The year 2022 is likely to break several existing records in the Pune housing market. It is all set to create newer benchmarks in terms of connectivity, infrastructure, projects, neighborhood improvements, amenities, corporate positioning and more such important options that buyers look at before making the purchase decision and developers look at before making an investment.
Firstly on a state level the Maharashtra government extended the time of availing the stamp duty waiver to three years for resale properties in March 2022. Thus, the rest of 2022 has been slated to give the sector the much-needed boost for which it has waited and worked so hard.
We are now midway through the year and the reports are clear. Covid permitting we can expect a massive 20 to 30% increase on value on residential properties in the coming fiscal year.
“The rise in residential demand across 13 India cities is reflective of economic recovery and income stabilization. This is also fuelled by families returning to metros as offices and educational institutions reopen. While growing inflation, disruption of the global supply chain and increase in input cost of materials & mortgage rates are pushing up the prices, overall we are seeing buyer’s confidence and expect India’s residential market to continue growing over the next few quarters as well.” shared Sudhir Pai, CEO, Magicbricks.
The Indian residential real-estate market exhibited strength in Q2, 2022, with pan India residential demand (searches) rising by 16.9% QoQ and 27.7% YoY and supply (listings) by 16.2% YoY, as per Magicbricks’ latest PropIndex Report for Q2, 2022. The growth reflects a promising comeback from the pandemic.
Pune displayed a sharp increase in demand (from 3.9% in Q1, 2022 to 8.1% in Q2, 2022) and the average prices (from 0.5% in the previous quarter to 1.3% in Q2, 2022). Supply showed a reverse trend (From 2.2% to -2.0% in the current quarter).
Another market player, Knight Frank India in its latest report, India Real Estate: H1 2022 (January to June 2022) cited that homes sales in Pune increased by 25%YoY to be recorded at 21,797 housing units in H1 2022.This was the highest half-yearly sales witnessed since 2012. H1 2022 has already achieved almost 60% of the annual sales of 2021. This is a significant milestone despite the implementation of metro cess and hike in ready reckoner rates observed during the period.
Over a 7-year horizon to gauge price growth across top cities and markets, Pune saw the highest rise of 38% in average property prices between 2013 and 2020. As per ANAROCK research, Pune’s average property prices stood at INR 3,980 per sq. ft. in 2013. This increased to INR 5,510 per sq. ft. in 2020 (a 38% jump). This trend is sustainably continuing today….
Regardless of the headwinds created by the multiple waves of Covid-19, there are clear indicators anticipating a stable growth curve for India’s residential sector throughout 2022.
See some of the indicators we see in the market as proof of the increasing and sustainable growth in Pune real estate value.
Business is back and bringing investment & talent with it and the results are already in the market in Pune. Here is one such record breaker – Just last month Mastercard did ink a 20-year lease for 4.23 lakh sq ft office space in Brookfield’s Pune property. Mastercard Technology will be paying monthly rentals of Rs. 97.50 per sq ft for the leased space, taking the annual pay out to around Rs 50 crores for the leased space under the first phase. They have agreed a 10 year lock period.
The city is also becoming a hot destination for several start-up projects. More than 3000 active start-ups are dotting the city as of now, attracting a talented crowd to the town for various job opportunities. The Centre for American Entrepreneurship has recognized it as an emerging global start-up hub.’ Moreover, it perpetually presents itself as a significantly more affordable property market than neighbouring Mumbai – while providing a comparable lifestyle – and, going by the recent Ease of Living Index, a better one. Pune has managed to show consistent, rapid growth despite the COVID-19 pandemic.
Excellent connectivity – Pune boasts of being one of the best-connected cities in India. The Pune-Mumbai Expressway, which is a segment of the Mumbai-Bengaluru highway, has essentially improved the connectivity between the major cities of the country that fall on the route. The highways connecting Pune to Mumbai and Bangalore have especially improved in recent times making the journey a picturesque pleasure. The Maharashtra government has approved the 128-kilometre Ring Road project which will further stimulate around 50 townships in its vicinity. These mega infrastructure projects promise fantastic growth and development for Pune real estate market
Pune has good intracity connectivity with a network of municipal corporation buses and private rickshaws and cabs. Metro is also under construction in the city, which promises to improve intracity connectivity and improve real estate value
• Ease of Living index winner – Yet while this growth is going on, Pune has ranked second in the entire country in the ‘Ease Of Living Index’ in the last year making it an officially great place to live. More recently Pune has also added another feather to its illustrious cap, tying for second best in gated community living experience as per MyGate’s Liveability Index for H2 2021. Out of the 10 parameters on which residents can rate their societies, Pune has topped two. According to the index, Pune’s residents find their gated communities to be family friendly. The city ranked top in ease of commute too. The city received the top score of 10 on both these parameters
• Phenomenal healthcare – The city is a habitat for some of the most prestigious medical colleges and hospitals in the country that helps boost medical tourism in the nation. The National Institute of Virology and Serum Institute of India that is playing a global role in combating Covid 19 also reside in Pune. Pune attracts the top healthcare professionals from across the globe ensuring world class medical facilities of all specialities giving a top notch systematic health care system available for Pune residents.
Pune, is infamously known as ‘Oxford of the East’ due to being home to some of the top colleges and institutes in the country affiliated to Savitribai Phule University. Some of the notable colleges in Pune include College of Engineering, Pune, Symbiosis Institute, Fergusson College, ILS Law College, the National Defence Academy, Film and Television Institute of India, IISER-Pune, and many more institutes offering a wide array of courses and degrees. The city is known for sheltering the first women’s school and the first women’s university (SNDT) in the country. Some of the best scholars and researchers are drawn to the city because of this very reason
Fantastic returns on investment – With real estate increasingly flourishing in the city, investors are getting impressive returns on their investments. The price appreciation is expected to grow evermore as the city offers excellent opportunities for both employment and education, attracting more population from all over the country to the city of cultural heritage as well as NRI investors also look for real estate investment opportunities in Pune for the same.
With so many factors contributing, post the pandemic Pune is positioning itself as one of the best places to live and work thus offering great investment opportunities for anyone looking to invest in real estate that gives terrific returns.
At Bhatnagar’s we specialize at the top end of the market since 1978 in the areas of; Koregaon Park, Boat Club Road, Kalyani Nagar, Sopan Baug, NIBM, Kharadi, Margapatta, Viman Nagar, Nagar Road, Bund Garden, Camp, Mundhwa, Aundh, Baner as well as some specialist areas outside the city for the larger and more exclusive plots. Contact us about our current portfolio of real estate investment projects and properties.
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