Over the past five years, Pune’s real estate sector has grown steadily. Pune’s real estate market has been steady despite the influencing factors such as demonetisation, market fluctuations, and the COVID-19 pandemic. For its resilience, among other factors, it is estimated that the next decade will show a significant rise in prices in the real estate market of Pune.
Mumbai, Bengaluru and Pune are currently the top three markets for buying homes for end-use and investment. The IT/ITeS sectors’ post-covid boom has worked well for the IT-centric realty markets Bengaluru and Pune.
Interestingly, Bengaluru and Pune have, respectively, also been declared the top two most liveable cities of India in the recent Ease of Living Index published by the Ministry of Housing and Urban Affairs (MoHUA). This coveted title further reinforces their attractiveness.
Pune has a perfect mix of IT/ITeS, manufacturing and services industries, which gives it a decisive advantage. Moreover, it perpetually presents itself as a significantly more affordable property market than neighbouring Mumbai – while providing a comparable lifestyle – and, going by the recent Ease of Living Index, a better one.
Over a 7-year horizon to gauge price growth across top cities and markets, Pune saw the highest rise of 38% in average property prices between 2013 and 2020. As per a research conducted, Pune’s average property prices stood at Rs 3,980 per sq. ft. in 2013. This increased to Rs 5,510 per sq. ft. in 2020 (a 38% jump).
Source: Construction Week Online