2014: Year of glory for Pune’s real estate
The year 2013 has been quite mouthful for the property market of Pune. At a time, when the real estate markets in the country have been moving at a slow pace, Pune had grown in a matured steady market. In addition to it the year also witnessed listing of luxury landscape in Pune’s property market.
A number demand drivers have been at work behind the growth graph of the realty segment of Pune in 2013. With the economic outlook of the country turning brighter in the days to come, Pune is expected to witness more appreciation than Mumbai. This tags Pune as one of the most attractive markets in 2014 in the country.
What works for Pune?
An attractive pricing has worked well for the property market of Pune. More than 250 projects are launched in Pune in 6 months where the average property rate stands at Rs 4600 per sq ft. The city of Peshwas is still an end-user market, thus pricing and location will be the deciding factors for a buyer in 2014.
Pune market has witnessed a lot of activity in 2013 and as per developers, the number of new launches in the city will rise in 2014. This indicates that the market was not hit by a slowdown. Experts are of the notion that the property market in Pune will maintain its momentum in 2014, against all odds.
Consistent performance
Going by facts, the number of households in the city have increased by 44.75% till 2013. This indicates a strong housing demand in the city in the coming days. Although property prices have been stable in the last few years in Pune, a marginal appreciation is likely to emerge in 2014. Things look positive for the property market and have started to shape-up in 2014.
The outskirts of Pune have a competitive advantage, as far as residential segment is concerned. The rates in the residential segment have increased by 25-30% and the market is likely to grow by 10-12% for the year 2014.
As per some key developers, the property market in Pune will witness renewed demand from the NRIs along with investors from its neighbouring city-Mumbai. Stagnation of the Mumbai property market and affordability of apartments in the city has done the trick for Pune’s real estate market.
