Pune, being a home to many IT hubs and blue chip companies, showcases a vibrant realty market. The IT industry has revolutionized the Pune’s realty market like never before. It has given birth to another fragment of home purchasers who have advanced tastes and high buying potential. This has pushed the demand of luxury apartments in Pune and number of Grade A real estate developers are coming up with new residential projects in Pune.
Market for lavish properties constitutes 2-3% of the total residential market in Pune. Priced at 4 Crore and above, there are various ultra-luxury projects currently under construction in the city. The trend of shifting from bungalows to luxury flats and penthouses has become popular. Real estate developers are coming up with exciting new projects, offering spacious, plush homes laced with world-class amenities.
Growth of luxury properties in the city has been steady despite the slowdown in the Indian real estate market. Pune along with Bangalore and Hyderabad has witnessed an upward trend in luxury housing sector.
Who is Buying Luxury Real Estate in Pune?
Not only leading high-level executives and businessmen but Bollywood celebrities also prefer buying a plush penthouse or bungalow in Pune for investment purpose. Many rich investors from Delhi, Bangalore and Mumbai choose Pune for luxury property investment due to various factors including, proximity to Mumbai and all year round pleasant weather.
Despite the challenging real estate environment across India, the residential property market of Pune has managed to maintain its momentum. It continues to be one of the best performing realty markets in India. Sales may have slowed down in the last few years but they have managed to remain healthy enough for maintaining the viability of Pune’s real estate sector. This is one of the major reasons why developers continue to launch fresh projects in the city in the affordable as well as luxury segment.
Where to Find Luxury Projects?
Some of the best luxury properties in the city can be found in Koregaon Park, Boat Club Road, Sopan Baug, Kalyani Nagar, Salisbury Park, Prabhat Road, Model Colony, Aundh-Baner corridor and Bhosale Nagar.
In 2013, luxury property rates in the city ranged between 12,000 and 20,000 per sq.ft. Typically, such plush homes start at 3000 square feet and can even go up to 7000 square feet. Even though this market is still evolving in terms of specifications and technical aspects, buyers can get large homes for the same cost they pay for a small flat in cities like Mumbai, Delhi and Bangalore.
Lavish property rates vary according to the location. For instance, most of the popular areas in the city have peaked out due to which, developers are exploring areas in the outskirts of Pune. Rates for plush properties in popular areas of the city have remained stagnant for the last two to three years.
Price Correction in Pune’s Luxury Property?
Considering the sustained viability, Pune’s luxury market will not be seeing any price correction in the near future. According to industry experts, this market will continue to be one of the biggest contributors of luxury projects in India.