Skyrocketing Property Prices Keep Buyers Away in Pune

Pune property at Makaan.com

Pune is a city of dreams that brings many people to its shores. But over the years due to rise in demand of real estate in Pune the property prices in Pune have reached a new high. Buying property in real estate in Pune, these days, has remained the sole privilege for the very affluent class, especially in the posh areas of the Maharastra city. Theproperty prices in Pune has swelled too much that it can burst any time now. Pune was a city that was supposed to offer the affordable housing to middle and lower-middle segments, who could afford to buy India property Pune, are ranking high in terms of price rates. What could be the reason behind such a catastrophic rise in rates?

The inflation that hit the Indian market recently resulted in an appreciable increase in the cost of construction materials like sand, cement, steel etc. To compensate for their invested money on these, developers started raising the rates. But they were not fair in doing so: they let the prices get appreciated alot, so much so, that the property rates in Pune gained a considerable raise in terms of prices. The greed of developers and builders, along with their nexus with political authority gave them ample freedom to appreciate the prices too much.

Seeing the hefty property rates in Pune, the demand for property in India Pune came to an all-time low. Even the middle and upper-middle income groups started wavering from their decision to buy. In spite of the fact that the demand dwindled, the developers did not lessened the rates. Instead, to bring back the customers, they came up with offers like freebies and small discounts. But this strategy of theirs has not brought any fruitful result. As long as the prices do not get corrected, it would be difficult to see the demand get any increase.