BEST PUNE
PROPERTY - YEAR 2014 LOOKING BRIGHT
Pune property market has been an interesting year for 2013
ended on good notes. The time when the property market all over the
country were by and large subdued, Pune had been growing at a steady pace and
even appeared on the luxury landscape during the entire year.
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| Pune Property to a brighter 2014 |
There have been
multiple demand drivers behind Pune’s growth during the year and it is
generally believed that once the economic outlook in general is brighter, Pune
may be witness to better appreciation than even the neighboring Mumbai property
market and this makes Pune’s real estate more attractive than many other
markets across the country. If the Pune market has maintained its momentum in
2013 against all economic turmoil, 2014 may be an year much more bright and colorful.
Pune property, somehow maintained
the spirit of its
attractive pricing . Best property rate in Pune
is around Rs. 3300 to Rs.4500 per
sq ft , leaving the premium ones aside
and around 300 projects launched every 6
months, in differed locations, the choice for the low budget to premium is enormous
as per the taste of the buyer.
Pune
Property with an average of 2600
live projects, this corresponds to a 10 - 15per cent addition of property any given time. Top Property developers
in Pune are planning to launch more and
more projects in the current year in pace with the demand stable demand existing
. This clearly would not have happened had there been a demand slowdown.
Top Property developers in Pune,
continuously worked hand in hand with the demand of housing, par with the growth of IT Technology in city and served for the
demand of increasing urbanization. which is a good indicator of housing demand
as households do not get formed unless supported by housing supply. Pune looks
reasonably strong and “un-shaken”, moving into 2014.
With all the micro-markets in Pune are
growing and the fringe areas around PMC and
PCMC limits are also poised to see a significant boost in the housing supply
and consequentially demand, since they are generally affordable than the
developed city centre prime areas fall at a range of Rs.7000 to Rs. 12000/sqft.
Gera Developments, M D Rohit Gera, says that the big gain of the year
2013 is the demand for premium homes crossed
Rs. 1 crore plus. Over the last few years, demand for larger homes has
steadily climbed upwards and prices in markets like Baner have reached Rs 7,500
plus sq ft. “As far as the losses of the year go, infrastructure in Pune is not
in line with the housing demand. The local development bodies should invest
more in creating the infrastructure that is required to support the housing
stock being generated. We need to ensure a balanced development in the city
which will help reduce the pressure on the local and civic infrastructure. A
major loss for just not local but national market, has been the lack of
implementation and application of the various laws and reforms like the Real
Estate Bill and EWS Plan,” says Gera.
Abhay Kumar, CMD of
Girhpravesh Buildtech agrees that the significant gains are some very
interesting launches which have attracted Mumbai’s posh crowd to the city.
The launches of many new
hotels too, can be termed as gains for city. The losses would be sluggish
sales, over supply and funding problems for many reputed developers. “I don’t
expect much from the Pune market in 2014. Instead, I see the realignment of
demand-supply which would be a healthy sign for growth of the city. Some other
sectors must also choose Pune as their destination, as IT alone cannot drive
the city for a long time. If the Maharashtra government opts for Pune for it
assembly sessions like Nagpur and Aurangabad, this city can see interest from
more sectors which would reduce its skewed dependence on the IT sector,” points
out Kumar.
Vinay Phadnis, CMD, Phadnis
Properties, explains that there is a growing demand for properties by end-users.
While property prices have remained stable over past years, it is anticipated
that there will be a marginal appreciation in the prices in 2014. With the
recession affecting the economy since last two years, things are shaping up for
2014, looking positive and here to stay. “In the residential segment, the outskirts
of Pune have the competitive price
advantage. There has been a potential increase in the rates in the range of
25-30 per cent. There have been no losses as such in the year 2013; apart from
the rising cost for the developers, be it land prices, manpower, technology,
interest rates and so on. The increasing overheads do adversely affect the
end-users also. With the introduction of the LBT, customers have to shell out
more. Despite challenges, the real estate market is resilient and continues to
grow,” says Mr.Phadnis.
A Senior analysts from - DO my DEAL- maintain that the
industrial and IT growth will be continue to be favorable for the real estate
sector in Pune.
Property in Pune is still an end-user driven
market and hence, the location and pricing will remain the deciding factors for
the customers in the year ahead. Budget property in the
outskirt of PMC and PCMC hey believe that Pune will continue to
see a steady demand and correspondingly, a steady increase in prices that are
largely inflation led.
Pune Property market is expected to see increase in prices
in the range of 15 - 20 per cent for the calendar year of 2014 all based on
location wise. Mumbai being the Ist NRI investment destination extended Pune Property share a large demand from investors from Mumbai, on account
of the affordability of homes in Pune as well as the stagnation of the Mumbai
market.
Pune property Suburb line
Wagholi, Mangiri, Pisoli, Alandi, Wakad, Bavdhan , PCMC outer limits all are moving at very attractive and settling on Bargain
rates and Offers. The city will continue to retain its old world charm and at
the same time, evolve to be in a constant process of up gradation and
reinvention.
Pune’s Certain areas with
very limited space will continue to see
a price rise since they are marked as prime property of Pune . This, in turn, will ensure the luxury
market remains attractive.
In a nutshell, if 2013 has
been interesting year for Pune real estate, it is poised to take a giant leap
in 2014.
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- Call anything above, they are on the move to a Better 2014 -
