Demand for luxury and premium housing soars in Pune, builders say revival of sector after Covid

Tenements priced between Rs 85 lakh – 1.5 crores are called premium housing while those above Rs 1.5 crores are termed luxury. Massive carpet areas and other facilities mark these tenements which constitute the top bracket of the real estate industry.

Aditi Watve, city head of ANAROCK, said this new trend is commensurate with the rising demand from buyers for such houses. “We have seen a year-on-year increase in the launches of such houses,” she said.

The steady growth in launches in this segment, Abhay Kele, president-elect of National Real Estate Development Council (NAREDCO), Pune, said is a result of the increased realisation among home buyers about the safety of investment in real estate than other avenues.

Most of the home buyers in this segment, Kele said, were high-salaried individuals, successful entrepreneurs and professionals for whom this investment is for residential purposes. “central and east Pune have always been preferred for upscale homes, and nowadays, west Pune has also joined in the luxurious market bandwagon,” he said.

The real estate industry was the worst hit during the pandemic but has staged a recovery in the last two years. The overall prices have seen a slight year-on-year rise, and most builders are optimistic about the upcoming festive season.