Navratri Effect on Real Estate in Pune & Nashik

Real estate sector that is passing through a bad phase of slowdown within the last couple of years includes a need to cheer on Friday. Around the auspicious occasion of Gudi Padwa, the purchase of housing models elevated as much as 50% getting relief for a time towards the sector.

People generally book or buy apartments on Gudi Padwa.

Based on sources, real estate sector recorded 50% increase in business on Friday as in comparison towards the festive day this past year. Around 150 apartments totally worth Rs 50 crore were reserved over the city around the auspicious occasion, compared to 100 apartments worth Rs 30 crore on the day that this past year.

Jayesh Thakkar, president of the Confederation of Property Developers’ Association Asia (Credai), stated, “The hike is nearly 50% as in comparison to this past year. This can be a real relief for that builders and designers at any given time when real estate sector is passing via a phase of recession. Furthermore, the Reserve Bank Asia too has reduced the repo rate by .25%, which supports banks lessen the interest levels. The move has assisted in boosting the purchase to some large extent.”

“Earlier, I was an anticipating purchase of 250 apartments like 38 Park Majestique on Gudi Padwa. However, the condition government elevated the ready reckoner (RR) rates with effect from April 1, which designed a negative effect on the sphere and affect our forecasted purchase. 

But 50% increase in the purchase will certainly result in the market sentiments positive. Furthermore, individuals who have been waiting for the correction in property prices within the last 2 years will also be considering buying apartments. They’ve now arrived at realizing that property prices wouldn’t decline now. These consumers risk turning purchasers within the next coming couple of several weeks,” he added.

With real estate sector passing via a bad phase, as much as 5,000 ready apartments are laying unsold around town within the last couple of year. Furthermore, the RR rates of qualities tend to be more compared to market rates at some pockets around town. This distinction between has additionally affected the purchase of qualities.

·         House prices across city (2016)

·         Locations Cost range (Rs. Per sq foot.)

·         Nashik Road Rs. 3,000 to Rs. 4,500

·         Dwarka (Ashoka Marg) Rs. 3,000 to Rs. 4,225

·         Pathardi Rs. 3,000 to Rs. 3,500

·         Indira Nagar Rs. 3,200 to Rs. 3,500

·         Gangapur Road Rs. 4,000 to Rs. 6,000

·         Mahatma Nagar Rs. 5,000 to Rs. 7000

·         College Road Rs. 6,000 to Rs. 7,500

·         Tidke Colony Rs. 4,000 to Rs. 4,500

·         Panchavati Rs. 3,000 to Rs. 4,000

·         K K Wagh College Rs. 2,700 to Rs. 3,000

·         Satpur Rs. 2,500 to Rs. 3,000