The real estate market of Pune is going steady and smooth if compared to other cities, where both residential and commercial property graph is going downwards. While everywhere the experts are expecting a doom in realty, Pune seems to be confronting the forecast.
Perhaps, as Pune was never a mainstream real estate destination, it never saw a huge decline in realty prices. The slump was there in the city but it was only for a short period of time. There are various reasons why Pune has now emerged a preferred real estate destination.
As the IT industry drives the real estate demand in the city, first home sales constitute a major chunk of transactions happening in Pune. In this city, there is always a steady demand for property in Kalyani Nagar and Baner, which are close to two major IT hubs in the city. Besides the IT and BPO industry, the student population living outside their campuses are also responsible for fueling demand for housing in Pune.
Renowned real estate developers in Pune are of a view that the Pune property prices are on the move for a sharp drop. But real estate agents and the local industry experts in the city don’t think that there will be any recession in Pune real estate industry at least in the next 10 years. And Pune real estate developers also assert that the demand is stable and exceeding supply.
At present, Pune real estate market is one of the most active segments in Western India. Private realty players as well as local property builders and civic authorities are pouring in more investments in the city.
According to the latest realty market reports, commercial realty in Pune fetches about 20-25% returns on investment. This makes the city the most favorite and a preferred destination of investors.
The residential property segment is equally upbeat at this point of time.
The buzz has not only been created by the commercial real estate market of Pune but also by the residential realty market. In the residential front, the focus of real estate developers is on affordable housing. Major real estate developers like Kolte-Patil, Gera Properties have announced the launch of affordable housing projects in the city. These developers are planning to build one-room set and two-room set accommodation that costs between Rs 10-15 lakh.
Real estate developers in Pune are now also focusing on the bordering areas of Pune. The city centre boasts of high capital and rental values. Therefore, most of the buyers are now looking for affordable accommodation in the suburban and bordering areas. And, real estate developers are trying to cash in on this behaviour of the property seekers. Property in areas like Kothrud, Vanwadi, Oundh are high in demand. All these areas were earlier the extension of villages but are now they are the hub of property development.
Now, the residential real estate market of Pune is all set to reach newer heights. As per the industry estimates, the city needs almost 40,000 residential properties every year to match the housing demands of its citizens.
Considering that, the Maharashtra government has now given a green signal to private real estate players for setting up fully integrated townships in Pune, under the Public Private Participation (PPP) model.
To cash-in on this opportunity, Pune-based developer, City Group has come forward with its township project Amanora Park Town, the first project after the governments declaration.
Under this project, the land would be provided to the developer by the government, who would then build up all the infrastructure comprising residential units and commercial properties. The developer will also be responsible for developing the social infrastructure encompassing healthcare centres, educational institutions, and entertainment facilities within the city.
The Amanora Park Town would be developed in the area of about 400 acres at Hadapsar with all the aforementioned infrastructure and facilities.
According to the real estate agents, demand for medium budget residential properties in Pune is continuously increasing.
Some other real estaet projects coming up in Pune:
1.Greensville Sky Villas in Kharadi by Gera
2.Bloomfield in Ambegaon by Amit Enterprises
3.Regent Park in Baner by Gera
4.Emerald City in Kharadi by Gera
5.Princetown in Undri by Kumar Properties
6.Sobha Carnation in NIBM Kondwa by Sobha Developers
7.Picasso in Hadapsar by Kumar Properties