Maharashtra, the western state of India, is one of the country’s most prominent real estate markets. The real estate sector has grown steadily over the past few years, with increased demand for commercial and residential properties. The state’s thriving economy and growing population have contributed to this growth.
In particular, Pune, the cultural capital of Maharashtra, has emerged as a central hub for real estate investment. The city has seen a significant increase in the number of luxurious homes. Builders and developers in Pune are catering to a growing demand for high-end properties. You will have many options if you are looking for a 2 or 3 bhk flat in Pune.
However, the real estate market in Maharashtra has been impacted by the COVID-19 pandemic, like in other parts of the world. Subhash Goel, director of Goel Ganga Developments, said, “The lockdowns and restrictions on movement have severely impacted the sector. Property demand has decreased, and developers have been facing project completion challenges. Despite these challenges, the Maharashtra government has announced several measures to support the real estate sector. This includes reduction in stamp duty charges and introduction of various housing schemes.
Assigning QR codes to developers
The process has already started, and a project in the Wagholi area of Pune has been registered. The project will have a QR code that can be scanned using a smartphone, providing basic information about the project. Additionally, individuals will have the ability to view any complaints that have been registered against the project.
A big step in the right way has been made for Maharashtra’s real estate industry with this move towards dedication and security for customers. It will allow buyers to make informed decisions and ensure that builders and developers in Pune and other parts of Maharashtra adhere to proper guidelines.
Rush in Property Registrations Prior to New Ready Reckoner Rates in Maharashtra
Before the new ready reckoner (RR) rate was announced, there was a surge in property registrations. It was almost double the usual number of daily registrations. Property registration officials had stated that citizens rushed to register their properties before the new RR rates took effect on April 1 to avoid higher rates. The department shared data revealing that 18,538 properties were registered on April 4 and 20,009 the next day, higher than the daily registration range of 8,000-9,000. According to officials, this surge is a common trend observed in the last week of March. People do prefer buying home in March due to some reasons like economic reformations, appraisals, transfers etc.
The rush in property registrations ahead of the new ready reckoner rates indicates citizens’ eagerness to save on costs. Additionally, the increase in high-value property registrations has helped the state exceed its revenue collection target for the financial year. These developments suggest that the real estate sector in Maharashtra is dynamic and constantly evolving. It will be interesting to observe further changes shortly.
In conclusion, the real estate sector in Maharashtra, particularly Pune, is a thriving market with ample opportunities for investors and homebuyers alike. The government’s initiatives to boost the sector and promote transparency and consumer protection signal a positive outlook for the future. Whether you are searching for a luxurious home in a different region of Maharashtra or a budget home in Pune, the real estate industry caters to everyone’s preferences.