Pune’s Position In Indian Realty

 

PUNE’S POSITION IN INDIAN REALTY

In the list of top 10 cities in the Indian residential market, Pune has a second position while Bangalore is on the top most with the first rank among all cities. In our country if there is anything which plays an important role to decide the economy of any city or state then it is the realty market which describes the state of any city in every term. And in the Indian realty, Pune is the second largest city in the terms of employment, living purpose, education purpose, and an investment purpose especially. The position of cities such as Chennai, Hyderabad, Bangalore, Pune and so many more were decided on the basis of investment returns, upcoming project launching, market size, inventories and some other parameters.

Pune is the city blessed with everything that a person desires for, such as lovely weather which remains same throughout the year, exciting nightlife, ample of greenery surrounded all over the city, luxurious hotels, best shopping malls of India, the world renowned Multinational companies and famous automobile industries and much more. Because of such facilities, Pune is consistently maintaining its rank on the second position and has seen a tremendous growth in prices of real estate properties across all the locations of the city.

One major factor because of which the Pune is in the second the position is the growth of IT companies in Pune and now the suburbs around the city are also growing very rapidly. This city is continuously growing if compared to the past few years and expected to touch the price of 180 dollars billions by 2020. In an economy, the housing sector has contributed 5 to 6 % growth in Country’s GDP, but along with this commercial realty, hospitality also has witnessed a significant growth. In the complete term, Pune’s infrastructure has also contributed to the country’s wealth.

Changed view of real estate market:

With the growth of IT companies, manufacturing industries, education and service sector has completely changed the view and now the foreign investors are also attracting towards it and want to invest their money in the real estate market of Pune. The changed view of the city has also changed the lifestyle of people because of which the migrants are willing to enjoy and adopting this new lifestyle.

According to the KPMG Report, it is estimated that the 1,70,000 places would be now reserved for the employment and this increment will add approximately 48 million sq ft space for the residential area.

State of city in past few years:

In the year of 2009 real estate had faced the recession and due to which so many investors and workers have faced the loss and several real estate projects were stalled. The city has witnessed a huge loss in recession period but now it is in a stabilized position and shown a rise in real estate market. There has been a launch of several housing projects across all over the city and in nearby locations also. Due to this launch, the city has witnessed an appreciation in the capital and rental values.

This upward in economic values and realty prices demonstrates the plans and projects of world class brands and foreign investors that have entered into the city in the past few years. This foreign investment has helped the city effectively and turned the city-state into a much-needed destination for high potential returns investment.

Realty Sector of Pune:

Pune is the perfect location and more affordable if you are planning to buy any residential area as compared to other locations such as Mumbai metropolitan region(MMR) and National Capital Region(NCR). It is noticeable that upcoming projects or newly launched projects will affect the price rates of residential and commercial lands. In order with these projects the suburbs such as Koregaon Park and Bund garden have witnessed the appreciation of 8 Percent in prices of real estate.

Despite these areas in other locations as well the appreciation of 2 to 6 percent also has been noticed in price rates. Under the rise of IT firms and expansion of employment, affordable housing projects will absolutely show a tremendous growth in the realty sector.