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

Residential launches in the city saw 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, showed data from property consultancy JLL India.

Property market of Pune has witnessed 58% sequential rise in housing sales to 1,344 apartments in the third quarter led by the state government’s move to reduce stamp duty on property transactions. Sales momentum was also supported by low home loan rates, attractive schemes by builders, and competitive prices.

Residential launches in the city saw 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, showed data from property consultancy JLL India.

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

Homebuyers preferred projects that are closer to prominent office locations and are being developed by established builders with an execution track record. There are also a higher number of enquiries for completed and nearing completion projects as compared to those which have recently launched.

“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,” said Sanjay Bajaj, Managing Director, Pune, JLL India.

In the subsequent quarters, he believes, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which in turn depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large.

There is growing acceptance of digital platforms amongst homebuyers to complete their home purchase process from raising an inquiry to making the payment through the developer’s online window, he added.

Source: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/despite-rera-home-buyers-can-pursue-remedies-against-real-estate-firms-at-consumer-fora-sc/articleshow/79011985.cms