Pune: Property rates rise by 30% in many localities
In terms of return on investment, Pune residential real estate market has shown tremendous growth. According to recent data, almost all localities have marked an appreciation in the property values in the last two years.
The data shows that from Jan-Mar 2013 to Jan-Mar 2014, localities such as Sopan Baug, Pashan, Aundh, Kothrud, Wanwadi, Wagholi, Bavdhan, Kharadi,Yerwada, Sinhgad Road,Wakad, Pimple Saudagar, Balewadi, Hadapsar, Baner Road, Kondhwa are the few localities that have seen the appreciation of over 30 per cent in multi-storey apartments.
“The residential property market in Pune has maintained its momentum even in a challenging economic environment and managed to outshine several key markets in the last 2 years,”
Experts feel that due to resurgence in employment-driven market sentiments and the coming of several right-priced residential projects, Pune proved to be a notable exception. “The city showed a very healthy demand for mid-priced residential properties throughout 2013 and on into the first quarter of 2014,”
Moreover, the overall demand for the residential units has also increased in Pune. “Today, the annual demand for homes in Pune is close to 46000 units, where it was less than 20000 units per annum just 15-20 years ago. While Mumbai is staggering under the weight of unsold units all across the city, supply and absorption of homes in Pune continues to make both property development and property investment eminently viable,” informs Ammul Goel , MD , Pushpganga Ventures
So where is the demand coming from? Mr.Goel explains that the spread of organised retail, constantly changing city dynamics and demographics coupled with the healthy rate of growth and opportunities generated by the IT/ITeS, manufacturing and automobile sectors have ensured a steady stream of demand in Pune.
Future of realty
Pune has been consistent in its real estate growth by showing year on year growth in the property values. “Last year we predicted an increase of 13 per cent – 17 per cent in the average market price and the year ended at 14.13 per cent. This year our prediction range is widened to 13 per cent – 18 per cent,”
However, when compared to other metro cities, such as Delhi and Mumbai, Pune’s property rates remain relatively rational. Owning a home in this city is a dream that can be translated into reality
No comments:
Post a Comment