Pune as a city has been witness to unprecedented changes in every sector over the last decade. The economic drivers that have catalyzed this change continue to push the growth even further. The factors that have led to this dynamic scenario are the IT, automobile, and manufacturing industry.
To begin with, the Pune real estate market had only a handful of reputable real estate developers. But with the sudden expansion of the city, there are hundreds of small, mid-size, and large real estate developers in the city today.
Economic drivers pushing growth
However, one obvious fact that simply cannot be overlooked is that this market continues to chalk a steady upward rise irrespective of intermittent economic uncertainties. The most recent example would be the global economic recession of 2008 that brought industrial and economic growth to a standstill. Despite the grave scenario, if someone wanted to explore a new residential project in Pune, there was ample scope. Builders continued to present the consumer with a steady supply of residential and commercial spaces in Pune as well as its fringes.
Changing consumer perception
The growing rates are testimony to the demand in the Pune real estate market today. However, most leading builders in Pune have made a conscious effort to deliver something extra with every project that they launch. This has transformed the entire rules of this industry in the city. For instance, consumers consider an apartment to be a lifestyle statement rather than just a dwelling place. By adding value to every home they offer, builders in Pune have successfully catered to this changed consumer perception.
Though the current economic situation does not present a very positive outlook for other sectors, this is not entirely true of the real estate scenario in Pune. A testimony to this fact is the number of pre-launch bookings and under-construction flat bookings that customers are indulging in. All these factors translate into a single fact the Pune real estate market is approaching a peak.
A marked difference in housing categories
A sizable part of the real estate sector in Pune is in the Rs 35 lakh to Rs 70 lakh bracket. This demand mainly stems from young working professionals looking at purchasing their first property. In the immediate past, there the number of women purchasing flats has been charting an upward graph.
Ultra luxurious projects that cost Rs1 crore and upward have also seen a healthy if not overwhelming demand. Every major builder has at least one new residential project in Pune that falls under the luxury category. These projects comprise 4BHK (or more) apartments, and could either be individual residences or elite apartments.
Thus, the next few years for the Pune real estate market certainly look very exciting. The evolving customer expectations are only helping builders push the envelope further with every new commercial or residential project that they launch. This is being done with innovative architecture, world-class amenities, and sophisticated gated communities.