The luxury segment of Pune city's real estate market has shown signs of recovery after a lull of a year. Realty sector experts say that there has been a steady increase in luxury projects across cities in India and Pune is a big contributor to this movement. Bangalore is at the top of the chart as more than 50 per cent of total luxury units launched in 2012 are there.
While Pune has a contribution of nearly 8 per cent, Shveta Jain, Executive Director of realty advisory company Cushman & Wakefield India, told a leading newspaper. Residential luxury market in India has exhibited a bullish behavior despite a slowdown in the real estate market of India during the last couple of years.
The growing demand in the segment is mainly due to the increase in the number of high net worth individuals (HNIs), she said. Ashutosh Limaye, head of real estate investor services at realty research and advisory company Jones Lang Le Salle (JLL), said despite global economic and financial crisis, the Indian residential market has been relatively stable.
Luxury homes is a growing preference of new age buyers and that has encouraged developers to launch luxury or super luxury housing projects priced between Rs 1 crore and Rs 20 crore.
The data available with Cushman & Wakefield indicate that there has been a steady increase in luxury projects across the major cities in India.