Top 10 Real Estate Trends in Pune
Here are 10 of the most interesting findings that shed light on the city’s growing Real Estate market. How will they affect your plans?
- Pune beat the average capital value appreciation across most metropolitan Indian cities in the residential sector in 2015.
- While prices in most cities increased by 2-6%, Pune’s residential market saw a price increase of almost 8% in 2015.
- 2016 is predicted to end on a 4-6% rise in prices and stable sales to match this increase.
- Although the demand for office space has been increasing at a breakneck speed over the last few years, demand for residential units has also been constant.
- In terms of area, prices increased most in the North-West (Hinjewadi, Ravet) and North-East (Kharadi side) of the city followed by smaller increases in the South-East (Undri, Kondhwa), North (near Alandi Road) and South-West (Koregaon Park, Kalyani Nagar).
- Most new residential projects are being launched in the North-West and North-East due to increased demand from the IT and manufacturing company employees who have moved to work in areas like Hadapsar, Hinjewadi and around Nagar Road.
- Key reasons the South-East areas of the city are developing at the pace they are include the relatively lower prices (when compared to other competing areas) and connectivity to other central areas and established marketplaces.
- Although the greatest demand continues to favor affordable housing projects, Pune’s luxury homes segment has also been growing with prominent players capitalizing on demand to introduce new projects.
- Response to newly launched projects has been quite good, which in turn has encouraged developers to continue launching new phases to existing projects.
- Areas such as Wakad and Wagholi have seen a steady increase in the number of enquiries from customers and are poised to remain preferred locations for homeowners and property hunters.