- The decreasing number of COVID-19 cases, festive offers and the reduction in stamp duty rates improved the home buying sentiment in Pune in Oct-Dec 2020.
- New launches that tapered down steeply in the previous quarters reported an uptrend in O4 2020. Overall, builders across the board contributed to the enriched supply; however, reputed developers, held a substantial 60 percent market share.
- Home renting trend grew in Pune, albeit marginally. However, a full-fledged recovery in the segment hinges mainly on the return of the student community that comprises over 50 percent rental demand in the city.
- Commercial transactions witnessed a 10 percent hike in the last quarter of the year against Jul-Sep 2020. Simpliwork leased 2.3 lakh sq ft of flex space in Sky One Corporate Park, Viman Nagar, and Mindcrest acquired 2.8 lakh sq ft of space in Kharadi.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
The decreasing number of COVID-19 cases, festive offers and the reduction in stamp duty rates improved the home buying sentiment in Pune in Oct-Dec 2020. While the residential enquiries increased by 50 percent, transactions were up by approximately 45 percent, QoQ. Close to 9,600 units were sold in Q4 2020, the maximum across the quarters in the year 2020, and the micro-markets that remained the prime gainers were Baner, Kharadi, Kalyani Nagar and Wakad.
New launches that tapered down steeply in the previous quarters reported an uptrend in the current review period. Around 4,500 units were added to the city as developers willing to cash in on the renewed market sentiment announced their pending projects. Overall, builders across the board contributed to the enriched supply; however, reputed developers, such as Shapoorji Pallonji Group, Godrej Properties and VTP Realty, among others, held a substantial 60 percent market share.
The quarter ending December 2020 proved to be the best performing quarter for Pune’s housing market that witnessed a U-shaped recovery. However, amid the supply outstripping demand, the unsold inventory increased by around 20 percent from 75,000 units in Q3 2020 to 92,000 units in Q4 2020. Correspondingly, the quarters required to dispose of the existing stock also increased to 14 against 12 in Jul-Sep 2020.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Chakan||3,100-3,800||10||3.24%|
|Rs 40 lakh - Rs 1 crore||Wagholi||3,900-4,900||12||3.03%|
|Rs 1 crore and above||Wakad||6,100-6,900||18||3.09%|
* 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