Real estate market trends and Pune
India’s real estate is one of the most acknowledged sectors across the world and plays a major role in the overall economy of the country. Generally growth of this sector is determined by the growth of the corporate sector, need of office spaces as well as requirement of residential property.
According to the latest update by the National Informatics Centre it is expected that the real estate sector is expected to grow by 30 percent in the next decade and the real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP). In the near future as well as in long term NRI’s will play a critical role for investments in this sector. Pune ranks third as the most probable and favoured destination for investments by NRI’s after Bengaluru and Ahmedabad. This means there is a lot of scope for development of the real estate sector in Pune. The smart city development provides an additional impetus to the overall development of the sector.
If we consider trends then on the pricing front the average price in residential apartments has seen growth over last year in areas like Alandi, Kanhe, Dighi etc. While areas like Sinhagad Road, Punawale, Market yard, Katraj have seen a marginal dip till March ending this year.
Commercial property is also witnessing good potential with rapid development of suburban areas. Areas like Hadapsar and Warje are promising locations for commercial development with good connectivity and infrastructure in place. The prices for real estate are competitive during the development stage of any location so it is always profitable to invest during this stage.
The passing of the Real Estate (Regulation and Development) Bill early this March has already brought cheer to homebuyers. Adding to this the Goods and Services Tax (GST) Bill expected to be implemented by April next year will help in transparency and clarity in taxation making it easier for overall transactions in the real estate sector. Mr. Pradeep Runwal, M.D. Runwal Reallty expresses that these will also play an important role in setting a positive trend in real estate sector of Pune in coming future.