"The implementation of RERA and GST has led to a positive change in the Indian real estate sector. These reforms foster transparency in communication and an assurance of delivery, and by doing so they not only build domestic consumer confidence but also create an environment that is more conducive to foreign investment. Owing to its economic growth and rapidly developing infrastructure, Pune’s real estate market has been performing much better than many other major cities. Included in the ‘100 Smart Cities’ list, Pune is gaining increased importance on the back of the implied infrastructure.
Outlook for 2018
Pune’s residential property market will remain positive, and areas that offer better affordability and returns on investment will pick up. IT/ITeS continues to be the key demand driver for residential real estate in Pune, and the Kharadi micro market is a strong example of this. Technology will play a key role as residential developers explore newer ways to optimize space utilization within their projects. The proposed plan for the development of Pune Metro will have an effect on the prominent areas on the city’s CBD belt along with areas of Hinjewadi, Aundh, Pimpri-Chinchwad, Kharadi and Viman Nagar. As 2018 kicks off, Developers and Consumers alike will have grown accustomed to the new industry landscape created by GST and RERA, and it will be interesting to see the positive impact that this has on the industry in the year ahead."