If compared to other cities, where both the residential and commercial property graph are going downwards, Pune real estate is remaining steady. While industry experts have anticipated a major decline in real estate values, Pune seems to be contradicting the forecast.
Probably because Pune was never a mainstream real estate destination, it never saw a huge drop in real estate prices. The slump was there but it was only for a short period of time. There are many reasons why Pune is now a preferred real estate destination.
As the IT industry drives the property demand in the city, first home sales form a major chunk of transactions are happening in Pune. There is always a steady demand for property in areas like Kalyani Nagar and Baner, which are close by two major IT hubs in the city. Besides the IT and BPO industry, the student population living outside their campuses continue to fuel demand for housing in Pune.
Renowned Pune real estate developers are of the view that the Pune property prices are on the move for a sharp drop. Pune real estate agents and the local industry experts 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 builders affirm that the demand is stable and outstripping supply.
Currently, Pune property market is one of the most active segments in Western India. Private property developers as well as local property builders and civic authorities are pouring in more investments in the city.
According to the market reports, commercial property in Pune fetches about 20-25% returns on investment. This makes Pune a favorite and a preferred destination of investors.
The residential property segment is equally buoyant
It's not only commercial property market in Pune, which has created all the buzz but also the residential property segment. These days, real estate developers in Pune are focusing on affordable houses. Prominent real estate builders like Kolte-Patil, Gera Properties have announced affordable housing project in the city. Their plan is to build one-room set and two-room set accommodation that costs between Rs 10-15 lakh.
Real estate developers are now also focusing on the bordering areas of Pune. The city centre boasts of premium capital and rental values. So, most of the users are now looking for affordable accommodation in suburban and bordering areas. And, property builders are trying to cash in on this behaviour of the property seekers. Property in areas like Kothrud, Vanwadi, Oundh are very much in demand. These areas were earlier the extension of villages but are now the hub of property development.
Residential real estate at Pune is all set to shoot high. According to the industry estimates, Pune needs almost 40,000 residential properties every year to meet the housing demands of its citizens.
Keeping this in mind, the Maharashtra government has now given a green signal to private players for setting up fully integrated townships in Pune, under the Public Private Participation (PPP) model.
To take advantage of this opportunity, Pune-based developer, City Group has come forward with its township project Amanora Park Town', the first one after the government's declaration.
Under the project, the government would be providing land to the developer, who would then build up all the infrastructure comprising residential units and commercial properties. The developer will also be responsible for erecting the social infrastructure encompassing healthcare centres, educational institutions, and entertainment facilities.
Meanwhile, the Amanora Park Town would be spread in the area of about 400 acres at Hadapsar with all the abovementioned infrastructure and facilities.
As per the real estate agents, demand for medium budget residential properties in Pune is constantly increasing.
Demand for a house on rent in Pune is equally shared by employees as well as students, who come to pursue studies at this city flooded with excellent educational institutions.
Some other 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