Pune Mid-Income Housing Market Overview 2014

By Mr. Sanjay Bajaj, JLL India

It is no secret that 2013 was not a very good one for the Indian real estate sector. The economic slowdown, coupled with political uncertainty, led to a downward trend on the property market. 

On the residential property front, high property prices and home loan interest rates kept a large number of buyers waiting on the side-lines across most Indian markets.

However, despite the overall slowdown in the sector, the property market in Pune maintained the steady momentum that tends to define all stable real estate markets.

 Sanjay Bajaj,
JLL India

At this point in 2014, anticipation rides high on the outcome of the general elections. Considering the current political scenario in the country, the arrival of a new Government could spell a positive change in country’s economic scenario. Any significant rectification of the status quo would help in stabilizing the stock market, which in turn has relevance to the growth parameters of real estate development.

Meanwhile, Pune’s real estate market is showing healthy growth across most asset segments.

Mid-Income Housing – Demand Crystallizing And Expanding..

Considering the concentration of population that is professionally active in the IT and manufacturing industries, there is now a greater demand for multi-storey apartments. 

Residential micro-markets like Kharadi and Wagholi in East Pune and Pimple Nilakh, Pimple Saudagar and Wakad in West Pune are seeing a lot of residential development, driven by good connectivity with the key centres of the city and the presence of good social infrastructure like schools, hospitals, malls and entertainment centres.

LOCALITY		PRICE (Rs. /  sq.ft.)
Kharadi		5500 - 6000
Wagholi		3500 - 4500
Pimple Nilakh		5500 - 6500
Pimple Saudagar		5500 - 6500
Wakad		5500 - 6500

All these areas have demonstrated a steady increase in customer inquiries and are poised to grow exponentially in the future.

About the author.

By Mr. Sanjay Bajaj, Managing Director – Pune, JLL India

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