Pune Real Estate Market experiences 20% growth
As per a report published by Gera Realty,Pune saw a growth of about 20% supply in the real estate sector, between the last quarter of 2012 and end of second quarter of 2013. An approximate of 27,000 units were added to the market by about 490 newly launched projects in the area. The rise is of 12 %, when compared to the growth recorded during the second and third quarter of 2012.
The MD of Gera Developers said that Pune real estate market shows resilience amidst negative economic environments . He stated that it is the high demand from home buyers, which is leading to the growth of new projects in the area. This also helps in keeping the sell-out ratio, steady.
According to the report, Pune realty market is in an expansion mode. A close analysis of the market trends showed that larger apartments are sold at a relatively higher rate and micro markets witnessed increase in prices over the last two years. However, the reports reveal that the forthcoming year will be posed to more risks, due to the the impending elections and the economic situations of the country, at a macro level.
Real estate scenario in Pune
The city has been witnessing rapid development in the sector of real estate in recent years and new launches in the market help in keeping the momentum. Reasons behind Pune’s sudden growth in fortunes can be largely attributed to its edge in Information Technology. The city has always shown interest in the development of IT companies and this in turn have lead to rise of real estate sector. Pune and localities like Hinjewadi, Aundh, Wakad and Hadapar have grown famous for the giant Special Economic Zones, ITES and IT companies. The high inflow of IT professionals to these areas have stimulated the need for affordable and efficient residential and commercial services.
In addition to IT, the city nurtures a diverse treasure of knowledge. A large number of educational and training institutions have been set up in the city, which attract students and academics. The pleasant climate of the place and its close proximity to the financial capital Mumbai, adds to the factors which make Pune preferred by buyers. The large number of migrants from different parts of the country have substantially added to the growth of residential real estate in Pune. Though the market was earlier dominated by commercial real estate, with increased affordability, growing income levels and the inflow of immigrants and the working population, residential housing projects have also increased tremendously now.
Residential projects
Pune boasts of a good number of state-of-the-art residential projects, which includes integrated and planned townships. Amanora Park, Magarpatta City, Blue Ridge, Megapolis and Nanded City are some of the huge projects, which lure residential buyers to the city.
Some of the other famous residential projects in Pune are Pristine Prolife in Wakad, offered at a price range of Rs.4500-5000 per sq.ft ; Wagholi Lush County in Wagholi, which is sold at a rate of about Rs. 3500/- per sq.ft ; KUL Ecoloch Phase II in Hinjewadi by Kumar Builders, spread over an area of 4.79 million sq.ft.
