Launch of new residential properties in Pune witnessed a 26.3 per cent development year-on-year through the initially half of 2021 regardless of the sales dropping by practically a fifth in wake of the Covid-19 pandemic, displaying optimism amongst developers, according to a report by PropTiger.com.
Total new launches in the city through the January-June period of 2021 stood at 12,558 units, 26.3 per cent up more than 9,944 units unveiled in the very same period of 2020.
On the other hand, sales of residential properties in Pune had been down by practically 20.6 per cent year-on-year (Y-O-Y) in the initially half of 2021 at 16,220 units. A total of 20,431 units had been sold through the January-June period of 2020.
In its quarterly report Real Insight (Residential) – April-June 2021, PropTiger has reported that 2,810 units had been launched in the second quarter, up 125 per cent from 1,251 units in the year-ago period.
It might be noted right here that each the initially and second quarter of 2021 saw more launches of residential properties in Pune as compared to the corresponding periods of the last year.
Total sales of the city stood at 2,495 units, recording a decline of 49 per cent y-o-y.
Commenting on the very same, Mani Rangarajan, Group COO, Proptiger.com, Housing.com & Makaan.com, stated, “Our research and market analysis points towards an upward movement in demand in the real estate sector. Residential properties have become affordable as interest on home loans continues to rule low and prices are quite stable over for many years now.”
“Even if we keep the affordability factor aside, there is a growing urge among potential homebuyers to own a property as work-from-home culture is going to stay in the near future and COVID led to the importance of home ownership. All these factors and the fast recovery in the economic activities are aiding the growth of the residential segment,” Rangarajan added.
RESIDENTIAL Marketplace OF PUNE In the course of Q2 2021
The residential industry of Pune had been one of the ideal-performing markets in the initially 3 months of 2021. However, like the adjoining Mumbai, right here also the pace of recovery was hit by the second wave in the following quarter. Demand in Pune took the worst hit amongst the prime-eight cities in the second quarter of 2021.
With the launch of 2810 units, the city has registered 125 per cent development in new launches in Q22021 on a yearly basis. However, provide dipped 71 per cent as compared to the preceding quarter.
Out of the total provide, most of the units launched had been priced in the Rs 45–75 lakh price tag bracket, accounting for practically 62 per cent of the total pie, followed by projects priced beneath Rs 45 lakh with a share of 25 %.
The majority of the new provide in this quarter was concentrated in the peripheral localities of Mahalunge, Ravet, Dhayari and Yewalewadi. These micro-markets with each other accounted for 68 per cent of the total new launches.
In terms of configuration, 72 per cent of the units launched had been of 2 BHK configuration, followed by 3 BHK, which had a share of practically 19 %. The developers’ focus on bigger configurations comes on the back of shifting purchaser preference as several organisations continue to work from home below the present situation.
During the quarter, the prime-eight cities witnessed new provide to the tune of 21,840 units, a 74 per cent rise from the absolutely washed-out April–June 2020. However, as compared to the preceding quarter, the new provide declined by 59 per cent.
On a half-yearly comparison, new launches in the prime-eight cities elevated substantially by 55 % in the initially half of 2021 as compared to the very same period in 2020. Total quantity of new units launched through the initially six months of 2021 stood at 74,876 units.
The total sales of the city stood at 2,495 units, a decline of 49 % compared to the very same period of the preceding year. It was the highest decline recorded in the quarter amongst the prime cities. On a quarterly basis, the decline was 82 per cent more than the January-March period.
Still, Pune recorded the third-highest sales volume amongst the important cities, led by Mumbai and Delhi NCR. Like Mumbai, remission of stamp duty cuts, escalating infections, and lockdown had a substantial bearing on-demand in Pune.
Nearly 53 per cent of the total sales had been recorded in the projects priced beneath Rs 45 lakh, followed by units in the price tag bracket of Rs 45–75 lakh with a share of 35 per cent. Only 12 % of the sales had been concentrated in more than Rs 75 lakh price tag bracket.
Peripheral localities of Ravet and Tathawade in the PCMC area and the IT hub of Hinjewadi in Pune South had been the crucial micro markets that witnessed maximum demand through the April-June 2021 quarter.
Ravet and Tathawade recorded maximum sales in the price tag bracket of Rs 45–75 lakh, whereas the majority traction in Hinjewadi was in the much less than Rs 45 lakh price tag bracket.
The 2 BHK configuration was the most preferred amongst purchasers, with practically 58 % share, followed by 1 BHK with 28 % share.
The second quarter of 2021 saw principal residential sales in the prime eight cities to the tune of 15,968 units only, registering a decline of 16 % from the bottom-out second quarter of 2020 and a whopping 76 per cent decline from the preceding quarter of 2021.
On a half-yearly comparison, residential sales registered a contraction of 7 per cent more than the very same period last year, with practically 82,144 units sold in H1 2021 as against the 88,593 units in H1 of 2020.
PUNE: OUTLOOK FOR H2 AND BEYOND
Going by indications, the Pune industry is probably to bounce back in the second half of the calendar year. Historically, the second half of a year has been fantastic for the genuine estate industry.
Even through the pandemic-hit 2020, the markets had been up in H2 2020, thanks to stamp duty reductions from September 2020 till March 2021 by state governments and favourable policy assistance from the Central government.