Pune Real Estate market to see a turnaround in 2015

Like other metro cities in India, Pune Real estate market is attracting several investors and end-users. The effect of IT revolution is improving Pune residential real estate Market tremendously these days. The kick start from IT industries has brought a lot of unregulated development to realty market. The property prices have boosted unrealistically.

Now, Pune is not just a Pensioner’s paradise, the three factors that can define Pune evidently is the growth of Information Technology, enormous extent of organized retail and the city’s changing demographics. The last factor has a more impact on Pune property market both in terms of size and type of property.

To accommodate ever increasing population in the city, the town planning commission has been increasing infrastructure challenges.  The availability of land for development results the expansion and development of peripheral localities. The real estate demand in Pune was mainly driven largely by workers of the services industry. The recent trend of purchasing is saving a sizeable amount and buying a home in suitable budget.

As a result, the developers are catering the residential properties with the basic requirements, specifications with less unit size. In 1990, Pune started emerging as IT/ITES companies’ destination. At first, this was limited to people working in BPO companies. The young professionals who existed in previous scenario have reached a kind of impressive earning.

This has increased the desire of ownership and availability of home. The IT professionals are showing interest to buy homes in less expensive areas and people working in industries prefer these localities to stay close to their work places. With the increasing demand for homes in Hinjewadi, the immediate vicinities suddenly bounced into sharp focus and began slowing down the demand in central areas. The localities witnessed a swing in residential project launches are Aundh, Wakad rose and Baner.

Currently, the developers are catering sundry to what they have done 15-20 years ago.  Due to its vicinity to industries, the Pimpri-Chinchwad is boosting a demand from well paid employees. Mumbai city is overwhelming with unsold inventory; but, the demand for homes in Pune reached nearly 46000 units where it was 20000 units 15 years ago.

According to JLL report, Expanding operations of multinational companies, infrastructure development, and government’s agenda – Housing for all is expected to boost the buyer sentiment and purchasing activity in 2015 year. Pune real estate market is predictable to witness a turnaround in 2015.