The real estate consultants in Pune are experiencing positive growth. The city’s real estate sector continues to expand and several housing projects are coming up in the city. According to research, 5% increase in housing prices in Pune during the April-June quarter, reaching $7,681 per square foot.
A joint report entitled “Housing Price-Tracker Report 2022” for eight major cities, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad, was released by the apex body for real estate professionals, CREDAI, real estate consultant Colliers India, and data analytic firm LIAISE FORAS.
According to the research, prices for units that are currently being built have been rising since last year, rising by around 5% YoY.
According to the research, in Q2 2022, Pune’s housing costs will continue to grow prices for residences with two bedrooms by a maximum of 5% YoY, showing strong demand in this market. The highest YoY increase in home prices was in the Kothrud and Baner areas, at 9–10%.
In most locations, unsold inventories decreased despite price increases and a rise in new releases during the past three quarters.
Unsold inventory decreased by 13% YoY, indicating increased market activity and consumer confidence in Pune, the report added. Prices have risen in each of the top eight cities as a result of a rebound in demand for residential real estate best property in Pune.
Regarding other cities, Bengaluru had the greatest reduction in its inventory overhang, at a whopping 21 percent YoY, driven by stronger sales. Only Ahmedabad, Hyderabad, and MMR had an increase in unsold inventory, which was mostly driven by sizable new releases. MMR continues to have the largest percentage of unsold inventory at 36%, followed by Delhi-NCR at 14%. That’s why the real estate experts say that the housing prices increase in Pune.
“Housing prices have scarcely risen in the last ten years. Builders have been making virtually little profit. Real estate developers are compelled to carry the burden onto clients as a result of the increase in the cost of essential building materials. According to Pankaj Pal, Group Executive Director of AIPL, “big and trustworthy companies are seeing better demand than others, hence they are fetching a premium in the market.”
To control the continuously rising inflation, the Reserve Bank of India’s (RBI) monetary policy committee unanimously decided to raise the repo rate by 50 basis points to 5.40 percent. The most recent increase raises the repo rate over the 5.15 percent pre-pandemic level. Following the RBI’s rate increase, other banks and home finance businesses also increased loan rates. For those that take out loans, higher EMIs are anticipated.
The real estate market in Pune is experiencing a variety of changes, driven by new government policies, an increasing millennial population, and faster digital connectivity. These factors have influenced the demand for housing, pricing, and the type of properties that people are buying in the city.
In India, one of the most affordable cities for 2 BHK flats for sale in Pune. Its affordable housing market makes it an attractive city to live in and also to invest in. This Q2 Housing Market report on Pune covers its key market trends and price analysis of residential properties to help you make informed decisions when buying or selling a home.
Contact us for more properties that suit your budget and lifestyle needs. This article provides information on the current state of the Pune housing market, focusing on trends such as affordability, property type, and cost of living. Keep reading to find out more about the housing market in Pune today.