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Booming Real Estate Sector In Pune
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Pune, the cultural city of Maharashtra is a wonderful combination of tradition and modernization. Also, known as "Oxford of the East", this city is home to a large number of world famous universities. Pune is the second largest city in Maharashtra. The city is known for its vibrancy and night life which it owes to the significant student population. Pune is one of the most culturally significant cities in Maharashtra and was also the capital of the mighty Maratha Empire. Pune formerly known as Poona was an important center during the Indian Independence Movement. Today Pune is known for its numerous educational institutes and large student population city.
Also, the population of Pune has increased by 40% in last seven years and is estimated to near increase more in next two years. It is primarily because of the boom in IT sector resulting in economy's swift growth thus inviting job seekers from all over the country. This large scale migration has raised the need for residential complexes and housing facilities. Many leading real estate developers have now been fast developing the infrastructure in Pune and coming up with upcoming apartments in pune, commercial and industrial projects. The east of the city has especially been immensely developed with uplifting of the areas like hadapsar, wakad, aundh.
The youth culture, lucrative job opportunities and contemporary infrastructure of Pune makes it one of the most sought after destinations. In the phase of economic slowdown, prices of property have reduced and all the attractions added to this make it perfect to buy property in Pune. To bolster the demand in real estate sector, property developers are imparting discounts and freebies on buying flats in Pune. Moreover, not many people are investing in property due to slump in economy and deferring purchases making property sellers further drop the prices. One may not get the property at such low rates again as soon as economy bounces back.
According to a report by the retail estate research firm, Pune is the top real estate destination for commercial and industrial sectors. It has become third preference for residential and hospitality sectors in India for real estate investment. The report reinforces the result by adding that Pune may witness the demand for all both residential & commercial space in the next three years.
In fact, all the property developers have commenced with their plans of expansion in for growing residential and commercial needs. Latest reports suggest a revival of demand in commercial real estate by corporate and multinationals after the near exit of economic slowdown. It and ITes industries are considering expansion plans and evaluating opportunities available in Pune property market.
In today's time, the developments in real estate sector are targeted at middle and upper middle segments. Property developers believe them to be genuine buyers and not investors looking for reputed brands. Prices had hit rock bottom last year due to slackening demand of property but according to sources it will not reduce any further now as these segments hold huge potential. Real estate builders are now developing projects for both high-end and upper middle class segments. The property market of Pune is expected to be vibrant by the middle of this year by most of the real estate developers.
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