Pune The city known to offer the best of residential units, thanks to IT/ITeS, has seen 41 per cent drop in new launches amidst price drop of seven per cent between six months starting July till December, 2017, according to the property consultant firm Knight Frank’s yearly report-India Real Estate.
Post demonetisation and implementation of Real Estate Regulatory Authority (RERA), the Pune market has failed to push the sales in residential as well as in office segments, though co-working service providers are emerging well in the city in the commercial sector, states the Knight Frank report released on Wednesday.
According to Paramvir Singh Paul, Knight Frank Pune branch director, Maharashtra was the only state that notified RERA rules in a timely manner and subsequently implemented it across the state. However, even after the implementation of RERA, there has been no meaningful positive impact on sales on account of renewed confidence in the case of Pune in H2 2017.
“Ready to move in category seems to do better when it comes with a brand assurance and a developer with a good record, and the second half of 2017 has shown that the real estate market in Pune is in fact a consumer’s market and the best time to invest in real estate is now,” Paul said, adding that what an investor should be really looking at is that execution of the project, strong track record of developer, and depending upon the need, it is advisable to buy or invest in a property.