Pune Real Estate
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Pune Real Estate
Despite the fact that the real estate market all over is experiencing a slump, Pune real estate is going steady. While industry experts have predicted a steep decline in the real estate values, Pune seems to be confronting the forecast.
Backing the statement are the following examples. To begin with, within months of announcement of a new project by the Magarpatta Township Development and Construction Company, 5,800 apartments of 20,000 planned were fully sold out. This is in spite of the fact that the project is on the peripheries of Pune at Sinhagad Road. Same is the case with several other projects which includes the Blue Ridge Township at Hinjewadi, which has seen vigorous sales in the last few months.
Given that Pune was by no means a mainstream real estate destination it never saw a huge drop in real estate prices. The slump was there but it was for a short period of time. Reasons Pune real estate agents that there was demand but people were anticipating a fall in prices so they were waiting to buy an apartment in Pune. But on the contrary prices escalated and so the demand.
Moreover, since the IT industry drives the property demand in the city, first home sales form a major chunk of transactions happening in Pune. Inevitably, transactions as well as price escalation have been highest in the areas of Kalyani Nagar and Baner which are close by two major IT hubs in the city. Besides the IT and BPO industry, the student population continue to fuel demand for housing in Pune.
Renowned Pune real estate developers sack the view that the Pune property prices are on the move for a sharp drop. Pune real estate agents and the local industry experts don't see any recession in Pune Real Estate industry at least in the next 10 years. Pune real estate builders affirm that the demand is stable and outstripping supply.
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