The Indian residential real estate witnessed an upward recovery momentum in 2022-23 and this rise is expected to be continued in the current financial year 2023-24. The sector is expecting robust end-user demand in the coming year, as its steady performance and quick revival post-pandemic led to India’s economic growth. By adapting to the pandemic’s impact, industry issues and government policies, and the customer’s demands and expectations, the Indian real estate sector has regained buyers’ trust.
Pune as a prominent educational and IT hub, has become the choice of residence for many youngsters who migrated to the city for education or career opportunities.
Apart from the wide array of employment opportunities, other important factors that influence this decision are the pleasant climate that’s available throughout the year, the lush green and picturesque surroundings, and a cosmopolitan lifestyle, paired with high-quality infrastructure facilities, and its proximity to Mumbai.
The availability of various residential options in different budget ranges is another factor responsible for the real estate demand in the city.
IT localities lead the demand
The availability of developable land in areas on the outskirts of the city, opened avenues for IT companies to set up their offices in such areas.
With larger available land parcels and lower prices, these regions in the next few years became the residential hub for the corporate sector. Even today, considerable demand for residential accommodation from young buyers is witnessed in the areas around IT hubs like Koregaon Park, Viman Nagar, Kalyani Nagar, Hinjewadi, Bavdhan, Aundh, and Wakad, among others.
The result- some of the most prestigious apartment and villa complexes with all modern amenities have come up in such areas. Incidentally, all these areas have recorded steady appreciation in capital and rental values due to the high demand for residential accommodation.
High Return on Investment:
The easy availability of home loans has motivated young working buyers to invest in residential projects for their personal use as well as for investment purposes. The rate of appreciation for plots and apartments has also been steady, with many areas recording rental values between Rs 10,000-25,000 per month.
Larger Properties in Demand:
One of the key trends in the Pune real estate market post the pandemic has been a surge in sales of properties priced at Rs. 50 lakh and above. There has been a growing demand for larger apartments that meet the demands of additional space for a home office or guest room. The share properties measuring 800 sq.ft or above increased to 27% in the last few months.
The Pune real estate market is showing signs of robust growth, with demand for larger properties on the rise. Central and West Pune has risen as key locations that meet the strong demand for housing from first-time buyers and those looking to upgrade their living arrangements. The ongoing infrastructural improvements in the city like the Pune Metro and the availability of jobs are also expected to support the market.
At RGS Realty- we are on a mission to redefine luxurious living in the city. We build spaces that meet the demands of space and cater to a cosmopolitan lifestyle with a host of affluent amenities. To know more about us and what we do, visit https://www.rgsrealty.com/
References:
https://www.commonfloor.com/guide/young-buyers-trigger-residential-realty-demand-in-pune-43909