fe Bureau Pune, Feb 8: Developers in Pune are going slow on new launches. Around 716 new projects were launched in Pune in December 2011 as against 616 new projects in June 2011 and 325 new projects in December 2011, a 'Gera Realty Report – June to December 2011' an in-house study on Pune's real estate market prepared by Gera De-velopments, a Pune realty company says. This trans-lates into a new stock of 38,093 units in December 2010,down to 33,045 new units in June 2011 and 18,428 new projects in December 2011 clearly indi-cating a reduction in the num-ber of new projects, Rohit Gera, MD, Gera Develop-ments said. "Developers are taking the more cautious outlook and are working on their projects in a phased manner unlike the past in 2007-08 when they would end up creating stock first,” Gera said.“The overall mood over the year has been pretty gloomy - interest rates have been rising last year, in- flation has been stubbornly high, industrial production has been down, the Europe crisis has been an overhead dark cloud rearing its ugly head in every scenario. All these macro economic trends have led to the industry turn- ing cautious. Real estate is no different. Developers have therefore been quick to adjust their project launches in tune with the sentiment and mood of the market,”he explained. However, the the real es- tate market in Pune metropol- itan region shows signs of stability in terms of demand and supply, he said. A total of 1,695 projects across the city across 20 micro markets were considered for analysis by the company. The 1,695 projects have a total of 178,775 apart-ments at various stages of construction. Of the total 1,78,755 apartments, 36,124 (20%) apartments were avail-able for sale indicating a high sell-out of 80% (142,651 apart-ments), he said. The avail-ability was 22% six months ago (38,323 apartments out of 174,981 apartments) and 25% 12 months ago (39,376 out of 160,255 apartments). "This reduction in avail-ability is significant as it indi-cates a reduction in the over-all stock of apartments in the city. This is especially impor-tant as this reduction in avail-ability has happened during a period where inflation has been significantly high, in - terest rates have risen and the overall sentiment has been bearish during the last 12-18 months,”Gera said. Interestingly, home buy-ing has not abated as seen in the increase in the sellout ra-tio from 78% to 80% from De-cember 2011 and an increase in the property rates in the last one year, the report said. Gera said that a 2% rise in the sellout ratio is evidence to the fact that demand is pushing prices up or else demand would have slowed down with the price increase. The high sellout from the developers perspective indi-cates an extremely healthy cash flow position and on the whole the data indicates that there is no scope for any re-duction in prices, he said. Given the direction of infla-tion,indications from the RBI that interest rates will soften, the current cost structure for developers and most impor-tantly the overall stock posi-tion, price movement in 2011, Pune could see a price rise of 15% to 18% in 2012, Gera pre-dicted.
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