The Pune housing market is expected to remain robust in 2023, says Ram Naik.
Despite various macro-level challenges, the Pune residential real estate market has proven to be resilient. According to Magicbricks' PropIndex Report Q2, 2022, Pune experienced a significant increase in demand (from 3.9% in Q1, 2022 to 8.1% in Q2, 2022) and average prices (from 0.5% in the previous quarter to 1.3% in Q2, 2022). Supply decreased (from 2.2% to -2.0% in the current quarter). Factors such as the strategic location of the city and increasing job opportunities for newcomers are bolstering the demand for properties in Pune. Moreover, the government reforms in the real estate sector have also contributed towards a more optimistic outlook for Pune's housing market in 2023. These reforms have improved transparency and started a trend towards more regulation and orderly growth of the real estate sector in the city.
The Pune housing market is expected to remain robust in 2023 because of rising buyer demand and increased investment in infrastructure projects. With more new projects in the pipeline and investments from both local and out-of-town buyers, Pune's housing market is expected to remain active and develop further. For buyers, this could mean more housing options and lower property prices; for investors, it could mean new opportunities for capital gains and returns on investment (ROIs). It appears that Pune's real estate market has a bright future ahead, with a lot of promise. (The author is Director, The Guardians Real Estate Advisory