Kishor Pate, CMD – Amit Enterprises Housing Ltd.
Pune is drawing a lot of interest from luxury home seekers, both from within the city and from Mumbai and beyond. The reasons are not hard to find:
• Price points for Pune luxury homes are lower than for comparable options in over-heated cities like Mumbai
• Luxury homes in Pune are more spacious and have superior individual specifications as well as common-use luxury amenities
• Pune’s pleasant climate provides the ideal setting for luxury homes – unlike in Mumbai, there is no need for wasteful year-round air conditioning
• The investment value of luxury homes is very high, as there is constant demand for them
• The Pune luxury homes market is not restricted to ugly, polluted, over-developed and overcrowded ‘prime’ locations
The last point is probably the ultimate selling point for luxury homes in Pune. Since it is a relatively compact city, commuting from various parts of the city is easier.
As in Mumbai, the demand for luxury residential units in Pune is highest in areas that provide ready access to the central business district and employment nodes. However, unlike Mumbai, these focal points are quickly accessible from various points of the city.
This factor has played an important role in boosting the demand for luxury housing even in non-central areas. While traditional luxury home locations such as Sahakarnagar, Boat Club Road and Kalyaninagar continue to see a lot of demand, areas like Baner, Aundh and Ambegaon are also very successful hotspots for luxury projects.
These locations provide scenic natural splendour as well as excellent connectivity to the city’s economic nerve centres. This aspect has proved to be a major draw for Pune’s Generation Z luxury home seekers. Again, there are valid reasons for this:
• The unique advantages of these locations allow them to provide a lavish lifestyle to the elders in their families in serene, convivial surroundings without compromising on their need to be connected to their workplaces.
• Their children grow up in neighbourhoods that have been specifically tailored to a certain economic profile.
• In Pune, luxury homes projects do not co-exist with unsafe, high-density tenement developments and are invariably close to major international schools and top-of-the-line hospitals.
Thanks to these factors, the premium housing segment in Pune has continued to thrive even as the market for luxury homes in Mumbai declined steadily. In short – both from an ownership as well as investment perspective, luxury housing in Pune will thrive and grow in the future.