Property Price Rise in Pune Highest Among Major Cities
A report by property consultancy and real estate observer Anarock has observed that Mumbai and Pune, along with Bengaluru, have emerged the strongest in real estate business post-lockdown, with Pune performing especially well due to livability factor, and presence of IT and manufacturing industries.
The report also noted that considering 2013 as a baseline year, property prices in Pune increased by around 38% till the end of 2020, the highest among seven major cities in India. The average cost of a square foot of housing space, according to the report, stood at around Rs 5,510 in Pune, in2020.
Mumbai remained the most expensive and the largest real estate market across the country, with its average square foot cost nearly double that of Pune at Rs10,610 till the end of 2020. But the report also noted that despite unsold inventory declining by around 6%, and prices bottoming out, stamp duty cuts and historically low rates on homes loans, apart from cuts in construction premiums, are making houses more accessible to people.
The city’s eastern and western extremities, such as Wagholi and Wakad respectively, were one of the most dynamic housing markets, with prices increasing by nearly 20% in the seven-year period. “Pune is also one of the most livable cities as per the report of the Union government. However, this price increase is not abnormal or lot in a housing market like Pune,” said Suhas Merchant, president of the Credai Pune Metro.