There’s a good news for property seekers in Pune. The city is expanding its territories and adding new sub-urban areas to its borders. This spells more space for real estate developers and builders and more housing units for the property seekers. Adding to joy, is the fact that property values seem to be heading for a stabilisation phase. Recent reports from property markets indicate this trend.
Current property prices
Sample this, the rental value for two-bedroom house in Chinchwad East is currently between Rs 7,000-10,000 per month. These property values are almost same as they were two quarters ago. It’s the same story in other localities of the city. The capital value for apartment ranges between Rs 2,500-3,000 per sq ft in Dapodi area. For Kasba Peth region, the property rates for an apartment range between Rs 3,200-3,600 per sq ft. The capital value for plot in Hadapsar range between Rs 10,000-18,000 per sq yard, while the capital value for apartment are Rs 2,000-2,500 per sq ft.
Reasons for stabilisation
Property brokers and agents say that stabilisation in Pune’s real estate market reflects the trend prevalent in the country’s property segment. The country’s economy is facing a slow-down and it is the same case with the construction sector as well.
Ramesh Naik from Naik Navare Association, a property brokerage firm, explains that oversupply of property, especially in the residential segment is adding to this trend. “Most of the construction projects are in their initial phases. Hence, the property developers are in a hurry to sell their projects. The projects are priced comfortably. And the developers are luring home seekers with gifts and rebates. Some property developers are offering reduced Equated Monthly Installments (EMIs) and some are wavering parking fees for housing units,” says Naik. He adds that many transactions are happening the actually figures are difficult to compute.
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