Average housing price in Pune has risen 11 per cent to Rs 5,208 per square feet in the last year on better demand, according to a report by realty firm Gera Developments.
Pune-based realty firm Gera Developments has come out with its bi-annual ‘The Gera Pune Residential Realty Report’, which is based on primary and proprietary research and covers all existing projects in a 30 km radius of the city centre.
”The Pune real estate market is showing dual signs of both boom and consolidation at the same time. The prices have gone up 11.03 per cent from Rs 5,208 per sq ft in June 2022 to Rs 5,782 per sq ft in June 2023. ”There has been an across-the-board increase in the rates of new projects, existing phases of old projects as well as new phases of old projects,” Rohit Gera, Managing Director of Gera Developments, said.
This indicates a strong demand as home buyers have purchased homes at higher prices than ever before, he added.
As per the data, the prices in the newly launched project have gone up to Rs 6,499 per square feet in June this year from Rs 6,190 per square feet in the year-ago period.
The rates in new phases launched in existing projects increased 12 per cent to Rs 5,932 per square feet from Rs 5,293 per square feet.
In the existing projects, the housing prices grew 3 per cent to Rs 5,539 per square feet in June 2023 over Rs 5,369 per square feet a year ago.
Since 2019, housing prices have grown at a compound annual rate of 6.15 per cent over the last five years, the report said.
Sales during January-June this year fell 12 per cent to 47,178 units as against 53,398 units in the corresponding period a year ago.
The report mentioned that budget and value segments, which were under stress in the recent past, saw a growth of 2 per cent and 5 per cent, respectively, compared to the premium, premium plus and luxury segments, which have seen a reduction of 37 per cent, 14 per cent and 13 per cent, respectively.
”In particular, offtake in the luxury segment which was growing by leaps and bounds has been arrested in this cycle,” it added.
