Real estate since 10 years in Pune

Pune known as the oxford of the east also considered a pensioner’s paradise is rapidly transforming into a bustling economic centre of India. Pune is the ninth most popular and the second largest city in Maharashtra after the state’s capital Mumbai city.

Mumbai’s affordable cousin is what some believe Pune to be, especially people looking for properties available near suitable good jobs and developed infrastructure on a comparatively affordable rate. Also in the past few years homebuyers believe that Pune has been developing in terms of infrastructure, jobs and housing, which may in turn lead to a positive property rise in the Pune real estate property, making it a promising city to invest in.

Pune has emerged as a new start ups hub while it was recently featured amongst the evolving business centres and the emerging cities among other nine in the world and was referred as a city that plays a host to IT and automotive companies.


Real Estate in Pune turning point - 2016

The real estate market of Pune was under multiple struggles. It saw an upward trend in terms of property prices and value in the year 2016. Only in 2017 it happened that RERA was implemented and there was a lot of confusion among builders and buyers about the interpretation of various provisions. Many buyers/builders challenged several ambiguous provisions in court, while many fraudulent builders were penalized. Property prices continued to be low due to oversupply.

2018 - Due to RERA, builders were no longer able to launch multiple projects easily. However the New Project launches did not fail drastically as it was expected. Supply was cut short suddenly. Prices were stabilized and increased gradually. 2019 - Due to undersupply, the demand eventually caught up and property prices have rationalized The overall property prices have increased due to general inflationary expenses.
 

According to an estimation of how the property rates may rise by 2020 here is a chart representing Pune’s competitiveness and the underlying supportive trends.
 

The transformation since a decade

Pune started off as a small city known for its strong industrial belt, which included companies such as Tata Motors and Bajaj. It later came to be known for its cantonment and Headquarters of Southern Command for the Indian Army.  Pune as a city was more like a pensioner’s paradise because of its slow pace of life and relaxing weather. Most retired citizens from Mumbai and other metros preferred to retire in Pune.

But in the last 10 years Pune seems to have gone through a major transformation. The Mumbai - Pune expressway development and Hinjewadi coming up as the large IT/ITeS catchment has attracted not only domestic but also the international IT majors, such as Infosys, Wipro IBM and Accenture. Pune has been seeing a major change not only in terms of the lifestyle but also in regards to the property prices.


Some of the major reasons for the Fluctuation of property rates in pune 2018.

Clearance certificate is must for structures above 70 m.
While primary focus for Pune’s infrastructural development was the three metro corridors that are still underway and the Transit -Oriented Development, they expect an influx of high-rises and has mandated technical committees approval for developing the structures higher than 70 meter in the city.


Projects outside MahaRERA purview.

A survey revealed that around 50% of the on-going projects in Pune were not yet registered under the Real estate Act (RERA). Many failed to register the Sale agreement despite having availed 10% of the property value. Due to which the later part of 2018 saw a fluctuation in the property price range.


Metro expansion took charge

Pune had never seen the train struggles unlike Mumbai. However after the metro expansion, Pune has already started to own the metro lines as it connects the two major stations Hinjewadi and Shivaji Nagar. This was the third metro corridor placed in Pune that will not only save travelling time but also boost housing demand in the neighbouring localities.


It can be rightfully concluded that  Pune is still in the game

Since Pune has already chosen the right path of registering with RERA and has gone through a struggle a year back just to be back with some noticeable improvements in infrastructure and hence is experiencing an increased property rate. We can expect even more positive rise in Pune Real Estate towards 2019-20.

Disclaimer: The views expressed above are for informational purpose only based on industrial reports and related news stories. We do not guarantee the accuracy, accuracy of the content and shall not be held responsible for any action taken based on the published article above.

Pune City which is the part of Maharashtra State and it is the second largest metropolis, also well famoused & generally pronounced by the name Poona or Punyanagari in old times.