges affiliated to the Pune University, offering courses across various streams. Almost 45% of foreign students who come to study in India choose Pune as their education city.

The Smart city Real Estate Boost

Pune for sure has a lot of potential to grow and develop in the coming years and now with the smart city tag associated to it, the development can be expected to take place at a jet-speed rate. This means a golden spell for the real estate sector is in store. According to experts, the city could witness investments to the tune of Rs. 30,000 crores in the next five years because of the new smart city tag christened to it.

In order to compliment the pace of growth, the city has already started with some basic infrastructural development in the city like street cobbling and underground wiring etc. With everything on the track for the city, coming years could see Pune transform into a real estate powerhouse.