Pune recorded the highest price appreciation among the sixteen cities tracked by National Housing Bank's Residex. It also mentions that Pune's unsold inventory is 13 months, which is much lower than other cities.
Developers in Pune are responding to a clear call from Housing for All by 2022.
Commenting on this, Arvind Jain,
managing director of Pride Group, says, "Pune's outstanding
performance comes as no surprise, and it is unwavering belief that it was
showcasing users and investors in Maharashtra's most dynamic economic power house
is."
The city of Peshwas has come a long way in its real estate journey in the
last five to seven years. From information technology to manufacturing to
hospitality sector, Pune has all the right economic factors. In addition, its
involvement in the program of 100 smart cities has reduced its arms.
Affordable Growth in Segments
So, has Pune climbed the realty ladder? By the way, the confluence of
economic drivers combined with affordable (read realistic) property values
has worked in Pune's favor. According to research by SuGanta Realty Services llp, the share of affordable projects was
42 percent in 2014, which increased to 49 percent in 2015. While other cities
declined in the same period, Pune developed as a showstopper in the supply of
affordable units.
Continuing the trend, Pune also recorded a healthy supply of affordable
projects. According to the data, about 40 percent of the new supply was in the
affordable category, followed by luxury and mid-segments with 36 and 24 percent
respectively. Wakad, Talegaon, Chikhali. Moshi and Undri were the maximum five
micro-markets, with a maximum number of inexpensive units.
“Affordable housing is in perennial demand in Pune. Although the premium and ultra-luxury housing categories are seeing stability rather than real growth, the affordable homes segment shows healthy demand and strength,” explains Kishor Pate, CMD, Amit Enterprises Housing Limited.
1 BHKs: Solution to Affordable Housing?
Another noted trend is that like other cities, there were significant launches of compact homes in Pune with about 28 per cent of the 1 BHK units in the projects. This clearly indicates that the city offers a plethora of options for both end-users as well as investors.
Recently, Maple Group announced the launch of 10,000 smart 1 BHK homes
ranging from 281-302 sq ft. In Pune it will be built over a period of three
years starting May 1, 2016 and spread across ten locations in Pune.
With the unique convergence of economic drivers, Pune is most likely to
outperform and surpass other cities in times to come.
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