In the first half of the year 2016 Pune’s new residential launches diminish by 32% over the parallel period in 2015, said by Knight Frank India real estate brain trust, in analysis period of first half-yearly ‘ India Real Estate’, liberated on Monday. During the last 6 months unsold supply has eased off, reaching a 5 year below at 55,220 units.
In last 6 months growth in price in almost all locations in Pune from last 12 months has been mild and has moderated. In this year due to lack of supply and constant demand for may put pressure on cost in the coming months. Builders have deviated their focus to the budget as its shares a new launches rise from 12 to 27% in the last 2 years. Below Rs 25 lakh the budget segments involve properties with ticket sizes.
Across India, new launches across top eight property markets have declined 9 per cent to the lowest in the last three years as developers became cautious because of the huge unsold inventory that has been piling up since 2013. On the contrary, Mumbai Metropolitan Region has witnessed a 29 per cent on-year rise in number of residential launches during the first half of 2016.
Commercial Sector
Compare to 2.2 million square feet in last year the first half of the year has witness 2 million square feet of space for office delivered. In compared to H1 2015 the absence of new supply led to slow down in transactions of office space by 7% in H1 2016. Hence against a strong underlying demand for office space , the number of deal fell below the earlier year’s level.
The report said the vacancy levels in the 6 top cities slow down lightly from 17% in 1st half of year 2015 to fewer 15 % in the same time period of the year 2016.