Pune Residential Property Market Overview
Real estate companies have taken the marketplace for residential projects in Pune by storm. They are giving lots of luxurious properties to the buyers at affordable rate.
According to real estate reports, 2013 was not a very good year for the residential property market in India. Due to economic slowdown, realty markets in some cities like Delhi, Bangalore and Chennai saw a downward trend. Many buyers had to wait for buying properties because of skyrocketing property rates and high home loan interest rates.
Realty Market of Pune is Booming
Apart from this, market of residential projects in Pune has not been seen any downward trend. Most of leading real estate companies rejoiced the steady momentum as compared to different property markets in the country.
Factors Causing Increase in Demand
Pune may be a growing IT hub and also a producing base for the auto industry. The real estate market has also benefited for the western and eastern side of Pune because of there is fabulous growth in residential properties.
The rates of real estate in the city have expanded by approximately 35% since 2011. Normal home rates have increased from 3800 rupees per square ft. to 5100 rupees per square ft. Compared to other national capital region; Pune’s realty market keeps on performing truly well.
Multi storey houses have become standard due to the increasing population in IT and non IT industries. Various residential projects are coming up in areas such as Pimple Nilakh, Wagholi, Pimple Saudagar, Wakad and Kharadi. There is a good network with city’s hotspots. Even infrastructure like schools, malls, hospitals and entertainment centers is offered at these locations.
In the future, these areas can sign of tremendous growth of properties. Also the luxury property market in the city is booming. A lot of international as well as national real estate companies are coming to this market. The luxury buyers in Pune are being offered different decisions like 4-5 flats, stylish penthouse etc.
Majority developers are giving luxurious and reasonable housing choices to the buyers. Most of these projects are placed on the outskirts of Pune city. The luxury housing market is flourishing however buyers are additionally finding budget housing choices more helpful for the investment purpose.
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ABOUT THE AUTHOR
Shruti is an avid blogger with high experience of working with real estate companies in Mumbai. She hails from Pune and loves writing about the market for residential projects in Pune.