Pune’s real estate market is observing steep rise in property prices, the city’s realty market is booming as compared with Mumbai and National Capital Region. Since 2011 the demand for property is increasing in Pune. Inflation and rising prices in metro cities have attracted buyers towards Pune, the increasing demand has raised the prices in the city. The property prices in the city is rised by almost 35% since 2011.
Though in Pune demand for property is increasing as compared to cities like Mumbai and the NCR, it would be incorrect to say it is totally isolated from the overall realty slowdown. Sales have started slowing down, registering a 19 percent dip at the start of 2013 according to Liases Foras. But sales in a much larger property market, Bangalore, registered a sharper decline of 23 percent. During festival season it was observed that Pune was much affordable in compare to other cities and this was the reason for increasing demand in the city.
The city is developing in to hub and a big manufacturing base for the auto industry, augers well for the city’s real estate market. The developers are balancing the demand and supply ratio andare building new projects. The growth of IT sector and affordable houses compared to other metro cities will attaract more buyers.