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Quarterly residential real estate analysis of top 8 cities in India

Pune Real Estate Report Jul-Sep 2021

2649 Oct 14, 2021 Download Report
  • The residential market of Pune depicted indomitable growth in Jul-Sep 2021 against the previous quarter. Average listing prices of houses in Pune also witnessed a hike, although marginal.
  • New launches in Q3 2021 saw a two-fold increase. While phase-wise additions to high-rise projects contributed to maximum new inventory, many developers also added independent homes/villa projects.
  • Unsold inventory in the city grew as developers withdrew discount schemes amid hike in construction costs and wafer-thin margins.
  • The rental market showed some signs of improvement in Jul-Sep 2021. The landlord community tried to cash in on the return of migrant professionals as many companies resumed offices.

 

PUNE REALTY AT A GLANCE

Property Prices
Rental Rates
Demand
Supply
* Property prices represent quarterly change * Rental Rates represent yearly change

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

 

99ACRES' OUTLOOK

The residential market of Pune depicted indomitable growth in Jul-Sep 2021 against the previous quarter. Close to 9,500 units were sold in the quarter, denoting over 0 percent spike in residential transactions, QoQ. The sentiment improved amid reduced contagion fear as over 50 percent of the city’s populace received their first COVID-19 inoculation jab. Average listing prices of houses in Pune also witnessed a hike, although marginal.

New launches in Q3 2021 saw a two-fold increase, with nearly 7,500 units added to the city. While phase-wise additions to high-rise projects contributed to maximum new inventory, many developers also added independent homes/villa projects to cater to the post-COVID requirements of buyers. VTP Realty, Kalpataru Group, Goel Ganga Developers, Kolte Patil Developers and Shapoorji Pallonji Group contributed to maximum new inventory addition in the quarter.

Although the unsold inventory in the city grew from 89,000 units in Q2 2021 to 95,000 units in Q3 2021, many developers withdrew the discounts and offers provided in previous quarters. The hike in the cost of construction raw materials and lean margins compelled left developers with limited choice.

Pune’s rental market showed some signs of improvement in Jul-Sep 2021. The landlord community tried to cash in on the return of migrant professionals as many companies resumed offices; however, with colleges being shut, the recovery process was as slow as molasses. Not surprisingly, rentals remained under pressure.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhTalegaon3,480 - 4,080102.89%
Chakan2,930 - 3,650103.24%
Rs 40 lakh - Rs 1 croreWagholi3,980 - 4,990123.03%
Undri4,840 - 5,860133.27%
Moshi4,710 - 5,380132.97%
Rs 1 crore and aboveBaner6,540 - 8,240182.75%
Wakad5,950 - 6,940173.09%
Hadapsar5,140 - 7,800173.61%

* 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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