June Pune Real Estate Prices Went Up By 12.5 %
As per a recent survey of the Property Index (MPI) by a real estate business website, real estate prices in Pune have grown by 12.5 per cent in June compared with the same month last year.
The index for the month of June stood at 1094 vis- a- vis 972 a year ago. The increase in the Pune index can be attributed to the hardening of property prices in the underlining markets of Aundh, Pimple Saudagar, Chinchwad, Karegaon Park, Wakad, Wanowarie, Hadapsar, Viman Nagar and Talegaon, found a study by Makaan.com.
Aditya Verma, COO, Makaan.com, the organisation which conducted the survey, said “Pune property prices have moved up at a rapid pace keeping many home buyers at bay. The un-expected fast run-up has lead to a mood of caution in the near term. The home buyers seem to be in a wait and watch approach. The price movement over the next few months will determine the next definitive trend”
“The trend for June’10 deserves a special mention as it was around this time last year that the property prices started to look up after nine months period of continues decline caused by global slowdown,” said the report.
Other popular markets like Baner, Kalyani Nagar, Kharadi, Kothrud, Magarpatta and Vishrantwadi saw an appreciation lower than the city average. If one looks at the short term (quarterly) trend and compare the price index for June’10 with that of March’10, one would observe softening in property prices.
The Pune index during this period has moved from 1197 in March’10 to 1094 in June’10 signifying a fall of 8.6 per cent. This indicates a short term fatigue in the property prices after an upturn seen earlier in the year.
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