Cities with quality educational facilities, soaring job openings and an exemplary infrastructure always have the potential to transcend even the gloomiest of market conditions. Even if the real estate market witnesses a breakdown, these cities have the propensity to ascend. One such multifaceted city is Pune, the cultural capital of Maharashtra which endeavors to get globally recognized and is now given the acknowledgement of being the seventh largest metropolis city of India. Pune has become a high-flying name in real estate sector. Providentially, the current real estate scenario of Pune looks very promising. Growing IT companies, MNCs and pricing reforms are the prime factors that are fueling the demand for new real estate projects in the city.
The overall real estate market in India was capricious in 2012, but Pune remained resilient. Whipping other cities of Maharashtra, Pune flaunted its high numbers in the sale of residential space for the year 2012. Pune properties continue to show signs of appreciation in the current year. The demand for the residential properties is increasing at an alarming rate. As the demand increases, the supply is also increasing. To cater to the mounting demands, builders in Pune are coming up with admirable housing projects in the prime locations of the city. Kalyani Nagar, Kawade Road, Hadapsar, Baner, Ambegaon, Balewadi, Hinjewadi and Wagholi are some of the imminent residential hotspots of Pune. The upcoming residential projects in Pune focus on almost all the spectrum of residences. Right from 1BHK, 2BHK affordable apartments to premium townships and villas, Pune properties offer every possible alternative of preferred housing. Most of the residential properties concentrate on the amenities, requirements and basic facilities to cater to the need of the people. The year 2013, will also notice an upsurge in rental homes. Due to growing workforce, the demand for rented houses in Pune has shot up in the locations nearer to the workplaces. The residential prices are expected to go up by 12% to 15% in Pune, principally in posh localities like Koregaon Park, Viman Nagar, Kalyani Nagar and Hadapsar.
2013 is believed to be a positive year for commercial realty as well. As the city is centrally located and is in close proximity to the state capital, Mumbai, the city is embraces the commercial sector in the city with great care. The city houses many internationally recognized IT companies, SEZs, MNCs, BPOs, automobile companies and other industrial zones. Due to the economic slowdown in 2012, absorption of the commercial spaces stood at 80% whereas in 2011 it was noted to be 83% of the total absorption. In 2013 the commercial market will observe appreciation. The rising interest of investors will be the driving force for the upliftment of commercial realty in 2013. The demand for commercial spaces in prime locations like Hinjewadi, Viman Nagar, Aundh will remain unwavering. The office spaces mainly cover IT companies, manufacturing, automobile and BFSI sectors. There will be a steep rise in the rental values of the office spaces in Pune.
Investing in Pune property is quite beneficial as compared to realty markets of other metropolises. On the whole, the real estate scenario of Pune is expected to stay healthy throughout the year.