Despite the official recession in the pandemic and the Indian economy, Pune's real estate industry has seen healthy green shootings that have raised the hope of better results for the New Year. In the current quarter, Pune saw the highest tenement sales in the country. The main reasons for bullish sales in the city are reported to be pending demand and reduced stamp duties by the state government. adhunt
Data collected and shared by Propequity, a real estate analysis firm, shows Pune's recent sales in comparison to cities such as Bengaluru, Hyderabad, Chennai and many others. Pune had sales of 9,412 units in the third quarter of this calendar year, significantly higher than the 5,503 sales the city had recorded in the second quarter. Thane had recorded sales of 9,057 units, with sales of 5,663 units and 4,295 units respectively by Bengaluru and Hyderabad.
It's not only sales, however. Pune also saw the greatest number of new launches. As a result, the city reported 7,563 new units launched, nearly doubling the 3,706 units launched in the second quarter of 2020. Other cities in the country saw considerably lower launches.
Many have been pleasantly surprised by the sales and the launch figures of Pune, which totally conflict with the trend seen during the pandemic. Realtors said this can be analyzed in terms of slow demand and the various solutions offered by the state administration which had seen the industry slow down prices.
Paramvir Singh Paul, Knight Frank India's branch manager of real estate consultancy, pointed out how Thane and Pune both saw good sales over other parts of the nation. "One of the biggest catalysts for robust real estate sales in Pune was the state government's 300-bps cut in stamp duty. Developers who offered to absorb the remainder have added to this, thereby significantly reducing the total outflow to new domestic purchases. A number of additional factors were well connected to the stamp cuts, such as reduced house rates to historical lows, demand for upgradation to a larger house and increased demand for two-quarters and direct/indirect discounts provided by developers all culminating in Navratri-Dusshera-festive Diwali's season. Realizing that this is a timely moment to buy, fence sitters have also joined the car," he said.
Many realtors said that the largest sales were done in units with a carpet area of 600-750 feet and Rs 35-70 lakhs in the price array.
Vineet Goyal, managing director Kohinoor Group, said sales reflect a shift in home buyers' sentiments. "There has always been a good housing demand. Real estate developers were proactive in designing the right product at the right price."