Types of buyers and residential project offering in Pune

The Spires - Aundh

Owing to steady growth in the IT sector, the city of Pune has also stood as a witness to rapid growth of construction in the region. Owing to good opportunities in the IT sector, migrants from all over the country land-up in search of better job prospects and opportunities. A resent statistic has revealed that  Pune has only about 20% of homes that are occupied by original owners, whereas a majority of about 55% are investors who intend on leasing out their apartment.  A third category of people has also been identified in the Long Term Appreciation investors who would not lease out their property but would wait for the right time for sale when the prices would go up.

Be it an investor or an individual buyer who has been planning to relocate, its important to have some vital bit of information while going for a residential projects in Pune or looking out for luxury apartments in Pune  Going for a property like a Villa or Bungalow in Pune shall give you a complete right over the property, and right from its maintainence to taxation, you would be liable to look after. While looking for housing society residential projects in Pune you need to understand its three types - Tenant Ownership Housing Societies, Tenant Co-Partnership Housing Societies, and Other Housing Societies

• Tenant Ownership Housing Societies – This type primarily refers to housing societies where land may be held either on leasehold, or on freehold basis by societies and houses that are owned or shall be owned by members. The decision making right lies with the owner of the land who has been legally mentioned on leasehold, freehold, ownership of building document. The decision shall be vested in the interest of individual members.
• Tenant Co-Partnership Housing Societies - These are societies are based on land that is bound by ownership or is on lease and has constructed flats thereon for the benefit of members who occupy them. Its members hold a right to building and property based on right to occupancy which right is transferable by transfer of shares to other members in accordance with the provisions of the Act.
• Other Housing Societies – These type of society are also known as house mortgage societies, or house construction societies. House mortgage comes with an objective of advancing loans to the members and to its society members for development of security on land and houses.