Demand for Pune real estate to go high in 2013
There have been forecasts that Pune residential real estate is going to boom in 2013. This may be due to high demand of properties from IT/ITeS and manufacturing sector employees.
According to property consultancy firm, Jones Lang LaSalle India, investors based in Mumbai and NRIs are looking to invest in a market which has been stable round the year.
Also, the price appreciation of properties in Pune is going to be slightly high compared to last year. An average appreciation of 12-15% is forecasted for 2013. In 2012, average price rise for residential properties in Pune was 12%.
Out of total sales that was made in 2012, Kondhwa, Hinjewadi and Undri saw sales of 40%. However, number of new properties launched in Pune saw a drop.
Pune realty market witnessed healthy sales. Also, in the festival season, Pune did a better business in the real estate market than any other city in Maharashtra. Even NRI demand for properties in Pune was on a high in 2012. Many NRIs even visited Pune or enquired about properties during festive season.
Furthermore, the mid segment and the luxury budget sector witnessed hike in supply of properties. The same trend will also continue in 2013. It has also been reported that even super luxury segment (Rs 4 crore and above) saw more supply in units in 2012, especially in the Eastern corridor including Koregaon Park, Kalyaninagar, Vimannagar and Boat Club Road.
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