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Quarterly residential real estate analysis of top 8 cities in India

Pune Real Estate Report Jul-Sep 2020

1460 Oct 29, 2020 Download Report
  • The average capital values in Pune remained stable in Jul-Sep 2020. Reduced stamp duty, lower home loan interest rates, and virtual site visits encouraged homebuyers but not enough to register significant growth in home sales.
  • The unsold inventory levels in the city slipped from 96,500 units in Apr-Jun 2020 to 75,000 units in Jul-Sep 2020, the lowest in the last five years.
  • Demand for under-construction units outstripped the popularity of ready homes amid the host of offers provided by developers. These include 100 percent refund on deal cancellations, no-EMI until possession, 10:90 payment schemes and zero stamp duty until a specific period.
  • The rental market continued to display resilience across Pune. Wagholi, Tingre Nagar and Bhusari Colony received the maximum rental enquiries due to their proximity to IT/ITeS hubs.
  • The work-from-home trend post the COVID-19 debacle took a massive beating on the commercial market as office space leasing in Pune declined by over 85 percent in Jul-Sep 2020 vis-a-vis the pre-COVID-19 era.

 

PUNE REALTY AT A GLANCE

Property Prices
Rental 'Asks'
Demand
Supply
* Property prices represent quarterly change * Rental 'asks' represent yearly change

* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

99ACRES' OUTLOOK

The intermittent lockdown in July and the rising number of COVID-19 cases since August massively hit the new residential supply in Pune in Jul-Sep 2020. Despite the launch of almost 46 new projects, including the addition of new phases in existing projects, the housing supply in the city dipped by 60 percent, YoY, in the studied period. Few areas that witnessed a couple of new project launches include Dhanori, Kiwale, Undri and Chikali.

Close to 2,300 units were sold in Jul-Sep 2020; however, this was around 50 percent lower than the residential sales recorded in Jul-Sep 2019. Micro-markets, such as Dhanori, Tathawade, Ravet, Punawale, Baner-Sus, and Balewadi, remained homebuyers’ favourites due to the improved connectivity and infrastructure upgrades. Overall, these areas captured nearly 50 percent of the market demand.

The unsold inventory levels in the city slipped from 96,500 units in Apr-Jun 2020 to 75,000 units in Jul-Sep 2020, the lowest in the last five years. However, given the slow-pace of sales, the number of months required to dispose of this residential stock remains unchanged at 12.

The residential market in Pune remains precariously affected due to delayed construction activities, limited buyers and tightening of lending norms. However, developers hope for better days ahead of the upcoming festive period in reciprocation of flexible payment schemes.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhChakan2,900-3,600103.17%
Pisoli3,000-3,900123.29%
Rs 40 lakh - Rs 1 croreWagholi4,000-4,900123.08%
Hadapsar5,100-6,200194.00%
Hinjewadi5,000-5,900173.47%
Rs 1 crore and aboveBaner6,300-7,800182.82%
Kharadi6,400-7,400213.37%
Wakad5,920-6,900183.12%

* Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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2 COMMENTS




  • Lata Gowda

    I am owner for 1bhk flat want to interested to give flat on rent basis anyone interested.

    November 8, 2020 | 3:58 PM Reply

    1. Subhadra Bhadauria
      @Lata Gowda

      Hi Lata,

      Posting an advertisement here will not help as this is not the right platform. If you want to publish your ad for free on 99acres portal then, please click here-https://www.99acres.com/postproperty.

      November 9, 2020 | 9:55 AM Reply

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