The real estate business in India is undergoing a technological transformation. Several innovative strategies and solutions are being implemented throughout the industry. Real estate is India’s most powerful economic foundation. Pune has been a point of attraction for a lot of industries, like the education industry, the armed forces, the IT industry, the finance industry, the entertainment industry, and a lot more. All these industries function in great capacity in Pune and have actively served to be the reason behind this fast-paced development in Pune.
Pune is today known as a developing metropolitan city that is a hub for a lot of industries that bring innovation, infrastructure, employment, and overall development to the city. Rapid urbanization, changing consumer behaviour, regulatory reforms, and the impact of COVID-19 are all driving the evolution of this pillar right now. The real estate industry has begun to recover after being devastated by the pandemic.
Pune experienced a significant increase in demand (3.9% to 8.1%) as well as an increase in average prices (from 0.5% to 1.3%). The supply trend reversed (from 2.2% to -2.0%) in 2022.
So, what are the most important real estate trends in Pune that 2023 will witness in the real estate industry? Learn all about it in this blog!
Digitalization: House Hunting Goes Digital
Digital platforms existed pre-pandemic, but during and post-pandemic, the demand for these platforms accelerated across all sectors. People researched all about real estate projects on the internet, and some even booked their properties online. With the enhancement of technology, the real estate industry has achieved a position where they can give a virtual tour of the property to their prospective buyer.
- 3D Tours
- Drone videos
- Virtual staging
Not only is the home tour going digital, but other aspects of home buying are as well. Mortgages can now be obtained online as well. This aspect will be the source of buying and selling real estate properties. Like Amazon, Myntra, or other online platforms, buying a home or selling it will happen online.
Seller’s Market: More Demand, Fewer Sales
A housing market prediction that many experts agree on is that it will be a seller’s market. Home prices are expected to rise for some time due to increased demand and limited supply. Millennials are at the age to start investing in the real estate market for the first time. Hence, the demand for residential and commercial projects is rising with every passing day. The future of real estate will witness a rise in demand and limited supply, resulting in it being a seller’s market.
Prices Continue to Rise:
With demand rising and the market turning into a seller’s market, the ultimate output would be for prices to increase. Home buyers are not deterred by soaring prices. Some buyers are willing to pay significantly more than the asking price to secure their purchase. Rising house prices have increased current homeowners’ home equity. Home equity is the total value of a home less the amount owed on it. As a result, as the market value rises, so does home equity.
Mortgage Rates:
Mortgage rates have risen, making it prohibitively expensive to purchase a home or obtain a mortgage. While research predicts that house price growth will slow in the coming year, it also predicts that mortgage rates will rise.
Rising Interest in Becoming Home-Buyers:
Despite high home prices and a predicted housing market crash, the number of people wanting to become homeowners remains high. Younger homebuyers and first-time homebuyers will dominate the housing market. This is most likely because property rental rates are now at all-time highs.
Decline in the Rental Market:
Demand for rental properties in major cities will continue to fall as those who can afford it look to buy a home and those who cannot look for other ways to save money. People these days prefer buying a house to renting it because rental values have become equivalent to EMI values and the rise in affordability in people leads to a decline in the rental market.
By understanding the above market trends in the real estate market, Zen Elite is ready with premium residential properties in Kharadi, Pune. Plan your future by understanding where to focus and investing right at Zen Elite’s residential project near EON IT Park.
Follow all the necessary factors and take an informed decision on buying your dream home in the best real estate projects in Pune.
