subject: Checklist For Purchasing Luxurious Residential Apartments In Pune [print this page] An overview An overview
The Pune real estate market is among the most dynamic ones in India today, despite the fact that the overall economic outlook hasnt been very encouraging in the recent past. The real estate industry hasnt seen a major depression in its demand curve over the last few years as more and more people continue to look at Pune as a lucrative investment option.
In keeping with these sentiments, real estate developers in Pune have responded with a steady supply of residential and commercial units. If recent market studies of the Pune Metropolitan Region are anything to go by, there has been a 14% rise in the gross supply of residential apartments in Pune.
However, at the same time there has been an increase in the unsold stock of residential apartments in Pune over the last year. Current figures indicate that in June 2012 the unsold stock stood at 43,305, whereas this figure was at 36,124 in December 2011. Of the total residential apartments for sale in Pune, the unsold stock comprises 20%-22% of the total supply. This is also an indicator of the fact that the residential flats for sale in Pune are coming within the purchase means of customers. The average price of flats in Pune was around Rs 3955 per sq ft in June 2012, which is higher than the prices witnessed in the preceding years.
The niche luxurious apartments segment in Pune
However, the luxurious apartments segment continues to be a niche segment in Pune. The takers for projects with upscale amenities and large residential spaces such as villas and duplex apartments are growing at a steady pace. Many of these investors include NRIs, IT sector professionals, entrepreneurs, and so on. In view of this trend, developers now offer projects that combine the best features of independent villas and duplex residential apartments. A number of Pune-based developers have also been offering luxurious apartments for sale in Goa.
The location of the project is as important as the project itself. Whether you intend to live in your chosen property or rent it out, it is prudent to choose an upscale, fast-growing locality.
Next comes the structural design, the project layout, and amenities on offer. You might want to check if the developer is offering high-end services such as a concierge desk, a ready-to-move in apartment fitted with a modular kitchen, fully air conditioned apartments, among others.
Another determining factor is whether your chosen developer stands behind his claims of quality. If your developer offers you a warranty on the property, it is a positive sign.
Once you have decided to purchase a luxurious apartment in Pune, do remember to check documents such as project clearances, environmental clearances, and safety clearances that are awarded by municipal or government agencies.
by: Sachin Kshirsagar
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