Everyone’s talking about the pace at which housing demand rises in Pune. But that doesn’t mean you have to miss out on your dream home!
The housing demand rises in the east, and west Pune during Jan-Mar 2022 has been rising since the second half of 2018. We expect the trend to continue for some time now.
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The city is going through a turning point after experiencing economic growth due to several factors like the arrival of big corporate firms, expansion plans at educational institutions, and growth in business opportunities.
Real estate developers in Pune have been booming for the past few years and are expected to continue for at least another year. Prices are estimated to rise due to the increasing demand for affordable housing in the east and west Pune.
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In January 2022, the number of people buying houses for sentimental reasons increased significantly. The market saw an addition of 800-1,200 new inventories in the 40-80 lakh price range phase by the end of the quarter in March 2022.
According to research produced by 99acres.com, widespread micro-markets inside the Japanese and western belts, such as Tane, Wakad, Bopodi, Kharadi, and Kalewadi, saw a jump in house demand in the previous quarter.
Builders in the city continued to provide incentives such as a 100 percent return guarantee, which helped boost sales in the new home category. In addition, the announcement of a 1% increase in stamp duty in Maharashtra commencing April 1, 2022, aided the closing of outstanding property deals in the quarter.
From October-December 2022, the brand-new supply of dwelling products increased by 50%. Between January and March 2022, the Maharashtra Real Estate Regulatory Authority (MahaRERA) registered around 140 projects in the city. The remaining 105 were new launches, while the rest were under-construction housing societies.
“Residential marketplaces across the top eight cities combined contributed to a four-year high in gross sales volume in January-March 2022,” said Maneesh Upadhyaya, chief enterprise officer of 99acres.com, which prepared the data. Despite the early lockout due to the increased virus load in January 2022, homebuyers were found surfing websites and closing bids on new homes and resale marketplaces.
However, rising raw material prices due to the Ukraine-Russia conflict kept the construction industry on edge. In the absence of presidential involvement, developer organizations in Maharashtra and Delhi have threatened to suspend development efforts.”
In January-March 2022, the residential market in Pune saw a healthy balance of demand for both new and resale properties, thanks to flexible fee packages by builders and zero-goods and services tax (GST) on ready-to-move-in homes.
Mid-segment projects in the 60-80 lakh price bracket received the greatest attention, particularly in the east and west Pune. The most popular locations were Wakad, Bopodi, Kharadi, and Kalewadi; buying 2 BHK homes in Pune gained the greatest interest.
One-bedroom apartments were also in high demand in the northern suburbs, such as Dhanori, Aundh, and Vidyanagar. The average ticket size for such properties is around 30-40 lakh. Patrons are concentrating on upgrading to larger residences in high-demand neighborhoods like Viman Nagar and Pandhari Nagar.
Most new releases in Pune have been in the 40-80 lakh price category in areas such as Wagholi, Ravet, Talegaon Dabhade, Wakad, and Vadgaon Budruk, among others. Most of these activities are expected to be completed between 2024 and 2026.
