Pune is the cultural capital of
Maharashtra for decades. Historical places like Sinhgad Fort, shanivar vada, Rajgad
attracting tourists and history lovers from all across India. Pune is not only
developing itself from the manufacturing hub but also the second Biggest IT hub
after Bengaluru. So it is making a favorable atmosphere for youngsters to get
settled in Pune after their completion of academics.
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| https://corazonhomes.com/ |
Pune real estate market has been passing
through a difficult phase since quite some time now. Real estate rates
appreciation, which had been healthy till 2012-13, has largely turned stagnant
thereafter. Out of total units under construction, around 77% are priced under
Rs 75 lakh.
According to ICRA, weak demand Change in the financial environment,
Regulatory development has been affecting the real estate prices. Contraction
in demand from investors due to limited returns over the past few years and
uncertainties in the economic environment has impacted the market
. As the city’s economy is also
critically dependent on IT/ITeS and automobile, the favourable demographic
profile of the young workforce and matching supply with reasonable pricing had
ensured a conducive environment ..
Pune’s
realty market showed some signs of recovery in Q4 2019 with the addition of
9,000 housing units. This clubbed with infrastructural overhauls, particularly
the Shivajinagar-Swargate underground metro project’s commencement led to a 20%
growth in the residential enquiries. The quantum of conversions, however,
remained a challenge, primarily owning to unchanged property prices against
homebuyers’ expectations of downward revisions. Amidst improved supply and
limited sales, i.e. 5000 units, the unsold inventory in the city inched
marginally to 94,500 units at the end of the quarter.
So now the question arises will this
Pune real Estate will go down in upcoming years?
Price is directly proportional to
Demand. In the last decade, real estate price in Pune has gone sky high, and it
is all set to follow the same fashion in the upcoming one.
1. Pune being an IT hub-
the more the IT professionals coming
to the city is growing and their fat salary makes them to buy affording home ..
2. Industrial Development-
Transport facilities, Adequate land, Supply of raw material, A good
consumer base & Favourable market,
all these things make Pune an attractive bet for the industrialists, causing
their increasing demand of realty for the same purpose
3. Heavenly Climate-
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| Weather in summer |
Though not as good as in its old days, Pune is still a beautiful place
to stay in for the nature lovers. Not humid as costal and much cooler than
eastern regions of Maharashtra, the climate of
Pune makes it a beautiful home.
4. Educational Exposure-
Not to forget that Pune is considered the Oxford of East. Quality
education and good exposure to various activities make Pune worth its Real
Estate Bubble for the migrating as well as the local people.
5. Economic Policy-
Last but not least,
the changing face of India under New Govt., it's initiative in Quality
Education, Favorable atmosphere to entrepreneurs, a possible interest rate cut
by Dr. R. Rajan may make it easy to get cheaper home loan, hence improving the purchasing power of a common man will tend to sustain this real estate boom.
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