Pune: Considering the current prices of residential properties, varied product offerings along with real estate reforms, it is one the best time for home buyers in the last fifteen years, said Gaurav Kumar, MD and Co-Head, Capital Markets and Residential Business, CBRE India.
He was speaking at a press meet on the launch of CBRE property fest at Hotel Hyatt Regency in Viman Nagar on Friday afternoon. The second edition of CBRE annual property fair, PropFEST-2019, will showcase more than 250 projects of 45 developers with over 7,000 units in and around Pune. The three-day-long PropFEST is expected to attract around 20,000-25,000 visitors, including prospective home buyers and interested investors, from all over Maharashtra and nearby states.
“With Real Estate (Regulation and Development) Act (RERA) coming into the picture, developers have to deliver the project on time and, hence, it has increased the safety of buyers,” said Gaurav.
Speaking on trends in the sector, Gaurav said that the Co-living and student housing space is expected to increase in the coming future.
“With soaring prices, people opt for Co-living space. In Pune, student immigration is on a large scale and this student population do not get properties on rent and so people will invest in student housing. Similarly, many people are also investing in commercial properties,” added Gaurav.
He also highlighted that Pune has a ready stock of nearly 4 lakh housing units. The event coincides with the three days of Navratri (4th, 5th and 6th October), 2019 which is considered as an auspicious occasion for home buyers across the country.
Speaking on the growth of the residential real estate segment in Pune, Anshuman Magazine, Chairman and CEO - India, South East Asia, Middle East and Africa, said, “Pune’s residential market has been witnessing a good growth over the past couple of years. The city has always been a preferred destination for new families, IT professionals and retired government officials. Going forward, we expect an increased interest from end-users in the city’s residential real estate market leading to a more stable long-term growth.”
The development of the residential real estate market in Pune is mostly attributed to it becoming an important IT and manufacturing industry hub. Following the IT revolution and growth in other commercial activities in the city, peripheral locations such as Hinjawadi, Wakad, Kharadi, NIBM Road, Wagholi and Talegaon have emerged as prominent residential catchments. In addition, prominent locations such as Kalyani Nagar, Aundh and Baner have also witnessed widespread project launches in recent years.
It is important to note here that Pune topped the Ease of Living Index-2018 published by the Union Ministry of Housing & Urban Affairs, followed by Navi Mumbai, Greater Mumbai and Tirupati in Andhra Pradesh.
In the last few quarters, some key locations in the city, which have witnessed affordable projects by private real estate developers include Wagholi, Hinjewadi, Kondhwa, Manjri, Keshavnagar, Phursungi, Tathawade, Ravet, Bavdhan and others.