India’s real estate market condition is going atrocious with the terms like slow sales and price correction coming into the scene, still Pune’s real estate market is viable as it seems. It stands out as the only city to still see growth in the industry with these conditions prevailing around the country’s market condition. This is a prodigious performance keeping in view the conditions of markets around the country, including cities like Bangalore and Mumbai also.
As per the research, the growth of city’s market is on overdrive mode, beating Delhi-NCR to be the third largest residential market. The reports say the new launches will go up by around 15 per cent with a growth in sales of 6 per cent. The growth in sales will be limited to a 6 per cent as the investors or home buyers are on a wait-and-watch mode and are expecting further more positive light on the country’s economic front. The growth in prices with remain stagnent and growth reaching double digit will be grim as the rate of growth in sales to growth in supply would be limited.
After seeing so much, Pune’s market is still one sustainable housing market which has grabbed its position and is not ready to leave it in the coming future. It’s one of the fastest growing Metro in the country. The Pune-Mumbai Expressway, Internaltional Airport and IT/ITeS Hubs are some reasons for the rapid development of the city. Also with the presence of large-scale industries, good educational institutes, a huge young population and pleasant climate all throughout the year.
One more reason for the stability is that, the developers in the city create assests according to the demand in the city, so city has segments which are ranging from affordable homes to large luxurious apartments, bunglows, row houses, etc. Also, houses fetch good rentals as the migrating crowd is higher, with maximum of students and IT professionals.
The Pune’s Market has been stable with demand and supply being fair at both sides, but the immediate future may change because of low sentiment. The RBI’s unwillingness to bring the interest rates, which has made some cost-effective buyers to hold-back their purchase and wait for some favourable signals from the economy. Nevertheless of the buyers holding back Pune’s market has outperformed other markets, so with any change in the sentiments, we can see a full-paced growth in the sales.