Pune’s housing market staged a major comeback despite the pandemic, selling homes worth Rs 27,500 Cr between January and July 2021. This is 27% higher than sales of about Rs 21,500 Cr between January and July in 2019.
This data has been presented in a report by CREDAI-Pune Metro and real estate analysts CRE Matrix. It was released during the CREDAI-Pune Metro’s 38th Annual General Meeting.
CREDAI members including Anil Pharande, President, Arvind Jain, Secretary and Vice-Presidents including Ranjit Naiknavare, Amar Manjrekar, Manish Jain, Rajesh Choudhary, Vinod Chandwani and Aditya Javdekar and Members of Maharashtra Metro Rail Corporation Ltd including Dr. Brijesh Dixit, MD and Atul Gadgil, Director and Abhishek Gupta, CEO, CRE Matrix were present during the meet.
Talking about number of homes sold, there was just 8% rise in this period. Between Jan-July 2019, around 49,000 houses were sold. This has increased to about 53,000 homes in the corresponding period of 2021. The higher growth percentage in sales value as against the number of units shows a big increase in the sale of higher ticket size homes during the pandemic.
Homes priced over Rs 2 Cr per unit saw cumulative sales of Rs 2,350 Cr in Jan.-July 2021 period against Rs 1,250 Cr in the corresponding period in 2019 – an 88% growth in overall sales value in the period.
Total sales of homes priced <Rs 70 lakh per unit came down to 63% in the Jan.-July 2021 period as against 69% in the same period of 2019, indicating more sales in higher ticket size homes.
In the January-July 2021 period, Pune mostly saw new supply of larger projects because of increasing buyer preference for community living, rather than for individual housing and small societies.
The report also provided a lot of information about Pune’s overall residential growth across different regions in terms of number of units sold and the preferred unit size and price segment.
Speaking on the report, Anil Pharande, President CREDAI-Pune Metro said, “An informed market research based on real-time survey is the right way to tackle the turbulent times faced in the real estate market today. The report has real sales data derived from IGR Maharashtra and what makes it interesting is that it compares sales for the same period in the two preceding years, 2019 and 2020 with optimistic results. This collaboration with CRE Matrix will enable our member developers analyze the market scientifically and plan projects successfully.”
Abhishek Gupta said, “We, at CRE Matrix are passionate about our work, our data, our analysis and look forward to a long innings with CREDAI-Pune Metro.”
CRE Matrix collected the data through its two platforms including Indextap and Floortap that provide authentic information on Real Estate. Atul Gadgil, director Maha Metro Rail also presented detailed insights on the Pune Metro Rail project, fuelling the growth of the city during the meet.