Tag Property Prices

By-Akash Pharande, Managing Director – Pharande Spaces

Pune, one of India’s most vibrant real estate markets, has experienced rapid changes over the past few years. Latest data from leading real estate consultancies show a scenario of strong housing price increases and ongoing changes in market dynamics, pointing towards further price hikes in the future.

According to real estate consultants Anarock, Pune and the Mumbai Metropolitan Region (MMR) saw over 50% of the overall housing sales in Q2 2024 among the top seven cities. This is a resounding statement for Pune — a city once considered the laid-back cousin of the financial capital and is now competing in the same league.

Rising Property Prices: A Continuum

Recent data from various leading consultancies clearly show Pune’s trend of rising property prices. There has been a significant 20-23% year-on-year increase compared to Q1 2023. This resilience and rising demand are driving prices higher. Several factors explain Pune’s growing housing prices

– Economic Growth & Employment Opportunities: Pune’s real estate market has improved significantly due to its development into a major IT and manufacturing center. High demand from professionals seeking homes near their workplaces has led to a surge in property values in and around IT parks and manufacturing hubs.

– Infrastructure Development: Ongoing and planned infrastructure improvements such as road extensions, new flyovers, and the Pune Metro are boosting the city’s property values and connectivity. This dynamic is evident across Greater Pune, which includes the Pune Municipal Corporation (PMC) and the infrastructure-driven Pimpri-Chinchwad Municipal Corporation (PCMC).

– Shift in Housing Segments: Pune’s housing market is now driven by mid-range and premium-to-luxury housing, thanks to higher demand for such options. The higher purchasing and borrowing power of the target clientele supports ongoing price increases.

So – Buy Now or Later?

To answer this very important question, it is necessary to consider some fundamentals. Pune’s strong economic growth draws professionals and families from various industries. The city offers a high livability quotient, better housing affordability, and a superior climate compared to neighboring Mumbai. It also boasts top-grade healthcare and education options and proximity to Mumbai, Maharashtra’s main economic hub.

Pune has delivered an overall residential price appreciation of well over 20% in just one year. Naturally, both end-users and investors find the city very appealing, especially considering its rapid growth since 2020, which saw Pune’s lowest year for housing demand in the last decade due to the COVID-19 pandemic.

Job losses, economic disruption, and the disappearance of construction labour brought building activity to a halt. The lockdowns caused a significant decline in real estate market demand and supply.

But in 2021, the market began to bounce back powerfully. With a 17% year-on-year increase, Pune saw the highest property sales since 2013. Buyer confidence increased steadily. In 2023, the Pune housing market rebounded remarkably. The current year is poised to set new benchmarks.

The writing is clearly on the wall — there is no stopping the Pune housing market, and a wait-and-watch stance can cost buyers dearly. For those who want to buy a home in Pune, either to live here or to reap investment returns, there is a strong argument for acting now. Historical data and current patterns clearly imply that the city’s property values will keep rising.

Given the continuous growth of the city and its expanding economic base, homes bought now will deliver significant value addition over time. Pune is currently second only to Mumbai in new residential launches and sales and is also attracting increasing interest from institutional investors eyeing its commercial real estate market.

This means more workplaces, more jobs, and even higher housing demand driving prices steadily northward. For potential buyers and investors, the message is clear – there is no equity in waiting for a more opportune time in Pune’s thriving housing market.

About the Author:

Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience

By  – Anupma Khetan Customer Experience Evangelist, Sunteck Realty

Mira Road is quickly becoming one of the most sought-after destinations for homebuyers in Mumbai, marking its territory as a lucrative micro-market. Its unique combination of premium housing, strategic location, and burgeoning infrastructure projects makes it a magnet for those looking to invest in real estate. Let’s delve into the factors that are positioning Mira Road as a prime location for potential homeowners more than ever before.

Unbeatable Location and Convenience

At the heart of its appeal, Mira Road boasts of a location that offers everything a modern family could need. From shopping centres like Maxus Mall and Thakur Mall to prestigious educational institutions such as N.L. Dalmia High School and Sardar Vallabhbhai Patel Vidyalaya, the area caters to all the essentials of urban living. This convenience is a significant draw for young families and professionals seeking a blend of comfort and accessibility.

Trending Property Prices

The real estate landscape in Mira Road is witnessing an increase in property prices. This trend is expected to continue, fuelled by the rising demand for housing in Mumbai.

At the forefront of Mira Road’s appeal is its evolution into a hub for premium and luxurious residences designed to elevate lifestyles to new heights. Moving beyond mere affordability, the area is now synonymous with high-end living spaces that cater to those seeking an enhanced quality of life. These upscale developments are meticulously planned to include state-of-the-art amenities, lush landscapes, and architectural elegance, reflecting the aspirations of a discerning clientele.

Enhanced Connectivity and Future Growth Potential

Mira Road’s strategic location is complemented by its excellent connectivity to Mumbai’s major suburbs and commercial hubs. The forthcoming Andheri-Dahisar-Mira-Bhayander Metro Line, Coastal Road, Borivali-Thane Tunnel Road, and other infrastructure projects promise to further enhance this connectivity, making it an even more attractive option for real estate investment.

A Hub of Modern Living, 

The proximity of Mira Road to major centres like Malad, Goregaon, and Andheri makes it an ideal location for professionals. The area’s modern infrastructure, coupled with upcoming residential and commercial projects, positions it as a dynamic living space that caters to the aspirations of a new generation of homebuyers seeking quality, convenience, and lifestyle.

The real estate market in Mira Road is undergoing a significant transformation, with a noticeable shift towards luxury housing. These developments are characterized by spacious layouts, modern design, and premium facilities such as swimming pools, fitness centres, and exclusive clubs. Such features are attracting a new wave of buyers who prioritize comfort, privacy, and a touch of exclusivity in their living spaces.

Changing Demographics and Buyer Preferences

Mira Road is witnessing a shift in the real estate market’s demographics, with an increasing number of millennials looking for homes that offer a blend of luxury, comfort, and status. This changing buyer profile, along with the demand for larger living spaces in the post-pandemic era, is shaping the area’s development, making it a hotspot for those aspiring for an upgraded lifestyle.

Mira Road’s transition to a destination for luxury living is evident in the upscale residential options now available. These residences are not just about providing living but about offering a lifestyle that is enriched.

Conclusion

Mira Road stands out as a micro-market with immense potential in Mumbai’s real estate scene. Its mix of strategic location, and burgeoning infrastructure, alongside the changing preferences of homebuyers, sets it apart as a desirable destination for investment and living. As Mumbai continues to grow, Mira Road is poised to become an even more pivotal area, offering a high-quality lifestyle and convenient living options to its residents.

Mira Road is redefining its real estate landscape by embracing the luxury housing segment, thereby attracting homebuyers with a penchant for finer living. This shift towards premium and luxurious residences marks a new chapter in the area’s development, promising a future where lifestyle and luxury converge to create an unmatched living experience.