Pune witnesses 9% jump in residential sales in Q3

Pune sold 20,807 units in the third quarter (July-Sep period) of 2022, an increase of 9 per cent from the corresponding period of 2021 but down 1 per cent from the previous quarter, real estate consultancy firm PropEquity said in a report.

Pune launched 13,081 new units, down 33 per cent from the same quarter a year ago and a fall of 29 per cent from the preceding quarter.

Commenting about the performance, Ram Naik, Director, The Guardians Real Estate Advisory said, “Pune has witnessed a decent performance in the third quarter in terms of residential sales. Although the new launches were down as compared to the previous year, it has still been able to witness a reasonable decline in the unsold inventory. These are encouraging developments, which also give an insight to the constant demand for housing in the country. The recently concluded festive season, along with the reopening of the offices after the pandemic, have acted as a catalyst to boost the property sales in Pune. The affordability factor and the interest rates, which were lower than the pre-pandemic levels, have provided the much needed fillip to the home-buying activity in the region.”

Reiterating the same, Rajendra Pate, President, NAREDCO Pune said, “Pune has continued to witness a robust growth in residential sales between July to September 2022 quarter. There has been a continuous surge in consumer sentiment towards property investments. Despite the rise in interest rates, the housing demand has sustained in Pune on the back of several factors like high rentals, opportunities in the job market and relatively affordable homes than other markets.”

Furthermore, the total unsold stock in the top cities at the end of the third quarter fell 12 per cent to 4,77,570 units compared to 5,40,849 units in the same period in 2021. Delhi-NCR, Bengaluru, and Pune saw the most decline in the unsold inventory, said the report.

Also Read: Homes Worth Rs 1.56 Lac Cr Sold in 7 Cities in H1 FY23