Pune's Residential Realty To Ride On Commercial Push
A leading real estate advisor in its recent report said that office leasing would revive Pune's residential market. According to the report, the city's residential real estate will ride on its current infrastructure and planned developments in the future. The demand will get a further boost as the real estate law will usher in increased transparency into the real estate sector.
Riding on businesses
- In 2016, information technology (IT) giant Infosys signed a deal to lease more than 6, 20,000 sq ft of office space in Juniper Tower in International Tech Park Pune (ITPP), Hinjewadi-Phase III.
- E-commerce company Amazon India has plans to set up a facility centre in Inorbit Mall at Wadgaon Sheri.
Here is why more and more people are likely to buy residences in Maharashtra's cultural capital:
- Several IT/ITeS hubs are emerging in the city.
- The Mumbai-Pune Expressway and the Pune-Bengaluru Expressway are some of the infrastructural projects.
- Pune's international airport and construction of flyovers and underpasses will create a positive impact on the real estate market.
- The Pune Metro rail will be get functional by 2021.
- Three stations from Pune are counted among the 23 railway stations selected for the Station Redevelopment Plan of the Indian Railways.
New initiative to promote affordable housing
The government's initiative to promote affordable housing in Pune is another factor that stimulates demand for residential apartments in Pune. As per the instructions by the Prime Minister's Office (PMO), 100 acres of land will be given to the Maharashtra Housing and Area Development Authority (MHADA) for the construction of affordable homes.
Pune has developers' undivided attention. For instance, Trump Organization has joined hands with Unimark Group, Kolkata, for creating residential projects in the city. The group is planning to come up with its second project in the city.
In order to take the benefit of this time, developers would come up with new marketing strategies. This means buyers can expect flexibility in the pricing scheme and payment structure.