According to the latest report by “The Gera Pune Residential Realty Report”, over the past 12 months, property rates have increased by 11%.
Pune is one of the leading cities in India, along with its thriving real estate businesses. The Pune Government always focuses on improving the infrastructure of the buildings and the growth rates of the industries. Because of all these, Pune has seen increased demand for residential and commercial properties. For the past few years, the real estate businesses in Pune have been affected a lot!
The latest edition of “The Gera Pune Residential Realty Report” has been launched, and according to the report, there are so many latest projects launched, but the sales have decreased too! Along with this, the rates for property sales have increased by 11% for all the projects, and the replacement ratio is 0.98.
The Managing Director of Gera Developments, Mr Rohit Gera, commented that the Pune real estate market is currently experiencing a boom and a period of consolidation at the very same time! The property rates have increased by 11.03% from Rs 5,208 per square foot in the year 2022, June, to Rs 5,782 per square foot in the year 2023, June.
Mr Rohit Gera adds, “During a period of market boom, we usually witness a surge in the number of project launches. However, we are currently experiencing a 10-year low in terms of the number of projects and overall inventory, indicating a decrease of nearly 19.19% compared to the previous year’s new inventory of 115,996 homes”.
Mr Rohit Gera added, “A noticeable trend is an increase in the average size of projects, accompanied by a reduction in the smaller sized projects and a greater dominance of projects by larger developers. Looking ahead, two scenarios could unfold: if developers introduce a substantial supply, we may face an oversupply situation due to the easing of sales figures from previous highs. Conversely, if the current equilibrium levels maintain constrained supply, we can expect a steady rise in prices”.