The realization of the Pune Smart City project, the Pune Development Plan which will merge 23 villages, and the Pune Metro by 2021, is all set to transform the city’s real estate market.
Experts are of the opinion that property rates in Pune would appreciate greatly by 2020 in major locations, alongside future civic development.
The Rising Demand
Owing to the large-scale urbanization, more and more professionals will be migrating to Pune. The current real estate inventory will eventually be sold off. With the materialisation of the city’s development plans by 2020, property prices will continue on an upward swing.
The Impact On Property Prices
The ‘Housing for All’ scheme has boosted affordable housing for the low and medium income classes of people. Housing for the high-income class is likely to include a premium to compensate the subsidies offered to the low-income group. This decision will definitely bolster government property rates in Pune.
The developers’ focus towards the Low Income Group (income range below 15 lakhs) would impact the Medium Income Group and High Income Group. By 2020,
properties in Pune for the MIG (income range 15-70 lakhs) and HIG (>70 lakhs income per annum) are sure to face limited inventory issues, while the rising demand would increase the price per sq. ft.
Investment Opportunities
Property rates in Pimpri Chinchwad are expected to witness a high appreciation rate. It’s best to choose trusted developers when it comes to home-buying decisions in these market situations.
Mahindra Antheia by Mahindra Lifespaces is a premium 16-acre residential development, located in Pune’s fast-developing industrial hub. If you’re looking for a home, now’s a great time to invest in a property to make the best of the 2020 price trend.
Reference:
1. Sancheti Builders - Property Rates Pune Forecasted 2020
2. Image Source - Freepik.com/free-photo/macro-shot-increase-mortgage-rate-concept_2767197.htm
