Two and three bedroom homes, which commanded high popularity among home buyers from Pune in pre-meltdown times, have made a comeback. The last three months have demonstrated that the aspirational buyer is returning to the residential market again to check out developers’ sites in search of good deals, a report by real estate research and advisory firm (JLLM).
A major shift was seen from the large size homes in the 1200-1600 sq ft area bracket to one bedroom and studio units in the “affordable” category. The general buyer preference has once again evolved to 2-3 BHK flats, the most popular price tags falling within the range of Rs 25 to 35 lakh.
According to the report, projects that were put on indefinite hold during the financial crunch are now seeing the light of day, with construction once again on a war footing across the city. Projects that are
“The slowdown has brought about residential space affordability and availability in areas that were previously out of reach for middle-income buyers. Due to reduction in pricing, residential property buyers now have a choice of attractive deals in preferred areas,”
Lalit Kumar Jain, vice-president of Confederation of Real Estate Associations of India (Credai) said. “The feeling of uncertainty in buyers’ minds is reducing and stability is returning. We see demand picking up for property in the Rs 30 lakh -Rs 1 crore price bracket. Vice-president of Credai Pune, Rohit Gera, said there are other factors responsible for the renewed interest in property buying, apart from conversion of pent-up demand. “The increased feeling of job/income stability and the realization that the prices have finally bottomed out are driving the buyers,”
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