Based on India’s realty market, the year 2013 was not a walk in the park in terms of profitability. There are various reasons for this and one of which is the slowing down of the economy vis-à-vis an unstable political setting only destabilize the industry. A great number of potential investor chose to wait and see for far better venture opening for the negative reason that the economy is experiencing growth of interest rates with regard to house loans as well as continuous price escalation of homes. The country’s Property sector was not exempted, in fact the country’s economy was directly affected by this phenomenon and thus slows down the improvement of the economy.
During the last few years, the service sectors like and IT and ITE experienced a sudden and quick development. Foreseeing a great outlook in the economy partnered with improved disposable income as well as flourishing trade paved the way to growing trend of living in plush apartments. Value for their hard earned money is one of the main reasons that they invest on this property. Other reasons include great amenities, improved security, convenience to their place of work are just a few of their preference in owning a unit.
There is a spurt in demand for housing projects since there are growing numbers of IT professionals are moving in the city. Likewise, because the of the flourishing IT enabled businesses more and more workers are looking for units that is near their place of work for convenience as well as to avoid traffic. Because of these, they can save time, money and effort.
Rising demand for Housing Projects in the City
The soaring demand for luxury projects cannot be attributed solely to the IT sector, as there is an equal demand from the manufacturing sector as well. The city is known to have numerous manufacturing industries located on the periphery. These include places like Shikrapur, Shirwal, Lonikhand, Sanaswadi and Talegaon Dhamdhere.
Popularly known as the Oxford of the East, the luxury housing segment here is still in its growing phase as compared to its counterparts in metropolitan cities such as Mumbai. However potential investors would rather purchase a service apartment in the Aundh and Baner area, rather than buy flats in Dadar as it gives them the advantage of larger space at the same rate.
The buyers who prefer to invest in the country's eighth largest city include a mix of entrepreneurs, NRIs, C-level executives and end-users from Mumbai. Although most of the metropolitan cities have experienced realty slowdown, Pune's market is still far more affordable and steady as compared to Mumbai or the National Capital Region.