The IT industry has redefined the Pune property market like never before. This has led to the emergence of a new segment of home buyers, who have developed tastes and high purchasing power. Due to the growing demand for luxury apartments and bungalows, real estate developers are inventing new residential projects in Pune.
The generous property market accounts for 2-3% of the total residential real estate market in Pune. The price is 4 Crore and higher, various projects of top-secret luxury are being built in the city. The trend of moving from bungalows to luxury apartments and penthouses has become popular. Real estate developers come up with exciting new projects, offering spacious, luxurious homes surrounded by world-class amenities.
The growth of luxury real estate in the city was steady, despite the decline in the Indian real estate market. Pune, along with Bangalore and Hyderabad, witnessed an upward trend in the luxury housing sector.
Who buys luxury real estate?
Not only leading top executives and businessmen, but Bollywood celebrities also prefer to buy a plush penthouse or bungalow in Pune for investment. Many wealthy investors from Delhi, Bangalore and Mumbai choose Pune for investment in luxury properties due to various factors, including proximity to Mumbai and year-round pleasant weather.
Despite the difficult real estate situation in India, the residential real estate market in Pune has managed to maintain its momentum. It is still one of the best markets in India. Over the past few years, sales may have slowed, but they managed to stay healthy enough to maintain the viability of the real estate sector in Pune. This is one of the main reasons why developers continue to release new projects in the city, both in an affordable and in a luxury segment.
Where to find luxury projects?
Some of the finest luxury facilities in the city can be found in Koregaon Park, Road Club Boat Club, Sopane Bauge, Kalyani Nagar, Salisbury Park, Prabhat Road, Model Colony, Ound Baner Corridor and Bhosale Nagar.
In 2013, the cost of luxury real estate in the city ranged from 12,000 to 20,000 square meters. Feet Typically, such plush homes start at 3,000 square feet and can even go up to 7,000 square feet. Although this market is still developing in terms of specifications and technical aspects, buyers can get large homes for the same price they pay for a small apartment in cities like Mumbai, Delhi and Bangalore.
Prices for accommodation vary by location. For example, most of the popular areas of the city reached a maximum, thanks to which developers are exploring areas on the outskirts of Pune. Prices for plush objects in popular areas of the city have remained stagnant over the past two to three years.
Correction of prices for luxury properties of Pune?
Given its sustained viability, Pune’s luxury market will not see price adjustments in the near future. According to industry experts, this market will continue to be one of the largest participants in luxury projects throughout India.
