The past decade has been a spectator to tremendous changes as far as real estate in Pune is concerned.
Pune is on the verge of being the next Mumbai.
Pune is one of the top cities in terms of migration. The real estate trends in Pune can be observed through the elaboration below.
Pune has certainly taken a leap in the last 10 years if we consider the changing skyline of the city. Situated near old Pune and extended to the Pimpri-Chinchwad limits, these humble buildings have gradually evolved into skyscrapers. This was after restrictions on the height of the building were removed in 2006.
Since so many people are moving to Pune, it has led to an increase in demand for residential projects. This in turn has resulted in changes in property prices as well.
Changes in customer preferences
There has also been a change in the perspective of the residents along with the real estate trends in Pune. Homes today are not just a place to live, they showcase your status in the society. Initially people considered a property as a residential need. Over the years people are equally considering property as their investment option. First, people preferred the ground floors for ease. Now, with the concept of ‘Penthouses’, the top floors have become the favourites of residents.
Changes in the perspective of builders and developers
The outskirts of Pune were considered as rural areas a decade ago. Today builders have blurred the line between the suburbs and the city. They have not only explored potential areas but also integrated them into the city, further stretching the boundary. Also the amenities the builders provide have graduated from being modest to becoming luxurious. The rising competition is also one of the reasons for these changes in real estate trends in Pune.
Factors that lead to these changes
- IT sector boom in Pune impacted the supply and the demand in real estate.
- Environmental townships were introduced in 2006.
- Higher loan component, upto 90 per cent of the price.
MahaRera comes into effect
The Maharashtra Real Estate Regulatory Authority (MahaRera) and the Goods and Services Tax (GST) will be the crucial aspects to further changes in the real estate trends in Pune.
Considering the growth of real estate in Pune, it is surely a lucrative option to invest in this city as well as its emerging suburbs.