What Makes Pune’s Luxury Housing Market a Favourite Amongst the Top?
Pune is one of the most flourishing and part of India and is known to offer some of the excellent conditions for people to survive. Moreover, the city’s nearness to the economic city of India, Mumbai has also added to the popularity quotient. The positive effect is not only visible in the lifestyle and people but is also noticeable in the real estate market. The affordable housing segment has got a major push owing to a high migration rate but it is the Pune’s Luxury Housing Market that has won the race. The buyers are not only the aged but there are young people as well who are approaching the builders and brokers to nail down a luxurious housing deal.
Times have changed and today elite doesn’t only include the business class but also comprises professionals who have a good pay package and an investment capability.
Here are some of the major reasons that are keeping Pune ahead of its counterparts:
1.Interest of Builders
There are real estate companies like Lodha Group’s ‘World One’ and ‘World Crest’ properties that are taking keen interest in uplifting the luxury housing segment in parts of Mumbai. This has been quiet an impactful instance for the Pune realty market as this has elevated the interest of buyers to go for these houses. Since, more and more local builders and companies are taking interest in the luxury market; prices are also being set accordingly so that these projects can gain momentum. The elite are gradually moving towards Pune as the city is a perfect amalgamation of its own project and Mumbai-inspired ones.
2.Less Expensive Realty Products
It’s not just the people living in Pune who are approaching the luxury houses but also the natives of nearby places like Mumbai who are showing keen interest. The reason behind this very fact is that the houses in Pune are available within a lower price range as compared to other cities. The luxury flats and villas of the same size are priced differently in Pune and Mumbai for instance. Further, the cost of living is also not that pricey here thus people van have a luxurious life in a given amount and for extremely rich people, this could be a deal of a lifetime. Thus, people are taking more and more interest in Pune’s Luxury Housing Market.
3.A Supply Overhang Situation
On an analytical platform, the supply overhang situation may prove to be a bane for the real estate market of a particular city; however, for the consumers it’s a boon sort of thing. Most luxury housing locations inPune have actually peaked out and the prices have thereby remained stagnant for the last 2 years. It is for this reason that the buyers of luxury housing in Pune are in reality the end users who are not taking any investors’ view. On the brighter side, the consumers are actually have a nice time and are into heavy investments owing to a slashed or precisely stagnant price ranges that have been there at place for 2 years now.
4.The Growing Economy
Pune has a growing economy and has been infused with a lot of positivity owing to its nearness to Mumbai and similar big cities. This has actually welcomed a lot of business activities and industrialization that has in turn attracted a lot of people into the city. Apart from this, the growing economy has also resulted into higher salaries and an excellent purchasing power. Therefore, people are actually making most of their money by investing into rightly priced properties in the Pune’s real estate market.
Pune is a place to be at the moment and a high migration rate proves that people are moving there for a better life. The elite are also taking advantage of the situation and are approaching Pune as their ultimate destination for a luxurious life.
Vineeta Tiwari is a keen writer on Global Economy and Realty market. She has written articles on Global realty market and ongoing trends and tips for investors. An ardent reader, she is happy to pen down research based write-ups for global audience. Currently, she is professionally associated with popular realty portal, 99acres.com.Google+ image