Goel Ganga Group: How Pune is among the Top Cities for Favourable Housing Sales

The Coronavirus has caused significant hurdles to the whole real estate business. The real estate business, like many other industries, was caught off guard by the pandemic's wrath, but it shown surprising resiliency during the second wave.

“2021 was a watershed moment for the industries. As the world’s greatest immunisation push got traction, trust in reality as a sector grew, and the fiscal year 2022-23 is currently, resulting in a healthy boom for the industry," stated Dr. Atul Goel, MD of Goel Ganga Group & President (Elect.) NAREDCO, Pune.

The epidemic has proven to be a gift in disguise for the sector, as the cheap cost of borrowing has bolstered developer morale to complete pending projects, while consumers have been able to depend on low-interest EMIs to acquire new houses. Top Indian cities like Pune is rising due to robust residential sales, laying the framework for a commercial real estate rebound as well.

Various launches of projects

But it's not just about sales. Pune has also experienced the most number of new launches. Thus, the city has announced 7,563 new unit releases, nearly double the 3,706 units released in the second quarter of 2020. Other cities in the country have witnessed much lower launches.

For over a decade, real estate was a speculative investment for many investors. The property market, on the other hand, is back on the radar. Purchasers gather for a buying frenzy due to limited availability, adequate liquidity, and rock-bottom loan rates. The epidemic has been a gift in disguise for the sector. The cheap cost of credit has encouraged the morale of developers to complete pending projects, while purchasers get the benefit of buying homes at inexpensive EMIs.

Low interest rate on loans

Top Indian cities such as, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune are primed for favourable home sales, laying the groundwork for a rebound of commercial real estate as well. According to analysts, the low interest rate will remain for a few years. As a consequence, house buyers may request larger loans. This allow them to buy larger homes with more amenities and a better lifestyle. In view of the overall image of the industry, the sector's future seems to be positive.

Positive government initiatives

Due of the significant financial commitments involved in the house-buying process. Many people were hesitant to make the ultimate choice to purchase a property. When the epidemic began, there was a disruption across industries that pushed people to examine their financial situation closely. People have a sceptical attitude about property purchase. However, the government stepped in with a light of optimism, launching a number of programmes to help the industry.

Public Infrastructure

Pune's growth is heavily reliant on infrastructure projects, which power the city and provide real estate potential. The projected Chhatrapati Sambhaji Raje International Airport will boost the city's residential market by making it easier to travel.

The proposed Pune Metro Line 1 (from the PCMC Building to Swargate), Line 2 (from Vanaz to Ramwadi), and Line 3 (from Hinjewadi to Shivajinagar via Balewadi) will link all of the city's key commercial, educational, and residential centres, boosting connectivity and convenience.

The ambitious Pune Ring Road, a 128-kilometer ring road, would connect the city's interconnected regions, decongest traffic, and offer commuters with ease of transit. These developments will contribute to the socioeconomic growth of the city, says Goel Ganga Group Owner, Atul Goel.

Clean, Green, and Serene Environment

According to Goel Ganga Group Reviews, Pune is surrounded by vegetation and mountains and is snuggled in the lap of nature. This provides the city with calm and serene weather all year. The roadways are studded with lush vegetation, and the residential developments have acres of green space as well.