There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentiality Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales of Pune real estate.
Pune Real Estate Back to Normalcy-
The Pune real estate sales are back on track and sales of affordable residential properties are steadily increasing and their demand is at an all-time high. As a result, there is a rise in the property price and share of big developers.
Gera Pune Residential Realty has recorded real estate sales figures. They described the condition of Pune real estate in its bi-annual report. According to the report “Sales have returned to normalcy and are comparable to pre-Covid levels. Average property prices in Pune city have risen by about 3.4%. The Inventory has shown a steady downfall and the lowest in six years in absolute and percentage terms. Compared to the last five years the total number of projects has fallen by more than 14%. The number of new units launched has reduced by approximately 38%. However, at the same time the demand for luxury and premium plus segments increases. The report stated that the new projects with higher BHK i.e, 3 BHK witnessed a rise in cost.
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Sales growth is getting back to normal. There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentially Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales. The first half of the year 2020 was a very tough time for Pune real estate, there was a decline in sales of both residential as well as the commercial sector.
Words from Mr. Rohit Gera-
Rohit Gera, MD, Gera Pune Residential Realty, stated, “Uncertain events have the ability to change the market dynamics. Lockdown and Pandemic is no different. The launch of several new residential projects collapsed in the first half of the year due to Covid-19. However, the new project launch recovers in the second half of 2020 and the sales are somewhat comparable to the period same as 2019.
The commencement of new development rules by the Maharashtra Government have boosted the potential of developers. Now developers are back to the ground to craft new projects and they expect the same number of new projects would require more inventories in upcoming years. Gera said.