By: Kishor Pate, CMD, Amit Enterprises Housing Ltd.
In a price-sensitive market like Pune, affordable housing is always in demand. The city’s working and earning middle class is constantly on the lookout for good homes available within their budget. This festive season, the Pune market is showing signs of increased activity as always, but the onus is on homes which fit people’s budgets.
Buyers are looking for decent-sized homes within the city limits, with good amenities, and within a budget range of Rs. 29-50 lakh. This is the category of homes which will draw the highest demand this festive season. Developers offering homes in this budget range in an all-inclusive package will be able to tap into this demand.
Buyers should do their homework and look for good options in new constructions by reputed developers. Focusing only on established builders will allow them to book homes in under-construction projects with confidence, as timely completion, delivery of all promised features and adherence to quality construction norms are assured in such cases.
The festive season is an ideal time to take advantage of lucrative offers from such developers, such as all-inclusive price packages. However, buyers should not be swayed by offers of meaningless freebies and focus only on the actual value being given. Buying an affordable home is all about getting what one needs within one’s budget, not about bringing home surplus white goods or paid vacations.
Information technology is still Pune’s biggest demand driver for residential real estate. The most exciting – and, from the investment perspective, profitable opportunities in the Pune real estate market are currently 1 and 2 BHK flats in well-connected locations.
The areas which are drawing the highest number of enquiries this festive season are Undri, Ambegaon, Wagholi and also Mundhwa and Manjri, because these locations have the advantage of good connectivity to Pune’s IT corridors, and projects there fall within the right budget bracket.
Tips for home buyers:
- Do not focus merely on price. While buying an affordable home is definitely about staying within one’s budget, there are always superior projects with better amenities and in better locations available within any budget range.
- Do not be tempted by the cheaper options being offered by unknown developers on the outskirts. Many buyers fall into problems today by investing in illegally constructed projects which are sold cheap but may cost the buyer dearly later on.
- Patronize only reputed developers. Doing so allows you to book into under-construction projects without fear, and benefit from the more attractive prices available in under-construction projects.
- While choosing your project, do not neglect to factor in potential for appreciation – your home is your most important investment. The location should have strong infrastructure fundamentals and demand dynamics. Spend some time and effort to study how prices have been growing in the area.
- Remember that this is currently a buyer’s market, and that there is scope for bargaining. Rather than settle for inferior options by unknown builders, look for good options with reputed builders and discuss with them how the best price can be arrived at.