This article will help you find relevant and informative facts about growing Pune’s real estate conditions. Let’s find out more.
Various factors have influenced the real estate sector in Pune, and it has transformed a lot over the previous five years. Among those factors, the three major aspects that can cause a slight stir in India’s real estate sector are the coronavirus pandemic, the implementation of GST, and demonetisation in the country. As the real estate sector of Pune has always been renowned for its stability, it successfully balanced it out after facing such a critical situation. Finally, it emerged as a clear winner in the end.
When you carefully observe Pune’s residential outlook, you will realise how the market has been progressing over the past 10 years and that it will continue to grow shortly. The most crucial information regarding Pune real estate forecast is that you will ever find the correct place to invest or reside in Pune. It is considered that the upcoming ten years will be marvellous and dazzling for Pune’s real estate sector due to the above-stated reason.
What is Pune Real Estate Market Forecast for 2023?
As a dealer or consumer, your decision might have a lot of impact on you throughout the rest of 2023. And housing experts observe the advancement of the real estate market throughout the many upcoming months. Potential buyers are now observing a calmer market after the panic-stricken rush for real estate over the past two years.
Those who can still gain homeownership are regaining their lost advantages. However, the conversion to a market which is balanced is still in its infant stages. The high and rising rents have posed another significant challenge to home buyers, as now it may reduce their ability to save for a down payment even further.
As this year the prices would not make a big dent in the consumer’s pocket, it can prove to be a huge opportunity for the builder and new consumers to invest in residential projects. Housing-sale and value-wise, It is anticipated that at least 40,000 housing units will be sold, which will cross the average overall sales of the past five years.
Increased Transparency between Developers and Buyers
Similar to the other regions, even Pune has experienced more builders and developers allying with reputed national and international brands to raise funds and reduce the risk. It is anticipated that it will deliver excellent transparency and ultimately result in the confidence restoration of the purchases in the sector.
Progressive Business Model in Pune Real Estate Sector
According to Pune’s real estate forecast, the progressive business model adopted by the developers and builders in Pune is the main reason for this development.
After the government of India introduced RERA Act in 2017 and implemented strict guidelines and regulations, the builders have now changed their business model. This new model’s prime focus is the timely completion of projects, equipping amenities that are promised, and ensuring high-quality construction.
The creative business approach used by Pune’s developers and builders is the crucial reason for this. The developers have now altered their business strategy due to the Indian government’s implementation of rigorous rules and regulations and the passage of the RERA Act in 2017. The new policy prioritises quick project completion, provision of promised facilities, and high-quality construction.
As Pune is near Mumbai, a well-developed and well-planned infrastructure exists. Keeping aside Pune’s excellent infrastructure, other notable projects in the pipeline exist, which are only going further to enhance the profit of the real estate sector.
Some top-grade projects are:
- Metro rail
- Top-notch neighbourhood
- Bus rapid transit system
- Strong infrastructure and buildings
- An international airport
All Categories Assortment of Projects
In place of introducing new projects, the developers in Pune are now more focused on completing the already existing projects. Due to this, this could be considered a huge opportunity for fence-sitting home seekers and investors to jump into the river of Pune’s real estate market.
Moreover, various choices are available, ranging from affordable to mid and luxury housing. As a result, buyers can now grab their houses without slashing their pockets.
Rational Returns on Investment
Pune’s real estate segment is not only favourable for end-user investment but also a fruitful investment. Pune can be considered the most sensible real estate market with the lowest unsold inventory and more finished projects, as stated by the Indian Real Estate Report.
Commercial Real Estate Market of Pune
Pune’s commercial real estate market implies that the corporate management favours properties in areas that provide amenities of a superior location. It is the reason behind the top-rated location of Pune, which offers excellent connectivity with other locations, options of great residential areas in the nearby locality and other amenities are preferred. This trend is considered to be followed even in the upcoming future.
The Pune commercial real estate market exhibits the fact that corporate management is looking for properties in areas that offer facilities of a premium location. It is why the top-rated Pune locations offer great connectivity with the other areas, options of ample residential locations in the nearby vicinity and other facilities are favoured. It is a trend that will continue even in the future.
In addition to providing the best possible deals to the buyers, the builders are now offering them new-age real estate platforms. These platforms provide multiple services, such as virtual tours, apartment management, online rent agreement, virtual site visits and digital payment integration. The developers are now providing optimum solutions for the challenges shaking the global business ecosystem.
According to Pune real estate forecast, if you are a new purchaser looking forward to investing in Pune in the immediate future, you can check out in 2023, as this might be your year to analyse and start investing in your decision smartly. The states can speed up the recovery process by introducing new incentives for purchasers or extending or initiating stamp duty and circle rate waivers.
What if the property prices in Pune fall in 2023?
The residential front of Pune real estate is expected to grow exponentially, exceeding all previous five-year average growth.
Which areas of Pune are growing the fastest?
Hadapsar is the fastest growing residential locality which is surrounded by Special economic zones (SEZs), some of which are Magarpatta City, The AmaniraParktown and The Fursungi IT Park (SP Infocity)
Which area would yield the highest annual rent in Pune?
These localities are Shivaji Nagar, Kothrud and Koregaon Park. These localities will yield the highest rent if you want to invest in any property.
What is the average market rate of property in Pune's real estate?
On average, the property price or rate stands at 5,000 rupees per square foot.
How is RERA Act helping Pune's real state market?
According to the MahaRERA website, the authorities have resolved 188 cases reported, and the late registration penalty has been stringent.