Category: Articles

– by Akash Pharande, Managing Director – Pharande Spaces The Indian real estate sector, particularly housing, is at a critical juncture as we approach the Union Budget for 2024-2025. Considering the forward momentum seen in 2023, alongside global economic challenges and the stagnation in affordable housing, there are several key areas the sector should focus on in its demands from the upcoming budget. Though this is an interim budget, traditionally viewed as a stop-gap arrangement before a full-fledged budget post-general elections, it still holds significant potential for addressing immediate concerns…

 by Akash Pharande, Managing Director – Pharande Spaces As the veil lifts on 2024, property end-users and investors in and around Pune are firming up their New Year's resolution to achieve home ownership this year. It's certainly the perfect time for it. According to real estate consultants Anarock, Pune and MMR were the top-selling housing markets in 2023. In Pune, approximately 86,680 homes were sold in 2023, states Anarock, second only to the Mumbai Metropolitan Region's impressive sales of 153,870 units. Pune's high ranking in housing sales is not surprising.…

When the concept of luxury homes crosses our minds, it's invariably associated with richness and extravagance. These homes are usually priced higher, adding to their coveted appeal. The evolving landscape is now witnessing a shift towards 'affordable luxury.' The trend that blends high-end living with budget-friendly amenities, reshaping the choices of homebuyers.  This shift is not merely about affordability; it's about reimagining luxury in a way that is accessible and achievable for a wider audience. Understanding Affordable Luxury Affordable luxury in real estate is about creating elegant and comfortable spaces,…

– by Akash Pharande, Managing Director – Pharande Spaces In the wake of the Indian stock market's record-breaking highs, many investors find themselves in a quandary. Should they continue investing in stocks, chase the ever-fluctuating gold market, or explore a different path altogether? While both assets have the potential for reward, there's one asset class that consistently outperforms them in both value appreciation and overall satisfaction: residential real estate. Real Estate: A Consistent and Reliable Performer Consider these compelling statistics: The national average residential property price increased by over 8%…

– by Akash Pharande, Managing Director – Pharande Spaces In India, no home is bought purely from an end-user perspective. The expectation is that it will also gain value over time. Regardless of how comfortable and otherwise attractive it is, no Indian will purchase a residential property that does not have appreciation potential. What factors impact resale value of a home? Let's get right to it. In the last three years, several Indian cities have witnessed significant real estate price growth. In the last two years, all eight of India's…

– by Akash Pharande, Managing Director – Pharande Spaces Choosing a home is a significant decision that varies greatly depending on the stage of life you're in. Whether you're in your younger years, at the peak of your professional life, or nearing retirement, each phase brings unique considerations and priorities. Let's delve into these differences and identify key factors such as home size, family needs, and facilities and amenities that are most relevant at every life stage, from starting out to peak professional years, and eventually retirement. Younger Years: Starting…

– by Akash Pharande, Managing Director – Pharande Spaces India’s battle against worsening air quality is reshaping its residential real estate landscape. As urbanization, industrialization, and population growth propel this environmental challenge, home buyers are increasingly seeking healthier living spaces. The Heart of the Problem: City Centers Indian city centers, notorious for their high pollution levels, suffer from several contributing factors: ·                     Traffic Congestion: The bustling city centers, with their dense population and heavy traffic, lead to significant vehicular emissions. ·                     Industrial Emissions: Proximity to industrial areas, often equipped with…

    – by Akash Pharande, Managing Director – Pharande Spaces As we know, the COVID-19 pandemic triggered a remarkable shift among India’s middle class when it comes to home purchase behaviour. Typically conservative middle class Indians who earlier preferred compact and functional homes started splurging on relatively bigger properties, defying conventional wisdom. While WFH and online schooling initially drove demand for bigger homes, this trend continued even after the pandemic subsided. There has been a deeper attitudinal shift unrelated to pandemic requirements. Why bigger homes rule the market –…