Pune real estate market on steady upswing

1 min read

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Pune’s real estate sector is on an upswing as per latest reports and studies. There was a steady increase in real estate launches and sales alike for 2018. A major chunk of sales volumes came from the affordable housing or low-cost housing space which has witnessed major investments over the last few years. 30, 735 units were sold in Pune overall for 2017 while the figure stands at 33, 805 for 2018. This indicates growth of close to 10% as per studies.

Investments are on the upswing as far as the affordable housing segment is concerned and hence there has been a marked sales increase for 2018. Fewer real estate buyers were investing in this sector over the last 4-5 years according to reports. Realty launches and sales were impacted hugely in Pune due to factors including the downturn in the manufacturing and IT and ITeS sectors. Sales in the real estate market went down in 2017 post June. However, growth has been seen for each quarter of 2018. New launches have also increased steadily with the exception of the last year.

Several real estate developers in Pune have emphasized majorly on affordable housing projects. This category has got a major boost from the Government courtesy initiatives like the Pradhan Mantri Awas Yojana (PMAY) and other such schemes. The implementation of MahaRERA has been timely and robust and this has boosted overall market sentiments along with overall confidence of customers. This has also helped the real estate market in the city recover considerably in 2018. Sales volumes are expected to go up by approximately 15% in 2019 as far as the Pune real estate market is concerned. Some of the top affordable projects in Pune include Calyx Navyangan at Pirangut, Avior Vanalika in Pirangut and Kolte Patil Ivy Estate Nia at Wagholi.

Resident Editor