Demand for luxury property surges in Pune, builders predict recovery of the industry following Covid!
After a lull due to the pandemic, the real estate industry in Pune has seen a steady increase in luxury and premium home launches over the past two years. Developers have attributed this to people having more money to spend and feeling good about the real estate market. ANAROCK, a property consultancy, has found that 22% of all the 39,870 new tenements that will be launched in Pune this year will be luxury and premium houses. This series will make up 29% of all the 64,350 new launches in 2022. This year, 39% of the total 40,770 releases will be premium and luxury.
Premium housing is the most expensive type of housing, with prices ranging from Rs 85 lakh to Rs 1.5 crore. Luxury housing, on the other hand, is more expensive but comes with lots of amenities like large carpets and other features. Aditi Watve from ANAROCK said that this new trend is a reflection of the growing buyer demand for these homes. “We’ve seen an increase in launches of these houses compared to last year,” she said. Abhay Keel from NAREDCO Pune said that launches in this area have been steadily increasing due to the increased awareness of house buyers about the security of investing in this type of real estate.
Most of the people buying houses in this group are well-off, successful people who are investing for their reasons. Kele says that while Central and East Pune have always had a preference for high-end homes, now even West Pune is jumping on the luxury bandwagon. The real estate market was hit hard by the pandemic, but it’s been bouncing back in the last couple of years. Prices have gone up a bit, but most builders are optimistic about the upcoming holiday season.
Source: Indian Express
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