Pune (Voice News Servie): Property prices in Pune have increased by 9% YoY in Pune in the April-June quarter of 2022 amid an increase in benchmark lending rates and upward pressure on input costs owing to the ongoing geo-political tensions, as reported by online real estate company PropTiger.com backed by REA India.
According to the report, titled Real Insight Residential – April-June 2022, the average property price for new and existing inventory in this western city of India stood at Rs 5,400-5,600 per square foot as of June 30, 2022.
Despite this spike, property prices in Pune are comparatively lower than in other major cities in India such as Mumbai, Hyderabad, Bengaluru, and Chennai. Apart from these cities, analysis done by REA India-backed PropTiger.com also includes Ahmedabad, Kolkata, and the Delhi-National Capital Region.
Mr. Ram Naik – Director, The Guardians Real Estate Advisory said, “Despite the hike, the property prices are still lower in Pune as compared to the other metro cities. The interest rates too are still comparatively lower than the pre-pandemic levels. Therefore, the hike in property prices along with the increasing interest rates will not affect the real estate market in Pune. We expect that the upcoming festive season along with the reopening of the offices after the pandemic will act as a catalyst to boost the sentiments of the fence-sitters in Pune. We are optimistic that this would also lead to a robust demand and a positive home-buying sentiment in the coming quarters.”
Sales and new supply in Pune, both recorded a dip of 16% and 14% respectively in April-June 2022 quarter, as compared to the previous quarter. Despite the decline, residential new launches and demand in Pune are 90% closer to the pre-pandemic levels of 2019. A total of 13,390 units were launched in Pune during the three-month period while 13,720 homes were sold during the quarter.
Micro-markets such as Ravet, Hinjewadi, Moshi, Tathawade and Wakad witnessed the maximum demand in Q2 2022. Majority of sales in Hinjewadi and Moshi were concentrated in the INR 25-45 lakh price bracket, and INR 45-75 lakh price bracket in case of Ravet, Tathawade and Wakad. Homebuyers in Pune continued to prefer units in the 2 BHK configuration, which took a share of 53 per cent in the overall sales in the city.
