- Pune witnessed about 40 percent dip in the residential enquiries, QoQ. Close to 1,800 units were sold in Apr-Jun 2020 as against 5,000 properties in Jan-Mar 2020.
- While yearly rentals grew by four percent, average ‘asks’ did not post any hike amid the distressed sentiment.
- Bavdhan, Hinjewadi, Balewadi and Kharadi Annexe remained popular amid homebuyers for configurations priced within Rs 45-65 lakh.
- A mere 16 new projects were launched in this quarter, denoting a 65 percent fall, QoQ. While technologically equipped and financially well-placed Grade A developers leveraged the digital platforms, Grade B and C developers took a backseat.
- Unsold residential stock in Pune remained unchanged at 96,000 units as construction-linked challenges kept the sceptical buyers at bay.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
Over two months of lockdown and staggered re-opening of construction activity led to several disruptions in the realty market of Pune in Apr-Jun 2020. The city recorded about 40 percent dip in the residential enquiries; however, quality leads from genuine buyers emerged as a silver lining. The fiscal crisis and demand slippage narrowed down the conversions to less than 50 percent.
Close to 1,800 units were sold in Apr-Jun 2020 as opposed to 5,000 properties in Jan-Mar 2020.
Barring a few virtual launches by Category A developers, such as Puravankara, Kolte Patil and Godrej, majority of the builders deferred their new project announcements, resulting in about 65 percent decline in the inventory addition, QoQ. Around 16 projects, including phases were launched in the studied period.
Investors leveraging the ongoing sentiment occupied nearly 25 percent of the demand share as against 5-10 percent in the pre-COVID world. Grade A projects with an increased focus on hygiene amenities, including in-built fogging equipment, multi-tier water filtration and contemporary cleaning devices, garnered traction irrespective of 1-2 percent higher maintenance cost.
Unsold inventory in Pune in the quarter ending June 2020 stood at approximately 96,500 units. The number of months required to dispose of the current residential stock is 12.
Price movement in key micro-markets
|Localities||Apr-Jun 2020||QoQ % Change||YoY % Change||Rental Yield|
|Wagholi||Rs 3,900 - 4,900||4%||8%||3%|
|Baner||Rs 6,900 - 7,900||-1%||3%||3%|
|Hadapsar||Rs 4,880 - 6,710||1%||2%||0%|
|Hinjewadi||Rs 5,240 - 6,010||1%||0%||3%|
|Undri||Rs 4,630 - 5,480||2%||2%||3%|
|Kothrud||Rs 8,600 - 10,600||1%||1%||2%|
|Kharadi||Rs 6,200 - 7,400||1%||-2%||3%|
|Wakad||Rs 5,980 - 6,970||-1%||0%||3%|
|Balewadi||Rs 6,690 - 7,630||-1%||1%||3%|
|Pimple Saudagar||Rs 6,900 - 7,470||2%||0%||3%|
* Average 'ask' rates have been calculated as per listings posted on 99acres.com
** Rental Yield has been calculated for a 1000 Sq. Ft. apartment