Real Estate in Pune, India
Last updated on Nov 11, 2024
Summary: The average cost of a nice 2 bedroom home in Pune, India is around $100,000 USD. A nice 3 bedroom home in Pune is around $150,000 USD. These properties typically include modern amenities such as air conditioning, a kitchen, and a balcony. There are no restrictions on foreign ownership for properties in Pune. An expat should search for a home to buy in Pune by researching the local real estate market, looking at listings online, and visiting the area to get a better feel for the neighborhoods. The most desirable neighborhoods in Pune include Koregaon Park, Kalyani Nagar, and Baner. These areas are known for their modern amenities, excellent schools, and close proximity to the city center.
How do I find a place to live in Pune?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Pune is to use online resources such as rental websites, classifieds, and real estate agents. You can also search for local newspapers and magazines for rental listings. Additionally, you can ask friends and family who live in the area for recommendations. Once you have narrowed down your search, it is important to visit the property in person to ensure it meets your needs," remarked one member in Pune.
"We had the services of a relocation firm who lined up a lot of places to look at. We didn't plan it, but we lucked out as unlike a lot of the usual expat colonies in Pune, once our driver has gone for the day we aren't confined at home or relying on autorickshaws. It is a short stroll to some very good restaurants, and a couple of blocks to the local supermarket and plenty of other stores whilst still being a quiet neighborhood," explained one expat living in Pune, India.
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What is a typical expat home or apartment like in Pune?
"We live in a 3 bed apartment with a roof terrace. There is a variety of housing available including bungalows and townhouse type homes. Most expats will live in apartments," said one person in Pune.
"Expat homes and apartments in Pune are typically modern and spacious, with large windows and balconies that offer stunning views of the city. Many expat homes and apartments come with amenities such as air conditioning, high-speed internet, and modern appliances. Expat homes and apartments in Pune are often located in gated communities, providing a safe and secure environment for expats to live in," remarked one foreigner who made the move to Pune.
What is the average cost of housing in Pune?
If you are thinking about moving to Pune, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Property rental here is expensive, we pay nearly $2,000 a month for our 3 bed, 3 bath apartment. Undoubtedly, expats pay more than locals and rental amounts are increasing quite quickly due to an influx of expats. Agents tell us that suitable properties are increasingly hard to find," said one person in Pune.
"The cost of housing in Pune varies depending on the area and type of property. Generally, the average cost of housing in Pune is relatively affordable compared to other major cities in India. Prices for apartments and houses range from mid-range to luxury, with the average cost of a two-bedroom apartment in a mid-range area being around ?25,000 to ?30,000 per month," remarked one foreigner who made the move to Pune.
Should I buy or rent a home in Pune?
If you have not spent a lot of time in Pune, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Pune can be a great investment, as the city is growing rapidly and property values are increasing. However, it is important to consider the cost of buying a home in Pune, as well as the cost of maintaining it. Renting a home in Pune can be a more cost-effective option, as it allows you to enjoy the city without the long-term commitment of buying a home. Additionally, renting a home in Pune can give you the flexibility to move to a different area if your needs change. Ultimately, the decision to buy or rent a home in Pune should be based on your individual needs and financial situation," explained one person living in Pune, India.
What do I need to know when buying property in Pune?
When we asked expats what advice they would give a foreigner before buying a property in Pune, they said:
"1. It is important to research the local market and understand the current trends in the area before making a purchase. 2. It is important to understand the legal requirements for purchasing property in Pune, such as the registration process and the applicable taxes. 3. It is important to consider the location of the property and the amenities available in the area. 4. It is important to consider the potential for future appreciation of the property. 5. It is important to understand the terms of the sale, such as the payment schedule and any additional costs associated with the purchase. 6. It is important to obtain a home inspection to ensure the property is in good condition. 7. It is important to obtain a title search to ensure the property is free of any liens or encumbrances. 8. It is important to obtain legal advice from a qualified lawyer to ensure the purchase is in compliance with all applicable laws," said one in Pune.
Are foreigners allowed to own property in Pune?
When we asked expats what advice they would give a foreigner before buying a property in Pune, they said...
"Yes, foreigners are allowed to own property in Pune. The Indian government has made it possible for foreign nationals to purchase property in India, provided they meet certain criteria. Foreigners must obtain permission from the Reserve Bank of India (RBI) before they can purchase property in India. Additionally, they must provide proof of their identity, proof of their source of funds, and proof of their residential address. Once these criteria are met, foreigners can purchase property in Pune, India," explained one foreigner living in Pune, India.
What appliances are typically included in a rental?
We asked foreigners in Pune what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Pune, rental properties typically include a refrigerator, washing machine, water heater, and air conditioner. Other common appliances may include a microwave, oven, and stove. Additionally, some rental properties may include a dishwasher, water purifier, and other small appliances," explained one person living in Pune, India.
Additional Information about Searching for a Home in Pune:
We asked foreigners in Pune what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats in Pune can search for homes by looking online for real estate listings, contacting local real estate agents, and asking friends and family for recommendations. They can also search for homes on social media platforms such as Facebook and Twitter, as well as on expat forums and websites. Additionally, expats can attend open houses and property viewings to get a better idea of what is available in the area," said one in Pune.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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