India is a country of middle class people in the cities. Mostly, they belong to lower middle class of society. Every common person in India seeks an affordable housing instead of luxurious housing. Even if the luxurious housing is sought after, their percentage is very low. In India people do not wish or dream for very big. Especially, the metropolitan cities of Mumbai, Bangalore & Pune are perfect examples of such housing. The housing in these cities is very costly and mostly people try to rent/ buy affordable homes in Mumbai, Bangalore and other cities.
The 21st Century Workforce and Housing
In the wake of 21st century, the world here is stepping towards a more competitive realm. In search of work the trained and skilled workforce comes to these metropolitan cities to earn a living and support their families. The people have to live away from their friends and family to make a living. This makes them to settle in their places of work. Now to accommodate such a large workforce, there is a need for accommodation facilities to be provided to them. These buyers of flats or apartments do not demand very high. In the cities like Mumbai, Bangalore & Pune approximately 65 % of people inquire about the details of 1-BHK flats. The trends of 1 bhk flat for sale in Pune almost have been same as that of Bangalore and Mumbai for inquiring about the affordable housing in these three megacities.
The flats for sale in Pune are inquired by buyers or forced investors in the city for affordable housing. The sky high buildings of Mumbai, Pune & Bangalore seem to be going out of reach of middle class people. More than 50 % of calls of inquiries are for affordable 1 bhk in Mumbai, Pune & Bangalore on an average. The suburbs of Mumbai see a minimum of 75% of calls inquiring about 1-BHK housing. The other cities in India provide larger spaces to their people for more affordable housing of 2-BHK and 3-BHK flats. These cities include Ahmedabad, Chennai, Noida and Kolkata.
The flats in Pune have other trends to be observed. The inquiries of flat pricing of affordable 1-BHK or 2-BHK flats have been 53 % in the city noted by a private surveying agency. The new age buyers do not inquire for settlements in Mumbai but in peripheries such as Dombivali, Thane, Thane West and Navi Mumbai. This costs less and also comes under their budgets. A larger proportion of such people is salaried class and prefers to have affordable housing.
So according to the reports, the employment, manufacturing and information technology are driving forces of forced investments in real estate by middle class family people who in search of work and employment have to settle down in these cities and ultimately they have to go for affordable housing instead of a spacious housing back home in cities they have come from.
Additional Read: Prime Locations to buy home in Pune