Atul Goel Pune: 2022 Trends that will overtake Pune’s Real Estateby Atul Goel Pune Atul Goel Pune - Goel Ganga Group
The expansion of job prospects, the resurrection of office space, and the work-from-home culture have all contributed to rising housing demand.
While many individuals returned to their hometowns in other cities during the shutdown, Pune saw the opposite. Many people choose to live in this city because of its climate, educational institutions, and thriving employment market. The real estate market in Peshwa Area has not only recovered, but recent reports show that housing is becoming an increasingly pressing necessity in the city, says Atul Goel Pune.
Pune's prognosis for 2022
In comparison to 2020, the real estate market in Pune grew significantly in 2021. Both new launches and housing sales grew by 67 percent and 53 percent year over year, respectively. "According to our study, Pune saw fresh supply of over 39,870 units in 2021, while Bengaluru saw new launches of almost 30,650 units," says Aditi Watve, city head, Pune and president, Capital Markets, Anarock Group.
In terms of property sales, Pune witnessed roughly 35,980 apartments sold in 2021, while Bengaluru saw 33,080 units sold over the same year. Given that the third wave has little impact on economic activity, the Pune market in 2022 appears to be rather optimistic."
According to Anarock research, a few variables fuelling this growth include:
Mumbai investors are getting a good deal in Pune. Investors are looking at Pune because of its superb connectivity to Mumbai.
Another important driver of demand is the IT/ITeS sector, which sees Pune as the greatest option to Bengaluru. Pune has emerged as the ideal option to Mumbai for many of these IT/ITeS firms. The city also enjoys the benefit of pleasant weather.
Peripheries in Pune are also in great demand due to well-developed or future infrastructure development. Many well-known national developers have also set up shop in the city. As a result, the future appears promising. There has also been talk of increasing the FSI, which could result in greater development.
Sales are increasing
Some major trends in the city in 2022, according to Paramvir Singh Paul, branch director, Knight Frank India, Pune. "The city emerged as the third-largest residential market in the country in 2021," he says of residential real estate. Furthermore, the Affordability Index is at an all-time low of 24%, corroborating that prices and home loan interest rates are at an all-time low at this time, translating to higher home purchases."
Residential prices are likely to begin rising again after a long period of decreasing and then stabilising. In 2022, they forecast a 5% increase in capital value for the residential property market in the country.
According to Atul Goel Ganga, in 2022, the trend in residential sales is projected to continue, as prospective homebuyers' demand for larger homes, better facilities, and competitive pricing will keep them interested in closing transactions.
Following are the Pune's 2022 trends:
In fiscal year 2021, Pune recorded 3.8 million square feet of office transactions. Among the top eight cities, the city saw the largest YoY rise in transaction volume in H2 2021. In Pune, BFSI operators continue to occupy a significant amount of area. The increase in lease momentum in the Information Technology Sector will fuel the office market. We expect IT companies' incremental need for office space to be strong in the future, based on hiring in the last 18 months.
As the epidemic underscores the need for adaptability like never before, the coworking sector will continue to prosper. Despite the return to normalcy, agility, a buzzword associated with the co-working sector, will increase demand for flexible office spaces. In Pune, the co-working segment took up 18% of space in H2 2021.
Navi Mumbai has the largest density of upcoming data centres in Maharashtra. However, we are seeing an increase in data centre demand in Pune. With the impending deployment of 5G and data localization regulations, the requirement for data storage to be closer to consumers becomes even more critical, necessitating a rapid expansion of the country's overall data centre capacity, of which Pune would be a beneficiary, states Atul Goel Ganga Pune.
Created on Mar 7th 2022 07:02. Viewed 82 times.