Pune has long been a desirable real estate destination for investors. Realtors from all over the country attract towards this metropolis. It is because of its high liveability quotient and value-oriented returns on investments. The global COVID-19 epidemic cause delays in product releases and revenue prospects. Pune proved to be a resilient market that recovered quickly.
According to a research by CBRE, property sales in India’s top seven cities increased by over 75% in first half of 2021, with Pune leading with a 26% share.
According to Goel Ganga Developments Owner, Annuj Goel, mid-segment homes, which offered more rooms, greater spaces, and a variety of utilitarian facilities, fuelled the demand. For safer and more value-oriented returns, millennials also rearranged their priorities. They also chose to invest in homes over gold and other investment channels.
Because homebuyers concern about delivery timelines, they prefer ready-to-move-in projects over under-construction properties. To meet this demand, developers rethought their strategy, opting to either repurpose existing inventory or build a new development entirely.
The region’s housing market projects to return its rhythm to pre-Covid levels in the coming months. Increasing in investment will help in the building of urban infrastructure. Also, a clear surge in residential demand in MMR’s periphery locales, according to state specialists. Government measures in Maharashtra, such as a 50% drop in premiums, a waiver of property tax on residential units up to 500 sq ft, and a proposal to enhance FSI, will auger well for the MMR market.
“Due to low price and stamp duty reductions, the luxury residences reached to heights and is expected to continue through 2022,” says Anuj Puri, chairman of Anarock Group.
Following are some trends of real estate that will dominate the sector:
Demand for new living space
As a result of the pandemic, people are looking for more places to reside. Residents relocating into ready-to-move-in inexpensive units in suburban locations to obtain more indoor and outdoor space adjacent to their property are in high demand.
A focus on health and well-being
More individuals will seek out houses and communities designed to improve a person’s physical, emotional, and social well-being.
Increased use of technology
Innovations such as augmented/virtual reality, virtual tours, online 3D and drone views, project webinars, and online booking platforms are preventing the real estate sector from becoming stagnant during times of adversity.
The impact of the omicron
Despite the fact that Omicron is more transmissible than the previous variants, the current wave was brief. Experts believe it will have only a minor effect on the economy. Temporary sluggishness in economic activity is there in the aftermath of imposed restrictions, but not as acutely in the construction industry, says Annuj Goel Pune.
Homeownership is on the rise
The pandemic-induced lockdown instilled a sense of ownership in many people who previously preferred to rent rather than own a home. The rising demand for residential security has prompted the purchase of a home. It will be well-equipped with security features and safety protocols.
Homebuyer tastes and product metrics are evolving
In the post-COVID future, a healthy lifestyle will be a significant consideration for homebuyers. As a result, preferences will shift toward larger homes in gated communities. The amenities such as a gym, green open areas, and easy access to everyday essentials. Furthermore, as work from home becomes more common, product measurements will shift more.In addition, the attractiveness of suburban markets will enhance by remote working practises. At a lesser cost, suburban markets provide lower-density surroundings and more spacious dwellings. Going to work may no longer be a daily occurrence. The need of being connected to office hubs will no longer be a deciding factor in home purchasing, states Annuj Goel Ganga.