Changing demography to give a huge boost to Punes real estate market

Q: Hey, Did you hear that Punes changing demography is set to boost the real estate demand

Rohit Marathi, Pune

12th February 2014

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Replies (2)

Hi,
Today the entire scenario has changed with many financial institutions providing home loans with lower rate of interest. It was a time when property was purchased by people who were in their early 40's. Now with many job opportunities flowing in and young generation of people getting employed in many IT and ITES sectors, drawing fat salary packages, youngsters in their late 20's and early 30's have started buying property.

Krishnendu, Pune

12th February 2014

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Hi,
Since the pay scales were also low and moderate during the 80's, there was little incentive for developers to be adventurous in unit sizes, specifications and locations. Property rates - and therefore property investment potential - remained low as the city awaited new market triggers. But due to changing times, the effect of the IT revolution on Pune's real estate market has indeed been tremendous. Today, Pune's developers are catering to an entirely different set of demographics than they did 15-20 years ago. The onus is now large flats with ultra-modern amenities, and on locations which offer fast access to the city's IT hubs.

Vinay Sharma, Pune

12th February 2014

Hi Rohit,
Yeah you heard it right. The effect of the IT revolution on Pune's real estate market has indeed been tremendous. Today, Pune's developers are catering to an entirely different set of demographics than they did 15-20 years ago. At least three other factors now define Pune - the growth of the Information Technology, the massive spread of organized retail and the city's changing demographics.

Pravakar Saxena, Pune

12th February 2014

Comment

Dear Pravakar,
Pune is no more has got the tag saying as " Pensioners Paradise" as it still remains the first choice for city of choices for retired people. In fact in the early 80's the demand for real estate was driven largely by people who were working in a rather laid-back services industry. At that time people could only afford homes which were within their reach and budget.

Vatsa Suman, Pune

12th February 2014