New Launches Defining the Euphoria in Pune Real Estate
Once called the pensioners paradise due to its beautiful landscape & enchanting weather, present day Pune is one of the leading realty markets of India. The real estate maket of Pune in the recent past has been clocking significant growth velocity, driven by large IT/ITeS crowd, relatively economic prices & upcoming infrastructure development. Similar positivity & euphoria has continued in the 1st half of 2016 that has been further augmented by its selection as one of the smart cities.
Micro Marketwise Analysis
According to the data revealed by the Square Yards GIC, micro marketwise price movements in Pune over the last 12 months shows that the prices have appreciated in the range of 1 to 9%.
New Launch Projects in Pune
As a bullish market Pune has witnessed a decent number of new launches over the last 6 months. According to estimates by Square Yards, there has been nearly 6000 apartments launched in the city over the last 6 months. The new launches have been in both luxury, mid -income & affordable apartment section.
Upcoming locations like Bavdhan, Balewadi & Wakad on the western front of the city & Lohegaon & Dhanorion the Eastern frontiers are witnessing large volume of prelaunch projects to feed the new demand paradigm. For instance, in Bavdhan, Puranik have launched Avitante comprising of 2 & 3 BHK units. That is receiving good response. Starting at 44 lacs, the Avitante could be a perfect fit for both end users as well investors. Due to high demand from Hinjewadi & other IT hubs, properties in Bavdhan are expected to reflect better capital appreciation & rental yields.
Pune Future Outlook
Compared to other major cities, Property in Pune is expected to demonstrate higher capital appreciation in the coming time. In addition to the factors mentioned above, the expanding job market of Pune should add to the ongoing high octane growth of the residential markets of the city. Major high profile leases have taken place in the city. In Hinjewadi Phase III, Indian IT giant Infosys have leased a massive space of 620,000 Sq. Ft. Hinjewadi, a major IT destination in Pune is expected to add over 500,000 new jobs in the coming time. This will give a major boost to nearby residential markets such as Wakad, Baner, Balewadi, Pimple Saudagar & Pimpri etc.
As a part of the Smart city project, Pune has started undertaking strong initiatives. It has announced to develop a state of the art bus transit system in Balewadi. Technical hurdles related to the metro project has been cleared & it is expected to start very soon. Once completed, Pune metro will connect central parts of the PimpriChinchwad Municipal Corporation (PCMC). Like other cities, the metro line once operational is expected to give a major boost to the real estate activities in the vicinity.
Source: Business Today, Jul 15, 2015