Pune’s Spacious Homes Revolution: A Paradigm Shift in Urban Living

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– Mr. Sachin Bhandari, Executive Director and CEO of VTP Realty

Pune, 06 June 2024: As per the latest CREDAI report, the sale of spacious homes in Pune saw massive growth in 2023. The recent inauguration of Metro Lines and the ongoing development of the Ring Road are set to transform the real estate landscape in Pune, offering an additional boost to the industry.

In the vibrant landscape of real estate, Pune stands out as a city witnessing a notable trend – a growing preference for spacious homes. As urbanization progresses and lifestyles evolve, homebuyers in Pune are gravitating towards larger living spaces, both indoors and outdoors. This demand has sparked a revolution in the city’s real estate landscape, especially in locations like Mahalunge and Kharadi. Although compact apartments have been favoured for a considerable time, larger housing options are currently garnering attention due to various compelling factors.

Lifestyle Changes Driving Demand

Modern families are seeking more than just a roof over their heads, they desire space, privacy, and versatility in their living environment. Larger apartments offer the flexibility to adapt to changing needs, whether it’s setting up a home office, creating a dedicated space for hobbies, or hosting guests comfortably. The extra room in these spacious homes provides an opportunity for residents to personalize their living spaces according to their unique lifestyles.

Emphasis on Space and Functionality

In a post-pandemic era where remote work and virtual engagements have become the norm, the significance of ample living space cannot be overstated. Homebuyers in Pune increasingly prioritise properties that offer spacious interiors, versatile rooms, and dedicated workspaces. 3 BHK and 4 BHK apartments are available in a range of prime localities in Pune, ensuring residents have access to essential amenities, schools, healthcare centres, and recreation options. This has intensified as residents seek a balance between indoor comfort and outdoor connectivity.

Prime Locations

Pune boasts upscale neighbourhoods like Koregaon Park, Kalyani Nagar, and Baner, which have become hotspots for real estate development. However, now the focus is also shifting towards the outskirts of Pune, where locations like Wagholi, Undri, and Moshi offer affordability and spacious properties. Improved connectivity through robust infrastructure development further fuels this trend.

Growth Trends

In 2023, Pune experienced an 11% yearly expansion, leading to an average apartment size of 1,086 square feet. Over the last five years, Pune saw a significant 19% surge in growth. This trend is anticipated to persist, shaping the real estate landscape in the foreseeable future. Housing prices in Pune surged by 10% year-on-year, primarily driven by increased demand for spacious properties in Baner and Camp areas. Anticipated infrastructure developments, such as metro line 3 and major office expansions are poised to stimulate residential activity in these areas over the next 2-3 years. Notably, 2BHK and 3BHK apartments experienced the most significant annual price increase of 8%, reflecting a strong market preference for these property types. (A report by CREDAI)

Investment Potential and ROI

Investing in spacious homes in Pune promises attractive returns. Pune’s residential market has shown resilience and stability, making it an attractive destination for investors. Investing in a 3BHK or 4 BHK apartment in Pune is about securing a valuable asset for the future. These larger configurations tend to appreciate over time due to their flexibility and evolving demand for spacious living. This means that when the time comes to sell or rent the property, it is likely to fetch a higher price compared to compact apartments.
In conclusion, Pune’s embrace of spacious homes underscores a quest for balanced living. By offering both indoor comfort and outdoor connectivity, the city is evolving to meet the diverse needs of its residents.

Authored by Mr. Sachin Bhandari, Executive Director and CEO of VTP Realty

About VTP Realty: VTP Realty, backed by over 38 years of legacy in construction, is Pune’s #1 Real Estate Developer for almost 6 consecutive years and ranks amongst the top 10 in India for the number of units sold and annual sales revenue. The company has earned numerous national and international awards, and is the torch-bearer in elevating the standards of the entire industry with their steadfast approach to transparent transaction and customer centric design. They are the pioneers of Maximum Livable Area Homes and attribute their impeccable track record to their values of Better Design, Better Build and Better Care.

Headquartered in Pune, VTP Realty has a stellar delivery record in Pune city – The brand has delivered 30 lakh sq.ft. in FY 22-23 and is slated to deliver 50 lakh sq.ft. in in 23-24. The brand is not only setting new standards in the industry but is also shattering their own records YoY by simultaneously developing 3 crore sq.ft. worth projects in Pune and totalling a whopping 1.10 crore sq.ft. from its inception till date.