Highest property registrations in city in 2010 in real estate sector; experts predict 10-15 per cent growth
Highest property registrations in city in 2010 in real estate sector; experts predict 10-15 per cent growth
Even as newspapers reported that salaries of employees across sectors is expected to go up by 10 to 20 per cent in the coming year, real estate experts from the city, who met in New Delhi a few days ago, celebrated the news with whoops of joy. As salaries of people are expected to rise, so will their buying power and in turn the demand for more and better houses.
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And that is the reason why 'upwards' is the only trend that experts predict for the real estate sector in the city for the year 2011. From budget flats to luxury homes, the demand is expected to go up across the sector, making the coming year a profitable one for the real estate industry.
"In 2011, I think a record of sorts would be created in the market. In 2007, the market had peaked and 42,000 units were sold across the city. In 2010, that number went up to 50,000 units. However, 2011 would be a record breaking year, as sales would be much higher.
According to me budget homes in the segment of Rs 10 to Rs 25 lakhs would sell fastest," said Lalit Kumar Jain, chairman, Kumar Urban Development India.
If last year's figures are anything to go by, then there is no doubt that the city is set to see record sales for the coming year.
Information collected from the registration and stamps department show that the city recorded a jump of Rs 205 crore in merely property registrations. In 2010, Pune division registered the highest number of property in the state with a total turnover of Rs 1,843 crore. Last year this figure stood at Rs 1,638 crore.
Real estate experts predict that 2010 might have laid the foundation for the record- breaking sales for the coming year. However, they felt the prices could also go up along with the sale of flats.
"We foresee a robust demand on the backing of a buoyant economy. Because of the expected increment in salaries and affordability, there could be a slight increase in prices. The only bit of concern is inflation.
For example, oil prices have already gone up and increasing cost of raw materials can affect prices further," said Rohit Gera, vice-president and spokesperson for Confederation of Real Estate Developers Associations of India (CREDAI).
Price rise imminent
However, some developers said that price rise would not affect the market. "The sale of properties is expected to be very good, as it is going to be an equal market for both buyers and sellers. Prices would not be an issue," said Hemant Naiknavare, director of Naiknavare Developers.
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