Pune real estate in 2012
Pune real estate sector saw some good times in the previous year, 2012. Real estate market did well in terms of price appreciation in some parts of the city. Property prices went up to 7-9%, which was good compared to other cities.
However, all was not well in Pune real estate market. One such issue was value added tax (VAT) which was made mandatory by Maharashtra government for all properties bought between June 2006 and March 2010. Another issue which affected the home buyers was the fact, RBI not reducing home loan rates. These two factors affected around 1.5 lakh flat owners in the city.
On the contrary, Maharashtra govt, did something good. It removed the NOC system which required the home buyers to obtain a no objection certificate from the developer of a project in Pune before registering a sale deed. The system involved payment of Rs 25,000 or more depending on the location of the project to get a NOC. The removal of this system withdrew the burden of extra cost on buyer or seller directly.
Furthermore, the government included 28 more villages under Pune municipal limits which gave them advantage of reliable water supply, electricity and public transport.
On a whole, there were many ups and downs in the Pune real estate market. But the realty sector of the city was able to recoil back. Although sales of properties in Mumbai was affected, 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.
Everything was a win- win situation. But what really pulled the sector apart is the number of investors. Around 40% of the apartments in Pune have been bought by the actual home buyers. 35-40% of remaining flats have been bought by investors to rent out to growing working population in and around the city’s IT hubs.
Places like Baner, Wakad, Undri, Wagholi and Kharadi in Pune have shown good demand by the buyers and thus high price appreciation. Based on the survey done in 2012, it is hoped that 2013 will also be a positive year for Pune real estate.
Apartments in Pune, luxury segment in pune, Pune, Pune Real Estate, pune real estate review, Pune realty, Real estate in India, Real estate in Pune, real estate market in Pune, Real estate sector in Pune, residentail real estate in pune, Residential real estate, residential units in pune
[...] Pune real estate in 2012 [...]