Pune leads in housing sales and new launches in Q1 2022 says a report recently released.
CBRE South Asia announced the findings of its ‘India Market Monitor – Q1 2022’. The report highlighted the growth, trends, and dynamics across various segments of the real estate sector in India.
According to the report, housing sales jumped nearly 13% Q-o-Q to more than 70,000 units in Q1 2022 and sales rebounded significantly by approximately 40% Y-o-Y. The affordable/budget segment’s share in sales remained stable at 27% in Q1 2022 vis-à-vis Q4 2021. While sales in the high-end category jumped to 23% in Q1 2022 as against 16% in Q4 2022, those in the mid-end segment dropped to 41% in this quarter. The premium and luxury housing segments also witnessed a slight uptick in sales on a Q-o-Q basis.
New unit launches jumped by nearly 30% Y-o-Y to cross the 60,000-unit mark in Q1 2022. With shares of 43% and 30%, mid-end and high-end categories dominated new launches in the country.
The report also highlighted that cities in the western part of the country continued to drive sales as well as unit launches. Pune led housing sales in Q1 2022 with a 27% share, followed by Delhi-NCR (21%), Mumbai (20%) and Bangalore (14%). In terms of unit launches, Pune dominated among cities with a 29% share, followed by Mumbai (22%) and Hyderabad (20%).
Speaking about the performance of the Pune real estate market, Ram Naik, Director, The Guardians Real Estate Advisory said, “Pune has huge potential as one of India’s leading cultural and youth capitals. It provides a plethora of choices for home-buyers, ranging from affordable housing to mid-income, luxury and uber-luxury homes. The city also enjoys seamless connectivity to Mumbai and Bengaluru through the Mumbai-Bengaluru Highway. Being one of the largest IT, automobile and education hubs in the country, Pune has witnessed a robust demand in the past few months from working professionals who are not only demanding superior homes, but also all the conveniences of a modern lifestyle. In addition, the favourable government policies along with the low interest rates have been the icing on the cake, especially these past few quarters. We foresee great real estate potential for Pune and are eager to contribute to this growth as the drivers of a new phase of home-buying in the city.”
Rajendra Pate, President, NAREDCO Pune said, “The growing number of MNCs in Pune has boosted the city’s employment rates resulting in an increased housing demand. The Pune Metro along with other infrastructure projects will ease the commuting and accessibility across the city. Other factors that contributed to improved market dynamics included a 50 percent cut in construction premiums payable by developers, low home loan rates, reduced stamp duty, discounted pricing and flexible payment plans.”
