The upcoming festive season is auspicious in more ways than one. As we look at the Indian economy today, stock markets and overall sentiment have revived, and financial confidence has returned to Indian household. The ‘can do’ spirit that traditionally embodies the Indian festive period is back in force. Of course, this has special pertinence to the real estate market as well.
Various recent reports confirm that the Pune real estate market has been doing well even while other major markets have been struggling to re-achieve buoyancy. For Pune’s aspiring property buyers, home ownership is again high on the priority list this year, and the positive sentiment is all poised to peak in the upcoming festive season..
In Pune, the festive season is seen as more than just a few auspicious dates suitable for wealth building and property acquisition. This season is also a major fulcrum of financial planning. It sets in only after the closure of annual accounts and clearing of income taxes, leaving families with a clear oversight of their monetary capabilities. This factor, combined with the prevailing economic sentiment, will provide the cues for either extended caution or investments decisions.
During this year’s festive season, Pune real estate is still very much a buyer’s market and aspiring home buyers hold a clear advantage. This is an opportunity to zero in on the best of the available options, negotiate the best rates and make the dream of a self-owned home a reality. The meaningless freebies that many developers offer to boost sales during this period should be ignored; the most relevant festive offers are those that actually ease the home buyer’s financial burden.
The most exciting – and, from the investment perspective, profitable opportunities in the Pune real estate market are currently mid-income homes in well-connected locations. These properties, mainly 1 and 2 BHK flats in hot areas like Undri, Ambegaon, Wagholi and Manjri and in projects with all the right amenities, are currently seeing the highest demand. However, it should be noted that among the many projects that currently cater to middle class home buyers in Pune, less than 50% are by credible developers.
Home buyers who intend to make their purchase during the festive season should do their due diligence well before the usual promotional campaigns begin. By zeroing in solely on reputable developers with projects in good locations, one can build a shortlist of preferred options quickly. Given the high incidence of faulty construction and illegally-built projects that have come to light in recent times, buyers should not compromise on safeguarding their investments this festive season.
Authored by: Kishor Pate, CMD – Amit Enterprises Housing Ltd.
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