With market sentiment improving real estate in Pune also seems likely to be caught in the upswing. Stable prices and the festive season of Gudi Padwa make for the right mix for brisk real estate sales in Pune. After a few tumultuous years, real estate in Pune seems to have settled down. Builders in Pune along with brokers in the city in the near future expect a larger number of inquiries to translate into sales.
Real Estate in Pune Last Year
New launches in Pune rose last year by 14 percent. The ticket price of affordable housing in Pune rose moderately last year. Last year the price of mid-level housing also went higher. Market Pundits agree that the reason why units in these price segments rose in cost was because Pune’s real estate market was more resilient to market conditions than were other realty markets.
New launches of luxury flats in Pune fell by nearly 88 percent and the price of such units almost halved.
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The Years That Passed
Over the past few years, Pune acquired a large volume of unsold inventory and these led to the build-up of excess inventory with builders. Demonetization further added to difficulties in the cities realty market. After the successful remonetization of bank notes and reforms such as RERA, Benami Transactions Bill, and GST, real estate in Pune say brokers seems poised to rise.
Gudi Padwa Is Auspicious
The Maharashtrian new year is considered an especially auspicious time to purchase property in Pune. Since the real estate market is heavily driven by sentiment, builders in Pune and builders across Maharashtra expect bountiful sales over a short period of time. Many new launches by builders and developers in Maharashtra are also expected due to Gudi Padwa.
All the Pieces Are in the Right Place
Residential real estate in Pune is still widely considered a buyers’ market. Builders and developers in Pune have taken pains to construct property that is within the budget of buyers, hence today real estate in Pune is among the most affordable in India.
Builders Have Done a Rethink
Prices of new launches have fallen by nearly 14 percent across the top 8 cities in India since many developers across the country have rethought their strategy of how to best sell units rapidly and at a profit. Builders and developers in Pune have altered their strategy and fewer projects are being launched while builders sell existing inventory at lower price points.