Track2Realty: Pune is no longer the small city whose only claim to fame was its proximity to the country’s financial capital, whose real estate market survived on rural demand emerging from the hinterlands of Maharashtra.
Track2Realty: Pune is no longer the small city whose only claim to fame was its proximity to the country’s financial capital, whose real estate market survived on rural demand emerging from the hinterlands of Maharashtra. Today, the perfect blend of its manufacturing and services sectors make Pune a standalone economic powerhouse in all respects, with a rate of job generation that is hard to match.
Track2Realty: It is commonly believed that the Indian festive season induces property purchase solely because religious sentiments are high during this period. Likewise, it is a commonly accepted notion that the attractive schemes and freebies that Indian developers offer during the festive season have something to do with the increased sales. Apart from and creating an unduly negative impression in the eyes of global observers of Indian markets, such an assumption does not give Indians the benefit of intelligence.
Track2Realty: In Mumbai, the residential property prices per square foot have seen a minor increase in Q2-14 as compared to Q1-14. Annual comparison (Q2-14 with Q2-13) shows a 7% increase in capital prices. Rentals of a 3 BHK house have also witnessed northward movement with yearly comparison showing a 3% growth in Q2-14 as compared to Q2-13.
Track2Realty: The residential real estate market across leading cities of the country is unlikely to see any traction before the upcoming festive season, when demand is expected to improve. While buyers have held off purchase decisions in anticipation of lowering interest rates, developers have been waiting for the festive season before launching special schemes and discounts to boost housing sales.
Track2Realty: The home buyers expect real estate prices to rise over the next six month, says the Housing Sentiment Index (IIMB-MB-HSI) by IIM Bangalore and Magicbricks. It forecasts the trend across 9 of the 10 cities surveyed.
Track2Realty Exclusive: IT driven locations across the country has been witness to the migration of large educated workforce, be it Bangalore, Gurgaon or Pune. This upwardly mobile, well-earning and lifestyle driven class hence becomes a key demand driver of property in the given city. In Pune the expat Indians have thus emerged as the key demand driver of property.
Track2Realty: The global house price boom continued during the year to Q1 (first quarter) 2014, gathering pace. Despite strongly rising housing markets in Taiwan and the Philippines, the momentum seems to be passing momentarily from Asia, where interventionist authorities have slowed housing markets in Hong Kong, Singapore and China. Instead, action is shifting to the Pacific, the Gulf, and (less forcefully) to Europe, which are all seeing strong price rises.
Track2Realty: Residential property in India has evolved into an asset which individuals hold for multiple purposes, not merely self-occupancy. Individuals now seek homes either for investment purpose, or for weekend stays and ‘lifestyle accommodation’. It is therefore apt to look at residential projects on the basis of the profile of individual buyers.
Track2Realty: An increase in the number of enquiries for residential properties has been seen across the major cities. However, transaction volumes have not improved much. Restricted sales transactions were observed in major cities like Mumbai, Delhi, Gurgaon and NOIDA during 1Q 2014, as per a report by Colliers International.