“Changing dynamics in Real Estate Market in Pune”
Real estate had turned into a bleeding bank for almost half a decade. People had started turning head from all real estate investments. Except a few smart buyers who knew that the best time to invest in any industry is when the industry is in a bad shape, everyone had started parking their investments in other baskets. But this bleeding bank has suddenly started healing its wounds & that also without making too much of noise.
There is a change in today’s scenario & the realty market has started recovering well. With elections round the corner, positive vibes of growth can be felt. Of course, negotiations have become a part & parcel of this business, but now there are enquiries. Customers have started showing there keenness not yet eagerness though to invest in property. Government policies like Pradhan Mantri Awaas Yojana, Housing for all & of course reduction in home loan rates & the king of all RERA have acted as a stimulant to this changing dynamics.
Recently MHADA also launched it affordable houses for all which as per the information has received a tremendous response. Similar is the situation with all other projects. There is a major change in the buying pattern. Customers prefer ready possession or nearing possession projects these days as compared to new launched projects. The perception of getting better choice has changed to early possession & better discount. As the developers tend to offer more discounts on the ready inventory than the under construction one. Similarly, in commercial real estate investors prefer to have a pre -leased property than a new property & then further put it on rent. This safeguards there risk & at least the maintenance cost is covered right from day one. Now the only method to contradict this perception of investment is that the new project should be offering something really out of the box.
Well, so with the number of enquiries & bookings growing it looks like it’s time for customers who are dreaming of buying a house to wake up & hunt for a good property. Apart from investing in mutual funds, gold & shares, one should also keep investing in property. One should not forget that every industry has a cycle. Once gold sounded as the most lucrative investment, though today it has lost its sheen, you did not stop investing in it. So, keep parking your eggs in different baskets, as every investment has its day, it is bound to give returns may be better than you have imagined.
In the current scenario it looks like real estate in booming back but in a very silent manner & especially in the fringe area.
Do keep in mind the following checklist before investing in real estate:
1. Are the RERA registrations in place?
2. When is the possession due of your building as well as the project?
3. What is the purpose of your investment for residence or for lease?
4. What is the return you are expecting or receiving on your investment?
5. Do remember to check the locality, surroundings, approach road & safety to the project?
6. Also, important is to check the water, drainage & light issues pertaining to the project?
All the best & happy investing