Pune has become a major real estate market for real estate buyers in recent times. The weighted average price for real estate properties in Pune went down by around 7% in the year 2017 as per reports. The latest reports clearly indicate that Pune is now a major buyer’s market. The reports have been analyzing realty trends across the major 8 cities in the country and have clearly clarified that although developers are offering added discounts to the tune of 10-12%, this has not yet revitalized the market to the extent hoped for.
However, with this correction in prices, real estate developers are hoping for better news within the next few months. Sales volumes have gone down by approximately 2% in the second half of 2017. They have also gone up slightly by 5% overall in comparison to 2016 though which shows that things may pick up soon. Now that it is more of a buyer’s market, Pune’s real estate market should be more attractive for homebuyers and investors alike. Areas around the peripheral zones and suburbs should be more coveted since prices are expected to go up.
The price trends in Pune for 2017 are reflective of the movements in prices across other big Indian cities except for Hyderabad and Ahmedabad which have seen slight increases in prices based on growth and healthier demand. In most of the cities, the reduction in prices ranged between 2 and 5% and the correction in prices was the highest in the city of Pune. In the MMR (Mumbai Metropolitan Region), prices of homes came down for the very first time in a period of 10 years by more than 10% overall. Prices of property in the NCR (National Capital Region) have already gone down over the last 5-6 years and went down by approximately 2% overall.