Pune Property Prices Continue Upward Trend
Property prices in Pune went up by 9.2% in the last quarter, making the city one of the only three in the country to see a rise.
Vice president of Confederation of Real Estate Developers of India (CREDAI) Pune, Rohit Gera said, “Continuous rise in the Pune property prices can be attributed to two reasons. Firstly, the city never saw a major rise in prices as compared to other cities. Prices here rose gradually. On the other hand, Mumbai and Delhi saw a peak in the later half of 2009 and therefore a little correction was expected there.”
He added, “In Pune, when the slowdown was at its peak, no new projects were announced and builders put a halt to the existing work, resulting in a situation where there was no additional supply despite demand. Therefore, builders here could once more afford to increase the prices.”