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Pune witnesses 9% jump in residential sales in Q3: Report

Pune has witnessed a decent performance in the third quarter in terms of residential sales. Although the new launches were down compared to the previous year, it has still witnessed a likely decline in the unsold inventory.

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

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

New Launches (in units) in Q3 2022

 “Pune has witnessed a decent performance in the third quarter in terms of residential sales. Although the new launches were down compared to the previous year, it has still witnessed a likely decline in the unsold inventory. These are encouraging developments, which also give an insight into the constant demand for housing in the country. The recently concluded festive season, along with the reopening of the offices after the pandemic, has acted as a catalyst to boost 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.”

Ram Naik, Director of The Guardians Real Estate Advisory, commented about the performance,

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

Reiterating the same, Mr. Rajendra Pate, President of NAREDCO Pune, said, 
Furthermore, the total unsold stock in top cities at the end of the third quarter fell 12 percent to 4,77,570 units compared to 5,40,849 units in same period in 2021.
Delhi-NCR, Bengaluru, and Pune saw most decline in unsold inventory, said the report.
This article was shared with Prittle Prattle News as a Press Release.
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