There's good news for Pune in terms of real estate. The city is once again witnessing traction in the segment of residential & commercial properties. As the demand begins to escalate, the industry is faced with a new trial – to meet the requirement head on. The reason for the upswing is the booming economy, brandishing greater demand for corporate space and an increase in the number of service related start-ups.
Furthermore, real estate private equity fund, Kotak Realty Fund, has raised US$ 250 million from institutional investors for equity investments in realty projects across the top 6 property markets in the country - Mumbai, Pune, Delhi, Bengaluru, Hyderabad and Chennai over the next 2 to 3 years.
So what are the areas to watch out for in Pune? More than half the growth has been witnessed in north-west Pune, primarily in the areas of Hinjawadi, Baner and surrounding underlying regions. Baner has seen a quarter-on-quarter appreciation of 6% while Hinjewadi has seen a Q-o-Q appreciation of 7% this year.
Other peripheral areas that are receiving attention from builders are Bavdhan, Bhugaon, Keshavnagar, Kharadi and Wagholi. This year, these localities have witnessed a Q-o-Q appreciation: Bavdhan 7%, Bhugaon 8% and Keshavnagar 7%. Developers are aiming for the mid-end and affordable segment to tap into the demand and make the most of this spurt of real estate in fast gentrifying regions.
For buyers, this is a very favourable time for real estate, and many projects are set to be completed and enter the market in the third quarter of 2017.
At present though, Pune buyers will have to wait as the recent surge in demand was not precedented by builders after the slump in sales from 2014 onwards.
Real Estate is once again booming in Pune, and it is reason enough to celebrate!