Budget Home Sales Hold Fort As Premium Housing Grows
The sale of homes in Pune saw some big changes in 2023 compared to the previous year. Homes priced between Rs one to two crore became much more popular, jumping up by 33%. Meanwhile, homes priced below Rs 45 lakh also saw growth, though not as much, at four percent. This helped keep the affordable housing market strong, with a total of 37,221 affordable homes sold in 2023, up from 35,630 in the previous year.
Sales of mid-range homes, priced between Rs 45-70 lakh, stayed about the same at 24,248 units in 2023 compared to 24,001 units the year before. However, premium homes saw a significant increase, with 16,501 units sold in 2023 compared to 12,677 in 2022. Luxury real estate also saw a jump, with 9,731 units sold in 2023 compared to 6,477 the previous year.
Ranjit Naiknavare, the president of Credai Pune Metro, noted a remarkable 45% increase in sales volumes over the past five years, along with a doubling of sales value from 2019 to 2023.
Rahul Talele, the CEO of a real estate company, mentioned Pune’s growth, better urban infrastructure, high quality of life, reasonable cost of living, and rising per capita income as factors driving the real estate market. His company is focusing on areas like Kiwale, Pimple Nilakh, Baner, Kharadi, Hinjewadi, and NIBM Road.
On the flip side, housing prices in Pune went up by 10% year-on-year, driven by increased demand for luxury homes in areas like Baner and Camp. The upcoming Metro line-3 and related commercial developments are expected to boost residential activity in Baner, Shivajinagar, and Nagar Road in the next two to three years.
Rohit Gera, the managing director of a real estate company, expressed optimism about 2023 being a strong year for residential real estate in India, driven by greater affordability. However, he cautioned against excessive price rises or oversupply in some areas.
Industry experts noted that homebuyers were leaning towards established developers. The share of newly launched units increased by 41% in 2023 compared to 2019. Anuj Puri, the chairman of Anarock Group, pointed out that ready homes were becoming more popular due to project delays in the past, but now buyers are preferring financially strong developers with good completion track records.
In conclusion, the real estate market in Pune is experiencing significant shifts, with certain price segments and areas seeing more growth than others. However, overall, the market seems to be buoyant, driven by factors like affordability, infrastructure development, and changing buyer preferences.
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Source: TimesProperty