Pune residential prices rose by about 8% in 2015
PANAJI: Residential prices rose by 8% in Pune, beating the average capital value appreciation across major Indian cities and the prices are likely to inch up by a further 4-6% in 2016, Jones Lang LaSalle India said.
“While prices in other cities rose by 2-6%, Pune’s residential market saw a price appreciation of 7.9% year on year last year. The current year is likely to see prices rise by 4-6%, and stable sales velocity. Given the positive investment scenario in India and unabated demand for office space in the city, residential demand in Pune has remained healthy over the last few years,” managing director – Pune, JLL India Sanjay Bajaj said.
Due to rising demand for homes by the employees of IT/ITeS, BFSI and manufacturing companies, most residential projects being launched in Pune are concentrated in areas like Hinjewadi, Balewadi, Hadapsar, Kharadi, Wagholi and Nagar Road. The fringe areas of the South-East sub-market such as Undri and Pisoli are also picking up fast and have seen a significant number of launches in the price bracket of Rs. 3,000 to 4,000/sq.ft. over the past few quarters, Bajaj said.
At a sub-market level, Hinjewadi, Marunje Road, Ravet, Punevale, saw the highest price appreciation of 8.9%, followed by the Wagholi, Keshnanad Road and Kharadi at 8.6%, JLL India said. Appreciation in Undri, Pisoli and Kondhwa stood at 7.9%. Areas such as Bhugaon, Pirangut, Gothawade and Koregaon Park, Dole Patil Road and Kalyani Nagar saw a price appreciation of 7.6% and 6.4%, respectively, the international consulting firm said.