Steady Growth Observed In Pune's Luxury Housing Segment

Property Pune at Makaan.com

While demand for luxury property in India has waned a little on account of a slump in the market, impending hopes of a cut in rates and unaffordable prices, Pune continues to post strong demand and transactions in this segment. The luxury real estate Pune market has registered decent growth over the last few months owing to a spurt in the number of high net worth individuals in the city. Pune has the fastest growth rate in terms of new multi-millionaires of the country. Pune is the seventh most favored city in Asia for high net worth individuals. This is a development that is manifesting itself quite strongly in the real estate market with significantly high levels of demand for properties in the premium segment, i.e. those priced above Rs. 1 crore. There are ample Pune properties available in this category and 70 percent of the total inventory offered by developers extends to properties priced between Rs. 1-2 crore on an average. The Rs. 2-5 crore property segment occupies 25 percent of the overall inventory volume in Pune presently. There are a healthy number of properties available in the property segment exceeding Rs. 5 crore as well. This augurs well for the luxury housing segment which is set to get hotter with several landmark projects to be launched in the near future. Several NRIs have been settling in Pune for its pleasant climate and top class investment possibilities. Property prices in the segment have also gone up by close to 15% on the back of steady demand and growth of the segment.

As per Indian real estate reports, premium projects are mostly being developed at prime locations like Koregaon Park and Viman Nagar while several projects are being developed near the International Airport at Lohegaon in addition to places that are located in close proximity to both Western and Eastern IT hubs. Several luxury Pune real estate projects are being developed in posh areas like Boat Club Road, Salisbury Park, Bhosale Nagar, Prabhat Road, Kalyani Nagar, Magarpatta, Model Colony and Sopan Baug in addition to the emerging Baner-Aundh corridor. It goes without saying that these projects come with premium amenities for residents including Wi-Fi, parks, clubs, fitness zones, central air conditioning, swimming pools, private terraces and concierge services among others.