Pune: Pune’s real estate market has seen a dip in sales with unsold stocks (inventory with developers for sale) showing a jump of 36.85 per cent and slowdown in price appreciation hitting 3.33 per cent between June 2014 and June 15.
The unsold inventory is valued at Rs 48,526 crore, blamed largely on a market slowdown. These findings were shared by Gera’s Pune Realty Report for January-June 2015 on Thursday.
Some of the main reasons for the slowdown include a supply-demand gap, as the total inventories have increased from 2,45,639 homes from 2,761 projects in 2013-14 to 2,80,931 homes and 3,067 projects in the last 12 months. The other reasons include high banking interest rates, which are deterring new buyers and high government taxes.
While commenting on the Gera Pune Realty Report, Rohit Gera, Managing Director of Gera Developments, said, “While our findings indicate that the market is facing stress on various counts, this is the right time for buyers to invest as the prices are currently flat.”
However, these challenges can lead the developers to focus on providing a better product, a more customer-centric approach and greater focus on delivery track records to remain competitive.
Meanwhile, Shantilal Kataria, President of CREDAI (Pune Metro), said that the large number of unsold inventories does not mean there is a reason to panic for developers.
“The high number of unsold inventories does not mean that ready-made projects are going unsold. Developers are confident that the market can easily absorb these inventories as it has several sectors like IT, education and manufacturing, which can fuel growth in the real estate sector,” he said.
Gera’s Pune Realty Report findings
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