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Demand again for apartments in real estate

Submitted by on Tuesday, 4 May 2010No Comment

apartA software engineer, who had deferred his plan to buy a new home last year, is desperately looking for a two-bedroom apartment in Hinjewadi that will suit his budget. Job security, easy processing of home loans and other signals of economy being back on track are prompting many like Yadav, who were in a wait-and-watch mode, to buy flats, fuelling a spurt in real estate demands.

“In the last couple of years, builders were reluctant to take up new projects. Also, many projects were on a slow pace. But now, with the market showing positive signs, builders have started to pitch in.” said,Rohit Gera, vice-president of Confederation of Real Estate Developers of India (CREDAI).

The realty sector in Pune had begun to regain its momentum from October last. “People who want to purchase new homes were waiting as there was an uncertainty in the job scenario and banks were reluctant to give home loans.

Demand has gone up in the city not only for budget apartments but also for the luxury sector. “The prices of properties have also gone up by around 12 to 15 percent.

According to a recent survey by Makaan.com, the property index of  Pune stands at 1197 compared to 934 in the corresponding month last year, an increase of 28.1 per cent-the second highest in the country.

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