Buyers prefer homes in areas with good employment prospects

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One major trend that has emerged is that areas with good employment opportunities are seeing a genuine demand for homes, a fact that many developers are cashing in on

As a general trend, employment opportunities in an area have a significant impact on property demand – higher the job opportunities available in an area, greater is the demand for properties in its vicinity. For example, the development of IT and ITeS parks in an area, boosts the demand for properties. Moreover, the demand for homes in such cases, is based on actual needs. Consequently, the realty market’s growth in such areas, is very stable.

Buying a home in an area with growing employment opportunities, has several benefits, explains Manju Yagnik, vice-chairperson of the Nahar Group. Besides the advantage of job prospects in its vicinity, the house can provide significant rental returns and appreciation in its value in future, she points out. “This is because the area will definitely develop across segments – be it commercial, residential, retail or hospitality. Hence, it will attract people in search of employment from across the country, who wish to find their home close to their work place,” says Yagnik.

Cities that have developed due to better employment opportunities

Experts assert that Pune is a prime example of a city that has developed, owing to its IT/ITeS and manufacturing sectors.

Upcoming areas include the Hinjewadi IT Park and the industrial belts of Chakan and Talegaon. Areas like Wakad, Tathavade and Balewadi, have also witnessed good growth.