10, Jul 2024
Pune’s Real Estate Boom – Is Now the Perfect Time to Invest?
By-Akash Pharande, Managing Director – Pharande Spaces
Pune, one of India’s most vibrant real estate markets, has experienced rapid changes over the past few years. Latest data from leading real estate consultancies show a scenario of strong housing price increases and ongoing changes in market dynamics, pointing towards further price hikes in the future.
According to real estate consultants Anarock, Pune and the Mumbai Metropolitan Region (MMR) saw over 50% of the overall housing sales in Q2 2024 among the top seven cities. This is a resounding statement for Pune — a city once considered the laid-back cousin of the financial capital and is now competing in the same league.
Rising Property Prices: A Continuum
Recent data from various leading consultancies clearly show Pune’s trend of rising property prices. There has been a significant 20-23% year-on-year increase compared to Q1 2023. This resilience and rising demand are driving prices higher. Several factors explain Pune’s growing housing prices
– Economic Growth & Employment Opportunities: Pune’s real estate market has improved significantly due to its development into a major IT and manufacturing center. High demand from professionals seeking homes near their workplaces has led to a surge in property values in and around IT parks and manufacturing hubs.
– Infrastructure Development: Ongoing and planned infrastructure improvements such as road extensions, new flyovers, and the Pune Metro are boosting the city’s property values and connectivity. This dynamic is evident across Greater Pune, which includes the Pune Municipal Corporation (PMC) and the infrastructure-driven Pimpri-Chinchwad Municipal Corporation (PCMC).
– Shift in Housing Segments: Pune’s housing market is now driven by mid-range and premium-to-luxury housing, thanks to higher demand for such options. The higher purchasing and borrowing power of the target clientele supports ongoing price increases.
So – Buy Now or Later?
To answer this very important question, it is necessary to consider some fundamentals. Pune’s strong economic growth draws professionals and families from various industries. The city offers a high livability quotient, better housing affordability, and a superior climate compared to neighboring Mumbai. It also boasts top-grade healthcare and education options and proximity to Mumbai, Maharashtra’s main economic hub.
Pune has delivered an overall residential price appreciation of well over 20% in just one year. Naturally, both end-users and investors find the city very appealing, especially considering its rapid growth since 2020, which saw Pune’s lowest year for housing demand in the last decade due to the COVID-19 pandemic.
Job losses, economic disruption, and the disappearance of construction labour brought building activity to a halt. The lockdowns caused a significant decline in real estate market demand and supply.
But in 2021, the market began to bounce back powerfully. With a 17% year-on-year increase, Pune saw the highest property sales since 2013. Buyer confidence increased steadily. In 2023, the Pune housing market rebounded remarkably. The current year is poised to set new benchmarks.
The writing is clearly on the wall — there is no stopping the Pune housing market, and a wait-and-watch stance can cost buyers dearly. For those who want to buy a home in Pune, either to live here or to reap investment returns, there is a strong argument for acting now. Historical data and current patterns clearly imply that the city’s property values will keep rising.
Given the continuous growth of the city and its expanding economic base, homes bought now will deliver significant value addition over time. Pune is currently second only to Mumbai in new residential launches and sales and is also attracting increasing interest from institutional investors eyeing its commercial real estate market.
This means more workplaces, more jobs, and even higher housing demand driving prices steadily northward. For potential buyers and investors, the message is clear – there is no equity in waiting for a more opportune time in Pune’s thriving housing market.
About the Author:
Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience
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- By Rabindra
27, Mar 2024
Mira Road’s Rise as a Premium Luxury Real Estate Destination
By – Anupma Khetan Customer Experience Evangelist, Sunteck Realty on Mira Road’s Rise as a Premium Luxury Real Estate Destination.
Mira Road’s evolution into a prime location for premium luxury homebuyers showcases its advantageous position, serene atmosphere, and expanding infrastructure. Located in the Western Suburbs of the Mumbai Metropolitan Region (MMR), it stands out with its dynamic social amenities and seamless access to commercial centres, redefining residential luxury.
With a commendable literacy rate of 91%, governed by the Mira-Bhayandar Municipal Corporation, Mira Road is affectionately dubbed ‘The City of Gardens’. The area’s lush landscapes are dotted with nearly 6 lakh trees, alongside 65 gardens and 12 playgrounds, offering residents a verdant lifestyle rare in urban settings. This blend of greenery and urban convenience makes Mira Road a unique proposition for those desiring premium luxury in the lap of nature.
The real estate sector in Mira Road is experiencing a renaissance, buoyed by a robust demand for residential properties. The area’s ability to offer land parcels for greenfield developments, coupled with its strategic connectivity to business districts, has sparked a vibrant growth in the housing market. Mira Road’s real estate palette features a variety of properties, catering to the aspirations of a broad spectrum of buyers, including those seeking premium luxury at relatively competitive prices.
Infrastructure is one of Mira Road’s strongest suits, with exceptional connectivity provided by the Western suburban railway line and the Western & Eastern Express Highways. These transport arteries make it effortlessly accessible, bridging distances to Mumbai’s core and beyond. The locality’s rich social fabric is woven with upscale malls, top-tier healthcare facilities, and reputable educational institutions, further enhancing its attractiveness for premium living.
Adding to Mira Road’s allure are significant investments by the State Government of Maharashtra, earmarked at INR 943 Cr for infrastructural enhancements. The anticipation of metro rail expansions, the coastal road project, MMR Ring Road, and other infrastructural upgrades are poised to revolutionize connectivity, making Mira Road even more desirable by reducing commute times to major employment zones.
The key infrastructure developments in Mira Road are:
1. Metro Rail Projects: Enhancing connectivity with several lines, including Dahisar (E) to Mira Bhayandar, Gaimukh (Thane) to Shivaji Chowk (Mira Road), and a proposed line from Shivaji Chowk (Mira Road) to Virar.
2. Coastal Road: A significant freeway project aimed at improving the connectivity along Mumbai’s western coastline.
3. MMR Ring Road: Includes major connectivity projects like the Mumbai-Trans Harbour Link, Virar-Alibaug Multimodal Corridor, Vasai to Mira-Bhayander Bridge, and the Versova-Virar sea link.
4. Dahisar (W)-Bhayandar (W) Link Road: Planned to ease congestion and enhance connectivity.
5. Other Developments: Including Borivali-Thane tunnel road, a 4-lane Gorai-Mira Bhayandar Road, and the Goregaon-Mulund Link Road.
The local residential market shows a promising trend towards an equilibrium between demand and supply ratio of around 1 (ref ANAROCK report). This shift reflects a broader market evolution, indicating Mira Road’s growing reputation as a premium luxury residential hub. The upward trajectory in property values signals an opportune moment for investors and homebuyers to engage with the market, leveraging the area’s potential for substantial returns.
The strategic investments in infrastructure, coupled with a vibrant real estate market, underline Mira Road’s appeal as a smart choice for discerning investors and homebuyers alike.
26, Oct 2023
Kalyan: The Emerging Epicentre of Luxurious Urban Evolution
Kalyan is a vibrant locality in the Mumbai Metropolitan Region (MMR) with a diverse locale. It has a history that dates back thousands of years and has witnessed the passage of time and the evolution of culture. In recent years, Kalyan has been going through an interesting change and turning into an epicentre of commerce and luxurious urban living.
For people seeking the perfect balance between growth and serenity, Kalyan is emerging as a popular destination for real estate. The potential of Kalyan has not gone unnoticed by Grade A developers, who are now flocking to this promising market. With a vision of growth and a promising future, these developers are investing their expertise to reshape the real estate landscape of Kalyan, solidifying its status as a hub for both residential and commercial ventures.
A Future of Seamless Connectivity
Using its strategic location, Kalyan is tapping into various infrastructure projects like metro extensions like the Kalyan Ring Road, the Virar-Alibaug Corridor, DMIC, the Mumbai Nagpur Expressway, and expansive thoroughfares. These projects are expected to improve connectivity between Kalyan-Shahad and Mumbai city, Thane, and Navi Mumbai. The goal is not just to ease commuting but also to establish Kalyan as a well-connected urban hub.
A Shopping and Food Paradise
Taking cues from famous shopping areas around the globe, Kalyan’s shopping landscape has been constantly evolving. The city is soon going to have top-notch brands and experiences similar to those offered by global urban centres. Interestingly, the city plans to create a unique fusion of local craftsmanship and international brands to create an experience that only Kalyan can offer. In the future, these shopping districts might host events, turning regular shopping trips into something special.
At the same time, Kaylan’s dining experiences are getting better too. With more and more eateries coming up, people can try all sorts of delicious food. Kalyan is gearing up to offer more than just Maharashtrian food. The city will offer a mix of different global cuisines, making it an exciting experience. Also, with some popular restaurants considering opening outlets in Kalyan, people can expect a truly gastronomical experience.
A Nightlife Poised to Enthral
Kalyan’s nightlife is starting to shape up and is going to be fun and classy. Imagine relaxing on a rooftop lounge, enjoying good food, and watching the city lights. There will be themed nights, live performances, and a lively atmosphere, making nights in Kalyan just like other metro cities. Music lovers will have a variety of places to choose from, from tranquil jazz bars to lively indie music spots.
Commitment to Wellness
Kalyan is not just about amenities and recreating the urban sprawl. It has ensured that amidst all the development, its pledge towards the health and well-being of residents does not take a back seat. The blueprint of the city includes numerous green expanses, fitness spots, and gyms. People can start their day with yoga as the sun rises or go for a peaceful run as the sun sets. Kalyan wants to make sure everyone has a chance to stay healthy amidst the city’s hustle and bustle.
Education Matters
Kalyan already has numerous renowned educational institutions. These include Lourdes High School and Junior College, St. Lawrence International School, Poddar International School, Holy Cross Convent School and Junior College, BK Birla College, and Narayana e-Techno School to name a few. The city is also planning initiatives to boost the education ecosystem. This will offer traditional and new ways of learning to residents making it a good option for families with young children.
Encouraging Residential Growth Potential
As per the Anarock Report published in September 2023, Kalyan is home to around 10% of the population in the MMR. In recent years, there has been a clear trend of an increasing number of people considering housing options in the city. Kalyan’s vision for residential living includes a mix of mid-to-high-end homes. This will offer a range of options to homebuyers. Big developers are creating state-of-the-art townships and residential communities increasing Kalyan’s popularity as a residential haven. Coupled with excellent connectivity, Kalyan is set to offer an ecosystem for a thriving urban community.
Emerging Hotspot
Kalyan’s transformation is a mix of good infrastructure and a vision for a complete city life. It’s getting ready for the future, promising a life full of excitement while keeping the peace of its suburban roots. Every day, you can see Kalyan changing, becoming more modern with new roads, top-notch schools, and busy business areas. As it grows, the idea of mixing city life with suburban peace is becoming a reality that’s too good to resist.
