Outskirts Hubs of New Property in Pune
It is accurate to state that property in Pune has shown more grace and been far less chaotic than real estate markets in other parts of the country, notably Mumbai and the NCR. Over the past few years whereas the property prices in other parts of the country have fallen considerably, luxury flats in Pune have been stalwart and less prone to wild fluctuations. Whereas many other property markets in the country have been the target of speculators fancy, often distorting the price of property in many cities. Pune has thus far remained largely immune to such proclivities with the result that affordable property and even better reflect underlying real estate market fundamentals in the city, a rarity in real estate trends over the past few years and unlike much of the speculator driven markets across the country.
A recent trend among the flats for sale in Pune is the greater demand for flats in the affordable segment, prices of which range between 30 and 70 lakhs in the city. Due to the presence of a large number of multinational companies in Pune as well the continuous entry of newer such companies every month, there is increasing demand for real estate in Pune from virtually all segments. As a matter of fact are likely to find it difficult to meet the demand for property in the city from consumers eager to purchase homes within the cities borders. Already the trend of demand outstripping supply has led to an appreciation in the price of builders in Pune, especially for homes priced in the affordable segment.
Much of the newer affordable property in the city is being built by builders and developers in Pune at the periphery of the city where the price for land is far lower than at the center of the city. This gradual expansion of affordable housing in Pune to the periphery of the city is a trend similar to that which has already occurred and is still occurring continuously in much larger metro cities as well. Whereas once it was affordable to construct affordable property in Pune within center of the city, today due to significant appreciation in the price of property at the center of town, have found it far easier to do so at Pune’s outskirts.
Affordable property in Pune today is in great demand, as the city has a large number of industries and is also a recognized center of technology. With the presence of such a wide range of industries in a relatively young as well small city, Pune is constituted of homebuyers spread across several pay grades with many earning as much as employees in much larger cities such as Bangalore and Chennai, hence homebuyers in the city constitute a diverse market segment ranging from those who may buy affordable homes to those who invest in builders in Pune.
The goal of providing affordable property in Pune does not rest with any government department and though such an objective may be encouraged, the price of property in Pune should largely be determined by the market and be free of external influences, whether innocuous or benign.
