Real estate looks at double-digit cheer
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The real estate market in Pune has been stable for the last couple of months and is expected to grow by 12-15 per cent during Dussehra and Diwali, according to industry experts.
Private property developers and real estate body Confederation of Real Estate Developers Association of India (CREDAI) are of the view that the market will only improve in the coming days and report double digit growth.
As per industry figures, the average sale of 8,000 units per month in Pune will see a 12-15 per cent growth. Developers are not only hinging on the positive traction in overall investor climate in the country but also on the urge among people to buy during the festival.
Managing Director of real estate company Gera Developments Rohit Gera said there has been a positive traction in the real estate industry prior to the festival which will only grow in the coming months. He said there was "an amazing response" to the new luxury residential project of the company, Gera Trinity, with some 85 bookings in the 250-flat complex over the past 5-6 days. "There is not only a positive market sentiment but also a demand, particularly for luxury. Ours is luxury property and people certainly have a preference for a better brand," he said.
"Gera Trinity is under construction and we will restrict bookings to 100 apartments, which will happen in the next few days. We will start the booking again, once the project is completed," he said. Director General of CREDAI, Pune-Metro, Dr D K Abhyankar said the market has been stable in the last couple of months and will only improve.
"The market is stable particularly because of the slew of measures like reduction in interest home loan rates. It will only improve during the festival season. The market improvement is expected to continue for the next six months," he said.
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