Pune residential sales up 58% quarter-on-quarter in Q3, launches rise 55%

MUMBAI: Real-estate market of Pune has experienced a 58% sequential rise in housing sales to 1,344 apartments in the third quarter. This change has been led by the state government’s decision of reducing the stamp duty on property transactions. Increasing sales was also supported by low mortgage rates, attractive offers by builders, and competitive prices.

According to the data shown by a property consultancy JLL India, residential launches in the city have witnessed a 55% sequential jump to 1,756 new units during the quarter with locations like Kharadi, Hinjewadi, Wakad, and Hadapsar accounting for more than 50% of the launches.

This strong growth was on a low base of the second quarter that was certainly impacted owing to the severe lockdown restriction in the wake of the ongoing pandemic.

Homebuyers preferred properties that are nearer to prominent office locations and are being developed by renowned and reliable builders with an execution track record. There is also an increased number of inquiries for completed and nearing completion projects as compared to the recently launched projects.

Managing Director, Pune, JLL India Sanjay Bajaj further said that “Developers continued to align new supply with demand and the majority of these launches were in affordable and mid segments. Further, the city has also witnessed healthy traction in the luxury segments which was not visible earlier.”

He also believes that in the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence. Consumer confidence further depends on the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large.

He also added that there is an increasing acceptance of digital platforms amongst homebuyers to buy the home from raising an inquiry to making the payment through the developer’s online window.