Somewhat lukewarm demand and a little low buyer sentiment have led to an increase in unsold inventory in Pune. PropIndex (Jul-Sep 2014), the India Apartment Index report on 11 cities by Magicbricks, shows there is enough supply in the entire market.
Data shows that while supply of apartments was inclined towards properties priced at Rs 60 lakh to Rs 1 crore, buyers demanded properties mainly within Rs 40 lakh-Rs 60 lakh, showing a clear mismatch between demand and supply. This indicates the availability of existing and unsold stock within this budget range in Pune.
Gaurav Jain of city-based Purple Realtors says, “There is a mismatch between the prices of new construction and the budget buyers are looking at. This is the main reason for the mismatch. The developers are building new projects in different categories whereas the buyers demand is for a different category.“
In Pune, the city of young professionals, demand for properties within the budget range of Rs 40 lakh-Rs 60 lakh is high. However, with construction costs going up, developers find the upper midsegment and high-end properties more profitable, resulting in an over-supply today.
Stating another reason, the Gera Pune Residential Realty report informs, “The units are not being absorbed at the same velocity as they are being constructed, resulting in increased stock in the city.“
WHERE IS THE STOCK?
As per Magicbricks data, the top ten localities with maximum supply of apartments are Kharadi, Baner, Wakad, Wagholi, Hadapsar, Balewadi, Viman Nagar, Magarpatta and Hinjewadi. You can find varied range of 2 and 3BHK units in these areas.Most of these units are priced at Rs 60 lakh and above.
WHERE ARE THE TAKERS?
The Housing Sentiment Index (HSI), a joint report by Magicbricks and IIM-B, shows that during the Jul-Sep 2014 quarter, 47 per cent respondents were positive about Pune real estate market and want to buy within the next six months. It is this positive vibe that experts think will translate into increase in the absorption rate of the oversupplied category. Going forward, it is hoped that the segment looking within the budget of Rs 40 lakh -Rs 60 lakh will extend its budget to buy in the over-supplied `Above Rs 60 lakh' category.
WHERE TO LOOK?
Most buyers look for properties in the East and West Pune. As per a survey by Magicbricks, while in the West they look for properties in Aundh, Balewadi, Baner and Baner Pashan Road, in the East localities such as Wagholi, Hadapsar Kharadi and Viman Nagar are pre ferred for property investment. It is evident that the over-supply unsold inventories are piling up in the Pune residential market. With a little stretch, buyers can look forward to a range of options that are big ger in several areas and perhaps even get lucky with a bargain or a discount.
THE UNITS ARE NOT BEING ABSORBED AT THE SAME VELOCITY AS THEY ARE BEING CONSTRUCTED RESULTING IN THE INCREASED STOCK TOP TEN LOCALITIES WITH MAXIMUM SUPPLY OF APARTMENTS ARE KHARADI, BANER, WAKAD, WAGHOLI, HADAPSAR, BALEWADI, VIMAN NAGAR, MAGARPATTA AND HINJEWADI A REPORT SAYS DURING THE JULSEP 2014 QUARTER, 47 PER CENT RESPONDENTS WERE POSITIVE AND WANT TO BUY WITHIN THE NEXT SIX MONTHS.
Times Property, Pg no. 6
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...
It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.
This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..
Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.