Real estate in Pune to touch new height in 2022
The real estate sector in Pune is gaining healthy momentum in 2022. The overall residential and commercial industry market is witnessing phenomenal growth post-pandemic. The residential section witnessed an upward trajectory due to government initiatives, lowering stamp duty, registration fees, and home loan interest rates. Buoyed by these factors, the growth in real estate continued in 2022. Meanwhile, the commercial sector is witnessing sales momentum due to the resumption of work from the office. In addition, the luxury residential sector is poised to grow in 2022, as prospective home buyers prefer bigger homes.
Stamp duty and registration fee in Pune in 2022
Each year stamp duty and registration fees are charged according to the real estate trends in the state, the country, and the state. For male buyers, the stamp duty rate is 6 %, whereas, for female buyers, it is 5 %. If the property is co-owned, buy both male and female buyers stamp duty is 6 %. The registration fee for male buyers in Pune is Rs 30,000 if the property’s value exceeds Rs. 30 lakhs. For female buyers, the registration fee is the same as for male buyers. If a male and female buyer owns the property, the registration fee is Rs 30,000 if the property’s value is more than 30,000.
Home loan interest rates in 2022
Home loan interest rates in Pune range between 6.85% p.a to 9.85% p.a. Processing fee and maximum loan amount are determined per the bank’s terms and conditions and the applicant’s eligibility.
Government initiatives
Under The Smart City project, the government aims to develop 100 smart cities across the country. The project offers a significant opportunity to realtors and the sector’s expansion. The business expansion increased demand for commercial spaces and urban dwellings. Also, the government has sanctioned 425 SEZs, out of which 265 are already functioning.
Quality of living in Pune
Pune is close to other cities like Nashik, Solapur, and the economic hub of India, Mumbai. The city is beautifully landscaped with lush green trees and plantations. Transportation and accessibility to different parts of the city are not a problem as the city has well-maintained arterial roads connecting every nook and corner.
Planning to buy a 3 BHK in Wakad Pune? 2022 would be the right time to invest in real estate. Engineers horizon, a reputed builder in Pune, has launched luxury residential projects in prime locations of Pune; Bonheur in Wakad and iOS in Tathawade. Bonheur offers 2 and 3 BHK aesthetic homes, whereas iOS, strategically located in Tathawade, offers 1, 2, and 3 BHK homes. So upgrade your lifestyle in the most happening suburbs of Pune.
