Pune Has Shown Spectacular Growth

VISHAL JUMANI, MANAGING DIRECTOR, SUPREME UNIVERSAL, SPEAKS OF WHAT MAKES PUNE SPECIAL, AND WHY THERE ARE REASONS TO BE OPTIMISTIC. WHAT WOULD YOU ATTRIBUTE TO THE ENCOURAGING GROWTH IN INDIAN PROPERTY MARKET AND ESPECIALLY IN PUNE? Prices have been stable for the last couple of years, and home loans are currently at their lowest rates of interest. In Maharashtra, the government also reduced stamp duty, which made home buying even more affordable. Now millennials have begun to seriously consider buying property and professionals and entrepreneurs are seeking small to medium-sized boutique offices. Focus on infrastructure and reverse migration have led to a demand for Tier-II cities. Pune especially has shown spectacular growth, with 18% of the total sales Pan-India in Q4 2020. Iit is close to Mumbai, but it offers a huge price advantage to homebuyers. The climate and scenic spaces make it a pleasant residential location. It is also one of the fastest growing IT hubs in the country, and a Smart City. It is the end users who were driving the market. We saw interest from property buyers even at the height of the lockdown in our Estia project at Baner which is well connected both to Pune and PimpriChinchwad and is close to the 200-hectare Biodiversity Park. Also, with so many IT companies in the vicinity, it has become a hotspot for young professionals. The ready infrastructure and buzzing social life make it an attractive lifestyle destination for them. The focus on infrastructure, opening up land parcels for development, the extension of tax benefits, and relaxation of tax compliance for REIT investors, are all in the right direction. Though the real estate sector is still waiting for some demands to be met, the government seems to be recognising that developers can play a key role in boosting the economy. WHAT ARE YOUR EXPECTATIONS IN 2021 FOR THE REAL ESTATE SECTOR? With REITs and various reform measures making an impact, I am confident that 2021 will be a year of growth for the realty sector. The increased transparency, digital push, and the fact that customers are now comfortable with online sales, all point to positive trends. As a group, we have had a good year with three launches in prime locations across Mumbai and Pune. There’s much more to look forward as we have new offerings in the pipeline.