Pune, February 24, 2017:CBRE South Asia Pvt. Ltd, one of India’s leading real estate consulting firms, organised the sixth edition of CBRE PropFair 2017 in Pune. This is the third edition of the event in Pune,which has been organized at Deccan College ground from 24th to 26th February 2017 . Identified as one of the top 20 cities under the Smart Cities Mission by the Government, Pune is emerging as a key destination for real estate investment and development. The event was inaugurated by Mr. Steve Swerdlow, CEO, Asia Pacific and Mr. Anshuman Magazine, Chairman, India and South East Asia, CBRE.
Speaking on the sidelines of the PropFair, Mr. Anshuman Magazine, Chairman – India and South East Asia for CBRE said, “The strong leasing activity in Pune’s office segment, coupled with current and planned infrastructure development is providing a much needed thrust to the residential real estate market. Post demonetization and the implementation of various government initiatives, we can expect key segments of the city’s residential real estate market picking up in the near future.”
Thanks to the city’s strong IT/ITeS and industrial activity, high employment levels and overall positive dynamics investment grade office space has witnessed significant growth over the past few years. This coupled with a robust retail growth, is helping fuelthe revival of the residential real estate market in the city.
Other key factors helping the city become a preferred location of residential development include close proximity to major IT/ITeS hubs and key infrastructure projects including the Mumbai-Pune Expressway and Pune-Bangalore Expressway. Proposed infrastructure initiatives including the development of an international airport, the Pune Metro, and building of flyovers and underpasses will have a positive impact on the real estate market.
The recent demonetization drive, coupled with existing inventory and cautious buyer sentiment did have an impact on residential demand in the city. However, with increased transparency coming into the sector and the recent policy initiatives including implementation of RERA and affordable housing receiving infrastructure status will give a necessary boost to the segment in the city.
Elaborating on the potential of the city, Mr. AS Sivaramkrishnan, Head of Residential Services, CBRE India said, “In the coming year, Pune is expected to witness an overall stability in housing sales. Increase in demand in the high end / mid end and affordable segments, besides a relatively larger presence of end use buyers is expected to revive the decline in sales by the second half of the year here. ”
Due to the recent demonetization drive, going forward, Pune’s residential real estate market will be driven by end- user purchase rather than investment in the coming months. With a view to reducing inventory and spurring sales, developers will consider rejigging their marketing strategies by including flexibility in pricing schemes and payment structures. With the various government initiatives being implemented, Pune’s real estate market is expected to witness positive movement in the coming year.
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