Experts firmly believe that Pune is a unique city with potential to grow beyond one’s imagination
Trend shows that many realty markets quickly stepped into the saturation point after series of growth year but Pune is con tinuously growing and outperforming its own feats. Hence, experts firmly believe that this is a unique city that has potential to grow beyond one’s imagination.
Manju Yagnik, vice chairperson of Nahar Group, says, “With having many options in and around the city, investments in Pune realty market have seen a remarkable growth in recent years. While prices in other cities rose by two to six per cent, Pune’s residential market saw a price appreciation of 7.9 per cent year-on-year last year. A consistent demand for office spaces and residential demand have remained healthy over the last few years.There is a rising demand for accommodation for the ITITeS, BFSI and manufacturing company employees. Therefore, most residential projects are concentrated in areas like Hinjewadi, Balewadi, Hadapsar, Kharadi, Wagholi and Nagar Road. Fringe areas of the south-east submarket such as Undri and Pisoli are picking up fast and have seen a significant number of launches in the price bracket of Rs 3,000 to Rs 4,000 sq ft over the past few quarters.“
FIVE FABULOUS THINGS
Today, Pune is considered as one of the fastest growing cities with a huge potential for price appreciation. This is primarily due to the vast expanse of land available for development. The city is in an expansion mode with a massive growth of new township projects in its peripheral regions like Kharadi, Baner and Hinjewadi.
Shailesh Puranik, MD, Puranik Builders, explains, “Five things that would take Pune’s realty market beyond the time warp are as follows.”
- Increased leasing activity: Pune has consistently surpassed most of the other markets over the last two to three years, garnering healthy returns on investment
- Unbeatable infrastructure: While Pune already boasts of robust social and physical infrastructure, there are several projects in the pipeline that are further expected to up the ante of the city. These include Metro Rail, Second Airport, bus rapid transit system (BRTS).
- Return on investment: The bulk of the demand for housing stems from the steady migration of professionals and students from other parts of the country. This can be attributed mainly to the presence of ITITeS, manufacturing hubs and educational institutions.
- Credible developers and land availability: In a nutshell, Pune offers better opportunities to invest in real estate because of its diversified economy, close linkage to Mumbai, improving infrastruc ture and office demand.
- Demand: Due to high inflow of the cosmopolitan crowd in Pune, demand for housing will never cease to exist.
The property sector in Pune is witnessing a lot of activities along with increased consumer interest. The resident will experience firsthand the dynamic contrast between tradition and modernity, religious custom and the Western influence.
“Pune is a growing realty market that caters to various property segments; luxury, midsegment and the affordable housing segment. This is due to the fact that there are vast areas available for developing affordable housing. This is in sharp contrast to the high property rates existing in a city like Mumbai where affordable housing is possible only on the outskirts. Also, rising income levels and high aspirations of homebuyers for a better lifestyle have triggered a continuous demand for luxury homes as well. Most metro cities are experiencing a point of stagnation due to a paucity of land available for construction and high land costs. On the other hand, Pune offers home buyers a plethora of options to choose from, compatible with their budget. This has established Pune as a futuristic market with a growing demand from across the buyer spec trum,“ opines Tushad Dubash, director, Duville Estates.
Experts believe that some of the pain points that need to be addressed by the administrative authorities are primarily the development of infrastructure across all platforms of the city.With a rise in the number of residents, the infrastructure has to be developed to make commuting and living a flawless experience. Broadening of roads more flyovers and perhaps a few skywalks would solve the traffic congestion which currently plagues the city.
Source: The Times of India