The sprawling city Pune, located in the western side of Maharashtra was once the land of Marathas which is considered to be a vibrant metropolis across the state. Real estate is the second largest employer after farming it is estimated to grow 30% more in the next decade. A unit increase in construction expenditure generates five times the investment multiplying our cash quadrant. The real estate marketers have a bull’s eye on the fast growing cities where there will be a need for ample of infrastructure facilities to be facilitated. Pune is one such city which served as a hot spot for the marketers during 2006-2010.
Projects worth Rs.50,000 crores have been estimated and are ready for execution and implementation. Magarpatta, Khardi, Yerwada, Baner are some of the areas that are aimed for development. The KPMG report estimated that new employment for about 1,70,000 would be created here and it also noted that an increase in this employment would give away for threefold derived demand for residential space, approximately estimated to 48 million sq. ft.
Reason for its enchanting demand
Pune’s real estate market is considered to be resilient because the city is much dependent on IT sectors and also their prices were affordable. This made the real estate employers to sustain. As the seeds cultivated here were yielding better fruit; one can say Pune is a place for owning a property. Despite of the decumbent marketing conditions in the neighbouring states, this vibrant metropolis was able to hold up its figures.
Overcoming the hurdles and building better future
The city has seen its real estate sector doing well post amendment of the Real Estate Regulation and development Act, which is effective from May 1 2017. This act enforces that no promoter shall advertise, publish, sell or invite persons for a counsel or to purchase any plot without registering the real estate project with RERA. This enforcement facilitated the investors to go ahead with more confidence as things were transparent and this enforced trust for the RERA registered developers.
The Flourishing Spots of Pune
The places fast accessible and well connected to Pune’s work hubs and different parts of the city scored highest when compared to its central location. Also, certain buy back offers to buyers tempted them to take decisions more quickly. Bhugaon, Baner, Wakad and Keshavnagar were drawing intrinsic attention, as these areas were best in class in providing basic amenities.
The present year 2017 prevailed by demonetisation, was ensuring that no party with an intention of making profit overnight by deploying unruly ethics are not benefited at any cause. The enhanced and transparent screening process before registration has ensured allegiant agreements and thereby maintaining cordial relationships between the buyers and the real estate developers in Pune.
Though people proclaim an argument stating that, the RERA act creates a commotion between the buyers and the developers and can cause a difficulty in promoting or initiating a new project, this regulatory effect will engulf the buyers and developers to invest without diverting loopholes in the law that helps them sustain the value of the land profitable in the future.