At a time when affordable housing is slowly becoming a mirage,the real estate market in Pune is witnessing a boom in the super luxury segment. Both realtors and market watchers say when it comes to high-end super luxury flats,the market shows no sign of slowdown. In fact many of the realtors have started going for such projects.
The high-end flats,priced between Rs 2-3 crores,have large carpet area,mordern amenities and ultra-modern fittings. Till a few years,areas like Model Colony,Deccan Gymkhana,Koregaon Park were the places where such properties were being built. Of late such properties are coming up in areas like Bavdhan,Wakad and other areas of the city.
Atul Goel,managing director of Goel Ganga Group,said the upcoming projects of the company would be catering only to this segment. Our projects in Bavdhan,Marketyard,Kharadi,and Sinhgad Road would be above 6,000 square feet carpet area, he said.
Goel said although there are talks of slowdown in the global market,it has not had any effect on this segment. Housing is a need for the people and people who require a house are investing in it, he said.
Industry watchers claim that in Pune the niche segment is courted by basically three category of buyers. Upper and middle management of the existing companies,second generation businessmen and people who wish to set up a second home in Pune due to the unaffordability of the same in Mumbai.
Rohit Gera,managing director of Gera Developers,said increase in purchasing power of these three categories is the reason for growth in this sector. With increase in family sizes people need more space and the super luxury flats are able to address these needs, he said. Also,working on such projects is an image lifter for the builder.
Though realtors are focussing on super luxury flats,property watchers have started sounding alarm bells about the trend. In the areas of Pune and Pimpri-Chinchwad,whatever development is happening,is in this segment. For the middle class,affordable housing is in the fringe areas only. This disparity would be glaring soon, said property blogger Ravi Karandeekar.
Shashank Paranjape,managing director of Paranjape Schemes Constructions Limited,said,The intrinsic value of place adds a lot to the project and getting them in far-flung areas really wont qualify them to be called super luxurious, he said.