The blooming Real estate of Puneby Ravi Raj Consultant
Pune has undergone overwhelming changes from the time when it was known as the ultimate pensioner’s paradise. Narrow streets lined by sedate trees and the traditional wadas of yore were once the charming tableau that the city made. But through the decades, the picture has changed. Pune has evolved into a world class city with wide roads, glitzy malls, corporate offices of different Multinational Corporations, trendy restaurants and nightspots. But it has not lost the eclectic mix of culture, history, modernity and tradition that has characterised it for centuries.
The booming real estate market has many reasons for its prosperity. Pune has often been called the ‘Oxford of the East’. It owes this name to the numerous educational institutes it has, making it an important educational destination in India. Hence there is always a continuous surge in the number of students from different states and countries who flock to Pune for its stellar educational institutions of international repute. They contribute to the huge demand for residential property in many parts of the city. Pune also has a well developed IT sector, a fact attested by the presence of the Hinjewadi and Khadki IT parks. The flourishing commercial sector is not limited to a particular area but stretches across the city. These factors lead to the influx of young professionals in the city. This is reflected in the rising demand for the residential real estate in the city. The enormous growth in population has led to the spike in the demand for Apartments in Pune. Meanwhile the industrial sector, retail and technology related ventures, have accounted for the boost in the commercial real estate market.
Overview of property trends in Pune:
According to a recent report, the prices of residential real estate in Pune have increased by 15% last year. It has been forecasted by the real estate pundits that the housing sector will experience an appreciation of 12-15% in value in 2013. The new suburban and exurban areas that are being absorbed into the city have been responsible for a major part of the sales in 2012. Areas like Kondhwa, Hinjewadi and Undhri, which enjoy a proximity to the city and are self sufficient in them, have shown considerable increase in terms of real estate. Because of their development potential, investments in these parts of Pune will prove to be advantageous in the future. Due to the lucrative educational, commercial and financial opportunities in the city, depreciation of property value is quite impossible and there will be a constant growth in value of property in the coming years. Pune will continue to prosper in the future in terms of the residential and commercial real estate.
The Central Business District (SBD) in Pune comprises of areas like Koregaon Park, Camp, Wakdewadi, Shivaji Nagar and Senapati Bapat Marg. These showed a rise of 16% in office rental spaces in 2012. The Secondary Business Districts (SBD) of Viman Nagar, Yerawada, Baner, Hadapsar and Aundh and the Peripheral Business Districts (PBD) of Hinjewadi, Bhosari, Kharadi and Phursungi showed an advancement of 25%. This trend was surprising on a positive note because though the demand for office spaces had plunged across India in 2012, the demand in Pune showed an increase of 6%.
The positive numbers of 2012 show that despite the global slowdown, the real estate market in Pune is at an all time high. It indeed shows an optimistic promise of further rise in the upcoming years.
Created on Dec 31st 1969 19:00. Viewed 0 times.