2013 did not prove to be a very good year for India’s realty market. Factors such as a decelerated economy, against an uncertain political backdrop only further weakened the sector. Due to the spiraling interest rates on home loans and ever increasing house prices, a huge majority of prospective buyers preferred to wait for better investment opportunities. While a vast part of the country was experiencing an overall slowdown in property segment, Pune managed to maintain equilibrium.
Pune’s Luxury Housing Shows Steady Momentum
The IT and ITE service sector of the city has witnessed a swift and rapid growth in the last few years. Increased disposable income, coupled with growing aspirations and thriving business together have contributed to the rising trend of living in plush apartments. More and more people are opting for luxury flats in Pune, as these offer a wide spectrum of benefits such as enhanced security, improved social infrastructure and a host of impressive amenities to name just a few.
Luxury housing accounts for nearly 2-3 % of the city’s residential realty market. Locations such as Koregaon Park, Model Colony, Kalyani Nagar, Salisbury Park, Boat Club Road, Magarpatta, Erandawane, Prabhat Road, Sopan Baug and Bhosale Nagar are the current hot spots for developing plush high-rise apartments in the city. The standard size of a luxury property in the city can start somewhere around 3,000 square feet and reach up to 7,000 square feet. At present, these fall between the price range of Rs. 12,000 to Rs. 20,000 per square feet.
Rising demand for Housing Projects in the City
Owing to the increasing concentration of IT professionals in the city, residential micro-markets in the east as well as the west side of the region are witnessing a spurt in demand for housing projects. Numerous residential developments in localities like Kharadi, Wagholi, Wakad, Pimple Saudagar and Pimple Nilakh are underway. Improved connectivity and good social infrastructure are some of the primary factors that have helped to boost the demand for lifestyle apartments in these neighborhoods.
The soaring demand for luxury projects cannot be attributed solely to the IT sector, as there is an equal demand from the manufacturing sector as well. The city is known to have numerous manufacturing industries located on the periphery. These include places like Shikrapur, Shirwal, Lonikhand, Sanaswadi and Talegaon Dhamdhere.
Popularly known as the Oxford of the East, the luxury housing segment here is still in its growing phase as compared to its counterparts in metropolitan cities such as Mumbai. However potential investors would rather purchase a service apartment in the Aundh and Baner area, rather than buy flats in Dadar as it gives them the advantage of larger space at the same rate.
The buyers who prefer to invest in the country’s eighth largest city include a mix of entrepreneurs, NRIs, C-level executives and end-users from Mumbai. Although most of the metropolitan cities have experienced realty slowdown, Pune’s market is still far more affordable and steady as compared to Mumbai or the National Capital Region. Cartagena Private Islands