Apr 29 2017 : The Times of India (Pune)

Pune’s property market has always witnessed buoyancy when festivals are around. Akshay Tritiya phase, too, propels city’s real estate market
Pune is among the cities witnessing a rapid real estate growth, thanks to the demand in commercial informationtechnology (IT) segment.An increase in IT jobs has also paved the way for housing demand.

Pune's property real estate market pulse - A Festive Fillip

Sukhraj Nahar, chairman and managing director, says, ”It is a strong belief that a high-value purchase on Akshay Tritiya brings good luck. Projects offering ready-to-move-in apartments, row houses and villas closer to IT hubs will definitely see a boost during this period. Proxim ity to IT hub and excellent connectivity with places like Lavasa and Lonavala have worked as facilitators“ On a positive note, Kishor Pate, CMD, Amit Enterprises Housing Ltd, adds, “We expect a pick-up in demand during the festive period. Pune is still very much a tradition bound market. Family values are very much intact and home purchase decisions are often taken with the older generation’s concerns and requirements in mind. This tendency is on a decline in many, with more nuclear families emerging.“

Anil Pharande, chairman, Pharande Spaces, says, “It is important to note that religious customs and the real estate market play a symbiotic role in a tradition-steeped city like Pune. No wonder, the number of home purchases increases during this period. Owing to this, the real estate market in India picks up not only in terms of the end-user demand but also interest from investors, who look for good appreciation and potential rental income.“

Industry expert are of the view that property prices in the city have bottomed out and this is an ideal time to make home purchases. There is always a huge demand for quality homes in PCMC area near the IT hub at Hinjewadi. Options in prime integrated townships in PCMC have become affordable now, making it possible for IT employees to buy into a world-class residential lifestyle close to their place of work. Many multi-storey apartments and townships have also come up in the city, thanks to housing demand from professionals in IT and non-IT industries. Various residential projects are coming up in areas such as Pimple Nilakh, Wagholi, Pimple Saudagar, Wakad and Kharadi. Infrastructure comprising schools, malls, hospitals and entertainment centers is present at these locations.

Dhaval Ajmera, director, Ajmera realty, says, “Time couldn’t have been more favourable for potential property buyers looking at areas close to IT hubs, as developers are offering discounts and freebies.“

In the last few years, Pune has grown as an IT hub and as a production base for auto industry.The real estate market has also benefited because there is a fabulous growth in residential properties.

Shrikant Paranjpe, president, Credai Pune Metro, says, “The market has seen positive sentiments since January 2017. There were record number of bookings which took place on Gudhi Padwa. We are expecting this trend to continue during the Akshay Tritiya phase. Not just areas in proximity with IT zones but the entire real estate market across Pune metro region has also started moving.

Publication / Source: Times of India