The residential real estate segment gained significant momentum in the first half of 2022. In a bid to meet the supply deficit in Pune’s residential realty market triggered by stalling of projects due to Covid-19 pandemic, developers continued the trend of an increased number of new homes being brought to the market as per the Gera realty Report.
For the half year ending Jun’21, a total of 26,611 units were brought to the market. This has risen by 106% to 54,845 homes being brought to market in the first half of 2022. For the 12 months from July 2020 – July 2021, a total of 64,671 homes were brought to the market. This increased by 80% to 1,15,996 homes brought to the market between July 2021-June 2022 and is the highest number of homes launched over a 12-month period into the Pune market.
On the other hand, the inventory available for sale is 74,818 apartments, 30% below the peak of 1,07,402 apartments seen in Jun ’16. Gera Developments has classified projects into 4 stages based on construction status i.e., Early, Mid, End and Ready. Early-stage inventory constitutes ~27% of all available units for sale as on Jun ’22. The early-stage inventory was at 19.12% a year ago, however, this has increased on account of the number of new projects and new inventory launched in the last year.
Gera Developments – the pioneers of real estate business and the award-winning creators of premium residential and commercial projects in Pune, Goa and Bengaluru, released the July 2022 edition of their bi-annual report, titled ‘The Gera Pune Residential Realty Report’. The report is an outcome of the longest-running, census-based study of the residential realty market of Pune. It is based on primary and proprietary research conducted by Gera Developments and covers all existing projects in a 30-km radius of the city centre.
Overall, the residential real estate market in Pune is in an upcycle and gathering momentum sequentially. Looking at the yearly data of new launches by price segments, the average prices of homes across the city have increased by 8.11% in the last 12 months. There is a rise in prices across the board especially in the new projects where prices have gone up by ~ 24% in the last 12 months. 70 projects have been launched in the Luxury segment (Average price ~Rs 10,000+ Psf) which has contributed to the significant rise in the average prices across the city.
