The real estate market reached a new high during the July-September quarter, thanks to a steady rise in demand. The number of homes sold in India’s top ten property markets has reached a 10-year high. Similarly, the number of offices leased has reached a 7-quarter high. This trend is likely to result in significant new housing in 2022. Both the residential and commercial parts of the real estate market in Pune are expected to grow. In 2022, the overall sales of residential properties are expected to beat the trend of the last five years.
For potential purchasers this is the best moment to invest in real estate.
Developers’ role in boosting the property market in Pune
The developers in Pune now supply end-to-end solutions to overcome the global business ecosystem’s difficulties. They are increasingly giving customers access to cutting-edge real estate platforms in addition to giving them the best deals possible. These platforms offer a wide range of services, like virtual tours, apartment management, online lease agreements, digital site visits, and online payment integration.
Effect of Maharashtra Govt. Incentives on Property Market in Pune
States can speed the recovery by giving buyers more incentives like extending or starting property tax and circle rate waivers. For example, in March 2022, the Maharashtra government made it possible for resale properties to get a stamp duty waiver for up to 3 years. Also, the rest of 2022 has been set aside to give the sector the much awaited boost.
Sales have surged by 42% in Mumbai and Pune. Pune’s affordability ranking has gone up thanks to SOP help from the state government. For example, stamp duty has gone down and EMI rates on home loans have gone down. End users will continue to drive the housing market in 2022, as both the demand for and supply of homes on the city’s outskirts rise.
If you are a new buyer planning to purchase in Pune soon, you can use this as an opportunity to invest in the property market in Pune.
With the city’s supply-and-demand chain getting a boost, the housing market grew to a point where demand hit its highest level in five years. Commercially, the city saw rising demand from the banks, financial services, and insurers (BFSI) industries. This year could be a great chance for developers and people who want to buy homes to start new projects at attractive rates.
In terms of value and property sales, the city is likely to sell about 40,000 homes, which is more than the average of the last five years.
In the Pune home market, the year 2022 is anticipated to surpass several existing records. It is going to set new standards for connectivity; infrastructure; location; projects; neighbourhood; facilities; configuration; and other important factors that buyers and developers look at before deciding to buy.
Where to Invest: Choosing the Best Location in Pune
Wagholi is one of Pune’s fastest-growing neighborhoods. This is because it is close to the Pune International Airport. It has some very good projects which have come up recently.
With the markets in Kharadi and Viman Nagar nearly saturated, Wagholi appears to be the next prefered location for home buyers.
According to real estate analysts, home prices in Pune could grow by up to 30% in 2022–2023.