Pune, the most livable city in India according to recent surveys, has captured the interest of people across the globe to buy a home. Due to the lockdown in 2020 the Indian Real Estate Sector, especially the residential sector has been affected adversely as a consequence of dynamic migrations and insecurities of buyers. Even then, the real estate industry has observed a steady rise since the beginning of 2021.
The year 2020 had started on a positive note after three years of business disruptions caused by demonetisation, implementation of GST, the realty law RERA, and the NBFC crisis. During the lockdown, sales and construction activities were halted from April to June, resulting in a decline of residential sales by an average of 42%. Let us see what are the factors that scaled the residential sector in Pune, that makes a lot of people aim to invest in a property notably more than any other city.
Reduced Stamp duty and Government support
The Government played a major role to help the Real Estate Sector to regain its lost glory during the pandemic. The Centre announced invoking the ‘Force Majeure’ clause under the RERA to extend project completion deadlines by 6-9 months, the extension of interest subsidy for the middle-income group, and relaxing tax rules to allow sales of homes valued up to Rs 2 crore at a 20% discount to circle rate. The Government of Maharashtra decided
to reduce the stamp duty rates from 5% -2% temporarily, to encourage more transactions into the industry. These measures were not just supported strongly by the players in the Real Estate Industry but also the masses as it was a huge financial relief.
Return Migration
The Covid19 outbreak led to the loss of employment and opportunities for Indian Citizens studying or working in various countries. A noticeable bulk of NRI’s, students, employees chose to return to their native city, Pune. Also, considering the prices of a home in other metro cities, people preferred buying a home in Pune or investing before the unpredictable effects of Covid. The luxury residences and commercial property sales have hiked in 2021 as a result of international and Intrastate Return Migration. A number of intra-state migrant labourers have reverse migrated due to lack of opportunities in their rural areas and lack of jobs. Hence, the demand for residential properties has risen in Pune.
Extensive offers and attractive add-ons
Real estate industry in Pune is the most competitive sector in regards to innovation, Marketing and advertising. Right from the festive season at the end of 2020, Pune’s real estate developers have been aggressively implementing launch and marketing strategies. Not just that, they have also upped their game offering better design, architecture, technology-enabled living, smart homes, and attractive amenities.
Upcoming metro and connectivity in 2021
Pune industries are recovering back and 2021 is observing an East-West drift. The emerging complexes and Industries around Kharadi are more in demand to invest than the populated IT-hubs in Hinjewadi. Pune Metro has two corridors expected to get operationalised by 2021, which is being implemented by the Maharashtra Metro Rail Corporation Limited (MahaMetro). By 2023, a total of 46 areas in Pune will be connected via Metro. Thus it would be easy to trace longitudes and latitudes in Pune making it an even more convenient and hassle-free city
Value addition for homebuyers
The optimistic development in the popular commercial and residential spaces in Kharadi, Baner and Hinjewadi are expected to develop even more with them having an abundance of ready-to-move housing units consisting mainly of residential apartments. Known as the Oxford of the East, education in Pune has an unmatched reputation. Pune is the cultural capital of Maharashtra, where you can experience the history of India of many stages. The weather, the multilingual culture, the nightlife, the green environment, and the artwork makes Pune the most lovable and the most livable city.
