Rise in Demand For Luxury Homes in Pune

In India, though there has been a slowdown in the real estate market from the last few years, Luxury Residential Market has shown an optimistic growth. This growth is mainly because of the increase in the higher net worth individuals. As the top notch developers have plenty of stock to rent out in the eastern corridor of Pune, which has benefits of lavish residential opportunities, proximity to railway station and airport, good connectivity to the rest of the parts of Pune, this place has emerged rapidly in the real estate market. There is a huge demand for commercial properties at Nagar Road, Kharadi in north eastern region, Airport Road and Hasapsar in the eastern region. To invest in the Eastern Corridor region of Pune is to earn capital admiration in short time as the market valuation is very appealing at this point of time. This signifies that there is an increase in the demand and redirects the affirmative attitudes predominant on the market.

City areas like Koregaon Park, Prabhat Road, Boat Club Road, Prabhat Road and Kalyani Nagar were considered as the only high end lifestyle areas 15 years ago. As the city started expanding its limits, the western corridor of Pune is steadily evolving as the premium area where most of the leading developers are coming up with exquisite projects with a range of luxurious residential properties. Several luxury property projects are coming up at Aundh, Hinjewadi, Pashan, Baner, Pimple Nikhal, Hadapsar, Kharadi and Mundhva. Pune as Luxury Housing market has emerged steadily with a growth of around 4% in the past five years.

In the first quarter of 2013, around 37500 residential properties were launched by developers in the major cities recording approximately 2% decline over the earlier quarter, stated Cushman & Wakefield (C&W).

Shveta Jain, Executive Director of the Residential Services, Cushman & Wakefield said that India’s residential real estate market has observed some dazzling launches in cities like Pune and Bangalore despite the lethargic fiscal circumstances. Financing will be a major task for builders for completing these projects. There won’t be cuts downs on the cost of the property as there is rise in the construction cost and the cost of land. Pune has seen an upsurge in financial resources in the range of 3%-7% in locations like Koregaon Park and Aundh- Baner.

Talking about luxury homes in Pune, Mr. Surajit Chanda, Regional Director of Sobha Developers Ltd, stated that the rise in the income, global exposures and superior experiences has led to a growth in the need in premium houses in Pune. Pune is witnessing a frequent but a steady demand for luxuries homes and premium apartments which are highly equipped with international standard lifestyle and world class amenities and classy interiors.

Sobha Developers is coming up with a project in Kondhwa, Pune named as Sobha Garnet III, to bang on this budding demand of luxury homes. It consists of 51 exclusive luxury homes that consist of 3BHK, duplex houses & penthouses. It offers superior amenities like high class modular kitchen, private terrace garden, marble flooring, sky lounge with open spaces, etc. which makes it exclusively handpicked for only a lucky few.