by Mr.
Pravin Mahurkar, JLL India
Luxury housing
constitutes 2 to 3 % of the total residential market in Pune city. There are
currently about 2,000+ units on the market, including planned and under
construction projects, within the price bracket of Rs. 4 crore& above.
The drivers for
luxury houses in Pune city are higher disposable incomes on the heels of a
burgeoning IT or ITEs services sector,
overall business prosperity, rising aspirations & the trend of shifting
from standalone buildings such as bungalows to luxury flats, as these offer
greater security, enhanced social life, better amenities & central
facilities maintenance.
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| Pravin Mahurkar, JLL India |
The buyers for luxury
housing in Pune city are the C suite of the city’s leading corporates,
high-level executives from the city’s IT & non-IT MNCs, the more successful
entrepreneurial segment, NRIs returning to Pune city and also investors and end
users from Mumbai.
The hottest locations
for luxury housing in Pune city are...!
Kalyani
Nagar
Koregaon
Park
Magarpatta
Boat Cub Road
Prabhat Road
Sahakarnagar
Salisbury Park
Model Colony
Bhosale Nagar
Sopan Baug
Erandawane
and the
Aundh-Baner corridor.
The price bracket for
luxury properties in these locations ranges between Rs. 12.000 to Rs. 20,000
per sq. ft. The typical size of a luxury house in Pune starts at 3000 square
feet and can go up to 7000 square feet (salable area).
Luxury housing in
Pune is still an evolving segment in terms of technical aspects &
specifications when compared to the corresponding markets in cities such as Mumbai,
Bangalore& Delhi.
However, buyers have
the benefit of larger sizes for the same price when compared to these far more
expensive cities.
The Pune luxury
housing segment is currently not moving at optimal pace as buyers have a
multitude of choices. Only the best projects see fast success. It can also be
stated that the Pune luxury housing market is on the verge of a supply overhang
situation.
The challenges this
segment faces in Pune is borderline oversupply, saturation of the most popular
areas, and an increasing infrastructure problem.
Most luxury housing
locations in Pune have peaked out and prices have remained stagnant for the
past 2 years. Investor activity has decreased marginally. That said, most
buyers of luxury housing in Pune city today are end users and therefore not
taking an investor’s view.
About the author..
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| Pravin Mahurkar, JLL India |
Mr. Pravin Mahurkar
is Head (Pune) – Residential Services at Jones Lang LaSalle India
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