Rising proves do not deter Punekars, says By RAJENDRA PATE
Pune's real estate market has again shown its dominance in 2022 as demand surged considerably post the pandemic. Even after the hike in property prices, the growth momentum continued in Pune which highlighted the fact that there was a genuine demand in the market. In fact, the rising interest rates, higher stamp duty and 1% metro cess has not deterred the sentiments of the homebuyers in Pune.
The housing demand has sustained in Pune on the back of several factors like high rentals, opportunities in the job market and relatively affordable homes than other markets. The developers too came forward and absorbed the burden of the homebuyers by offering attractive payment plans or by waiving the stamp duty and GST. The festive quarter witnessed a great traction for the Pune real estate market with sales rising by 15% in that period.
Post the pandemic, the corporates have invited their employees back to office due to which the demand for rental housing too has seen a sharp surge as the floating population is back in the city. Also, the hybrid working model has prompted the homebuyers to look out for extra space. These factors too have made the real estate investment attractive for investors in Pune.
The increasing interest rates will temporarily impact the growth momentum of the Pune residential market. However, the demand for affordable housing will sustain in 2023 as well. The mid-segment and luxury home buyers will continue to invest in spacious homes in good projects with all lifestyle amenities.
Townships and gated community projects too will continue to witness a sustained demand as post-pandemic homebuyers have realized the importance of healthy living, convenience and security that these projects offer.
Overall, in 2023, Pune’s housing market will see a strong thrust on affordable housing along with projects that focus on safety, security, convenience and a healthy lifestyle. (The author is President, NAREDCO Pune)