The real estate sector in Pune is growing rapidly. Here is some recent real estate news in Pune
The vibrant city of Pune has transformed from a quiet retirement community to a global hub for working professionals. The city referred to as the less well-known half-sister of its more renowned relative, Mumbai, became a serious candidate for real estate investment. Property in Pune is available for sale with good budgets due to the city’s expansion and development.
Today, Pune is rising as one of the brightest urban centres in India. Investing in Pune real estate is considered a wise and profitable move because of the city’s strong infrastructure, good educational options, and abundant employment possibilities. Due to the massive migration of people from all regions of the country and the rising real estate, the housing market is flourishing. Real estate in Pune is in extremely high demand due to this.
Latest Pune Real Estate News
Pune has the biggest increase in real estate prices (November 2022)
Pune had the highest increase in real estate prices during July and September. The growth rate reported in these seven cities—Delhi-NCR, Mumbai, Ahmedabad, Chennai, Hyderabad, Kolkata, and Bengaluru—was 7%. According to the research, the price rise was mostly brought on by an increase in the cost of raw materials like cement and steel.
According to the research, prices in Pune rose from the 5,100–5,300/sq ft range in the previous calendar year to the current range of 5,500–5,700/sq ft.
Over the previous two years, real estate values have remained mostly stable. Sales fell during the pandemic year, severely impacted by the coronavirus and the lockdown. All cities, however, reported strong sales as the real estate market returned with a vengeance due to pent-up demand. Although costs have not increased significantly, the nearly doubling of steel and cement prices has reduced realtors’ profits.
High transportation costs are an issue for developers in Pune.
Tanker expenses for ferrying greywater cleaned by Sewage Treatment Plants (STPs) to building sites in the city and the Pune Metropolitan Region have been a source of concern for developers due to the recent increase in fuel prices. While grey water may be utilised for curing and other building tasks, developers have claimed that concrete work requires potable water. To ensure that no development uses drinking water, Credai members stated it is necessary first to simplify the generation of grey water and the transportation systems.
Nearly 20–25% of water is used for concrete, and this water must have a PH of roughly 7 and cannot be alkaline or acidic. It is a requirement that cannot be compromised, and water tankers from the local government must provide the water supply.
The Pune Cantonment Board (PCB) has begun revising the property tax under its jurisdiction—April 2022
The cantonment may amend the tax every three years per the Cantonment Act of 2006. The most recent modification covered the years 2017 through 2020. Then, the cantonment authorities raised the property taxes on homes and businesses by 5% and 10%, respectively.
The property tax revision effort has been the subject of a public notice, according to the chief executive officer of the PCB. After the completion of a new evaluation of the characteristics within the PCB limitations, a final decision will be made.
There are 12,200 properties in the cantonment. Property taxes bring in about Rs 28 crore every year. But because of ownership disagreements, some property owners fail to pay taxes. The cantonment board experiences income loss in such circumstances. People have been asked to register their holdings.
Ready Reckoner Rates in Pune for November 2022
Recently, the Maharashtra government declared a 6% increase in Pune’s ready reckoner rates. The regulatory authority of the State announces the minimum value of an immovable property on March 31 of each year to guarantee equal prices for property transactions. View Pune’s most recent circle/RR rates and the formula used to determine the value of properties in the area!
The Maharashtra government determines the ready reckoner rates in Pune to determine property values. These prices, expressed in square metres, guarantee that properties are sold for a minimum amount to maintain consistency in transactions and prevent fraud. Additionally, it aids in calculating the required registration and stamp duty fees for real estate transactions.
Pune localities rated as the safest November 2022
West Pune’s Hinjewadi neighbourhood is a well-known commercial district home to leading IT firms like IBM, Accenture, and TCS. The main roads that serve the area are the Bangalore Bypass and the Mumbai-Pune Expressway. White-collar workers make up most of the population, and the streets are kept up and well-lit. However, “major traffic” is a problem that will probably be resolved if the Hinjewadi-Shivajinagar metro route is built.
In Hinjewadi, there are developments by well-known developers like Godrej, Xrbia, Kolte Patil, and Shapoorji Pallonji. Premium and mid-segment homes are the main focus. A project’s USP in terms of safety is having CCTV cameras, appropriate lighting, and security software to create a secure atmosphere.
In West Pune, Baner is a developed neighbourhood close to the Bangalore-Mumbai Highway, and it is close to PCMC industrial hubs and is home to several IT companies and shopping malls. Given the few police patrols, the area is safe to live in thanks to the well-lit streets, well-kept roadways, convenient access to public transportation, and educated population. But “traffic problems” and “parking problems” are unpleasant. Home prices in Baner are average and include upscale apartments in multi-story buildings.
Hadapsar, located off National Highway (NH) 65 in East Pune, is well-known for its industrial and information technology (IT) centres. It is a well-developed neighbourhood with “sound infrastructure,” “well-lit streets,” and “frequent police patrols that ensures a low crime rate and contributes to the safety quotient,” according to the report. Hadapsar has medium house purchase rates. The most common are 2 BHKs, with monthly rental costs averaging between Rs 16,000 and 20,000. In Hadapsar, the residential stock for sale is ready to move in more than 95% of cases.
Pune Stamp Duty and Registration Fees in December 2022
Buying a house is not complete until it is recorded and registered in the buyer’s name. Property must get registered to protect the owner’s rights and the “property title” from fraud and legal disputes. As a significant source of revenue for the State, stamp duty and registration fees may occasionally be raised or lowered by the government.
Stamp duty and registration fees, which apply to all sorts of real estate transactions, are calculated based on the price of the properties in Pune. Homebuyers can receive a further discount if they register their houses in the names of female family members. So be sure to consider the stamp duty and registration fees in addition to the property value.
Pune’s stamp duty increased by 1% due to the government imposing a metro cess on real estate acquisitions beginning on April 1, 2022. The decision was made to direct the funding toward the construction of transportation infrastructure in these three cities and executed in Mumbai and Nagpur.
Pune: PMC launches new campaign to seal civic assets over unpaid rent March 2022
As part of a stronger shootdown against the practice, the Pune Municipal Corporation (PMC) has begun to seal civic facilities rented out for business purposes due to unpaid rent dues. To recoup debts of Rs 3.5 crore, at least 27 such business buildings have already been shut.
“The tenants of the properties with unpaid rent dues have received notifications. Despite this warning, their properties will be sealed if they don’t make the payment. In the next days, the campaign will be expanded”, the head of PMC’s establishing department.
The number of homes that have been rented out throughout city areas is above 3,700, according to PMC statistics.
Best New Residential Projects in Pune for Investment in 2022
In addition to being one of the most attractive and roomy flats in Hinjewadi, this building is being constructed by reputable developers in Pune. It’s perfect for you and your family, simple on the wallet, and has roomy proportions for opulent living. Its great position is approachable, with recreation amenities only around the corner, and is encircled by a fully furnished gated community. Location: Hinjewadi, Pune
At the centre of Pune lies the premium residential development known as Kumar Prospera. This project is now situated on a 5-acre plot of land and offers magnificent views for residents to enjoy luxurious lives. It has an excellent connectivity network thanks to the adjacent passing traffic and road system, making it easily accessible. Hadapsar, Pune.
Vilas Javdekar Developers’ Yashone Eternity Hinjewadi, regarded as one of the most fantastic skyscrapers in West Pune, is currently under development. It might be ideal if you’re seeking a fantastic project in Pune situated in the centre of Hinjewadi. It provides a 1, 2, or 3-bedroom home with features like a shared gym and enough room for the entire family to live there. This home is visually beautiful and a fantastic investment in one of the top townships in Pune 2022. Pune’s Hinjewadi
Review of the Pune Housing Market for 2022
Pune’s residential real estate market showed its resilience once more in 2022 as demand rose significantly in the wake of the epidemic. The desire to purchase a property in Pune persisted even throughout the lockdown periods of 2020 and 2021, but the real demand potential didn’t surface until visitors were allowed to return to the restricted areas.
Although demand did temporarily decrease as a result of the RBI’s interest rate increases in 2022, this effect was only short-lived. Pune’s developers attempted to compensate for this by providing clients with cost-reducing strategies by partially or eliminating some of the statutory costs.
However, given that their construction costs would increase by another 12 to 15% in 2022, there was little room for improvement in terms of total prices for homeowners. In Pune, housing costs increased throughout the year, and ticket sizes grew by at least 5% across various projects and locales and by 8–10% in significant projects in a few places.
Even still, the feeling of homebuyers did not decline as much as was anticipated. The year saw at least a 30% rise in investor activity in Pune’s housing market, mostly due to rising property values and significant demand for high-quality developments. The demand for rental housing also significantly increased during the year, further increasing the appeal of residential real estate for investors.
Pune has already become the country’s third largest residential market, with over 26000 units sold in the first half of the fiscal year, indicating that the city is on track to set multiple milestones in the Pune housing market. In a nutshell, the Pune real estate market is GREAT. Investing in real estate as soon as possible is advisable since it will eventually surpass the average of all house sales over the previous five years.
Pune, the second-largest city in the Indian state of Maharashtra, is India’s seventh most well-known city. Pune, the second-greenest capital in India, keeps its beauty and cleanliness with luxuriant green trees by the roadside and smooth roadways. Pune’s weather is always mild since it never gets too cold or hot and never lets you down.
Typically, the city is chilly and windy. Many IT businesses are choosing Pune as the location for their corporate and base offices. Tata Consultancy Services, Infosys, Tech Mahindra, KPIT Cummins, Wipro, and more well-known IT firms are located in Pune. Living in Pune is very affordable, as the property rates in Pune are reasonable.
What are the most popular real estate neighbourhoods in Pune?
In the city, some of the most sought-after neighborhoods include Hinjewadi, Kharadi, Sus, Undri, and Wagholi.
Will Pune property prices drop in 2023?
Real estate analysts predict that between 2022 and 2023, housing prices in Pune might rise by 10% to 30%.
What is CREDAI?
In order to self-regulate the real estate development industry, developers and builders in India founded the Confederation of Real Estate Developers’ Association of India (CREDAI).
Which Pune neighbourhoods were ranked the safest in 2022?
Pune’s Hinjewadi, Baner, and Hadapsar neighborhoods were rated as the safest.