Pune’s expanding infrastructure improves liveability while ensuring a sustainability quotient. Ambitious plans like a metro project and the inclusion of peripheral areas of the city contributed to the city’s rapid urbanization. Detailed infrastructure plans, which include transit and economic development, are expected to improve the city’s civic amenities, like roads, water supply, and sanitation. Urbanization of suburban areas improved the real estate prospects as well. Developers are exploring the acquisition of land parcels for their new projects. This article will analyze the key trends impacting real estate in Pune for 2022-2024.

House hunting goes digital

The covid pandemic in the last two years changed the real estate scenario altogether. People faced intermittent lockdowns and stayed most of the time in their homes. Many real estate brands in Pune accelerated digitization to reach their customers. 3D tours, drone videos, and virtual staging have become more common. Prospective home buyers browsed listings to find their dream home. 3D home tours gave home buyers an option to explore the house without venturing out. The technology helped buyers explore properties and book homes during the pandemic. The trend is continuing even after the pandemic as homebuyers will continue to explore property options from the comfort of their homes to save time. 

People move from cities to suburbs

Two underlying reasons for the preference for suburban areas over cities are necessity and choice. In suburban areas, choices are plenty as developers offer more carpet areas and luxury amenities. Social infrastructure developed significantly in suburban areas. Flyovers and NH -48 highway, Mumbai-Pune expressway made the commute to the center of the city much easier. New residential projects in suburban areas are more expansive and have more green cover and open spaces, which is rare in the city. Apartments are more spacious, giving much-needed privacy. Prices are also on the right side. You can get a four-bedroom flat in the suburban area at the price of a shoe-box apartment in the city center.  

Home prices continue to rise

Pune’s real estate industry witnessed a sharp increase in demand for residential property. According to a report, the need for residential property increased to 8.1% from 3.9 %—average prices of properties rose from 0.5% to 1.3% in Q2. The commercial sector, too, witnessed a sharp increase in the demand for office spaces as more and more professionals were joining offices. 

The market value increases, so the equity

The value of homeowner’s financial interest in their homes is known as home equity. The value of the equity fluctuates from time to time as market forces impact the property’s current value. Demand for housing has led to an increase in home equity across Pune city.

Urban Space Creators

Urban Space Creators, a renowned brand in Pune’s real estate sector, adopted the latest real estate technology to reach potential customers. Their latest landmark project, Urban Skyline Phase 2 in Ravet, is an amalgamation of technology, design, and architecture. The property is conveniently located near the Mumbai-Pune expressway, which is 3 minutes away from it. Navi Mumbai is 70 minutes away from the Urban Skyline Phase 2. Also, it is close to the Talegaon MIDC area and Pimpri Chinchwad industrial zone. In addition, the property is close to reputed colleges, schools, hospitals, and malls.