Housing Property in Pune to Remain Stable in 2012

Bangalore: Pune is the center of services and manufacturing trade in India. According to a survey conducted by ASK Property Investment on Pune residential real estate, the property rates in Pune would be stable because of the speedy growth in economic movement this year compared to other Indian cities.

The report is based on the economic and demographic profile of the city and has covered the residential real estate requirement and supply of Pune urban agglomeration.

As per the report, the reasons behind the real estate growth of the Pune are the services that are driving the city to stay stable on home sales. Another reason for Pune’s positive market is because of agro-driven wealth coming from neighboring towns such as Sangli, Satara and Kolhapur. Pune is witnessing this steady realty market as the population is gradually moving towards high number of service professionals, the rate of income is improving which inturn increases the confidence level of buyers to afford a house and increase growth of IT/ITeS industry that has reduced the employment vacancy, steady absorption rate is also one of the reason.

Sunil Rohokale, CEO and MD, ASK Investment Holdings told Economic times that “Last year, Pune market witnessed 6-8 percent rise in property prices. It still remains an affordable market with stable outlook for job creation and this would keep the market positive even if other markets see any decline”. He also said that the report has covered 1,400 projects where 50 percent buyers preferred to buy 2-BHK apartments rather than 3-BHK apartments. The price range that buyers considered as economical was within 45-60 lakh, the rate of per square feet ranged from 4000-6000 and hence the current scenario of Pune’s realty market is expected to remain stable and there would be no increase in price hike any sooner.

Pune has become one of the most affordable cities to reside within the country. The other fast growing places are Baner, Kharadi, Kondhwa, Hadapsar, Dhayari, Bavdhan and Sinhagad Road. The average age of buyers to look out for home loans has come down to 28 in 2011 from 47 in 1998, said Rohokale.