Pune Real Estate May Be Pulled Down Due To High Property Taxes

Pune real estate has been attracting a number of investors in the last few years. Residential property in Pune has been faring well specially due to IT and ITES boom. Both luxury as well as budget Pune properties resale are witnessing a good demand, due to infrastructural development. Residential property in Pune specially those located on the city's outskirts are getting a lot of attraction from the buyers. Wakad property is preferable investment destination. Demand for Wakad flats for sale is growing drastically and the area is seeing appreciation to the tune of 20-25% per annum. Wakad property is also seeing a price appreciation as there is a tremendous infrastructure development. On an average one can find Wakad flats for sale in the range of 6,000 per square feet. The average rent of Wakad property is around Rs. 15,000/- for a 2 BHK flat.

Although Pune properties resale are burdened with high property taxes this has not reduced the overall demand of properties in the city. As high taxes are being imposed on residential property in Pune many buyers and builders were worried about the overall impact on the realty industry. However, the State government has taken a lenient view on budget residential property in Pune and this was announced in the recent budget updates. Pune real estate was fast emerging as a popular realty destination owing to affordability factor but high taxes may stop the bull run. Already the Indian real estate market is sluggish but the same trend was not seen in Pune real estate, but certain unpopular steps might change the real estate scenario of the city. The state government should look into the matter urgently, already Mumbai real estate is seeing a stagnant phase due to high property prices, experts feel that the same might happen with Pune if corrective actions are not taken.

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