Last year, experts refrained from making tall claims about the growth of Pune real estate. But one can safely say that 2013 was a very interesting phase for it. The future seems to be optimistic for the industry. That is because Pune’s real estate has been driven by multiple factors.
Flashback 2013 & Beyond
There has been a lot of talk about real estate in the city having maintained its growth, but with caution. Pune real estate witnessed even better appreciation than Mumbai making it very attractive. In the last three years, approximately 250 to 300 projects have been launched every 6 months, as per a survey by a renowned real estate portal. Likewise, number of households in Pune has increased by 44.75 per cent - from 9,20,536 in 2001 to 13,32,493 in 2013, as per 2011 Census.
The Way Ahead
Fringe areas like Kharadi, Wagholi, Mundhwa, Undri, etc are coming up very well. These areas are going to experience increase in housing supply and demand, as the property rates here are yet to reach a pinnacle. Marketyard Annexe is one such area which has a lot of potential. Kumar Properties, recognizing this potential has come up with a landmark project here – Kumar Prithvi. It is an ensemble of stylish and contemporary 2 &3 BHK apartments. With a superb central location and an array of ready lifestyle amenities, this project is a perfect example of modern residential establishment.
Further, neighbourhoods with limited land availability will witness price rise till stocks are saturated. That will assure growth for luxury real estate. A 10-12 % increase in price in year 2014 is being expected. But, some of the experts opine that depending too much on the IT sector for real estate growth is not healthy in the long run.
Long story short, things are going to be pretty decent Pune real estate in the future!