The home buying sentiment saw a considerable improvement starting in January 2022. By the end of the quarter in March 2022, the market witnessed an addition of 800-1,200 new inventories in the ₹40-80 lakh budget segment.
Popular micro-markets in the eastern and western belts, such as Tane, Wakad, Bopodi, Kharadi and Kalewadi, posted a surge in housing demand in the above quarter, as per a report compiled by 99acres.com
Developers in the city continued with schemes such as a 100 per cent refund guarantee, which helped increase sales in the new home category. Also, the announcement of a one per cent hike in stamp duty across Maharashtra starting April 1, 2022, helped close pending property deals within the quarter.
The new supply of housing units improved by at least 50 per cent in the quarter against October-December 2022.
Over 140 projects in the city were registered under Maharashtra Real Estate Regulatory Authority (MahaRERA) from January-March 2022. Of these, around 105 were new launches, while the remaining comprised under-construction housing societies.
Maneesh Upadhyaya, chief business officer, 99acres.com, which compiled the report, said, “Residential markets across the top eight cities together contributed to a four-year high in sales volume in January-March 2022. Homebuyers were seen visiting sites and closing deals in new homes and resale markets despite the initial lockdown due to the rising virus load in January 2022. Nevertheless, increasing raw material costs due to the Ukraine-Russia conflict kept the builder fraternity worried. Developer bodies in Maharashtra and Delhi threatened to halt construction activities in the absence of government intervention.”
{{/usCountry}}Maneesh Upadhyaya, chief business officer, 99acres.com, which compiled the report, said, “Residential markets across the top eight cities together contributed to a four-year high in sales volume in January-March 2022. Homebuyers were seen visiting sites and closing deals in new homes and resale markets despite the initial lockdown due to the rising virus load in January 2022. Nevertheless, increasing raw material costs due to the Ukraine-Russia conflict kept the builder fraternity worried. Developer bodies in Maharashtra and Delhi threatened to halt construction activities in the absence of government intervention.”
{{/usCountry}}The residential market in Pune saw a healthy balance of demand for both new and resale properties in January-March 2022 amid flexible payment schemes by developers and zero-goods and services tax (GST) on ready homes. Mid-segment projects in ₹60-80 lakh budget bagged maximum popularity, particularly in the east and west Pune.
Wakad, Bopodi, Kharadi and Kalewadi were the most preferred locales, with 2 BHK ready homes garnering maximum traction. One-bedroom flats were also in demand in the northern outskirts such as Dhanori, Aundh and Vidyanagar. The average ticket size of such property’s hovers around ₹30-40 lakh.
Buyers focus on upgradation to spacious homes kept areas like Viman Nagar and Pandhari Nagar in demand.
Maximum new launches in Pune were in localities like Wagholi, Ravet, Talegaon Dabhade, Wakad, and Vadgaon Budruk, among others, in ₹40-80 lakh budget. Most of these projects are scheduled for possession in 2024-26.