The Gera Pune Market Intelligence Report released recently by Gera Developments has revealed that the price of real estate in June this year was the highest in the last four years and is likely to increase now that the Maharashtra Housing Regulation and Development Act has been implemented. “The average price across market in June 2011 was Rs 3,467 per sq ft, which moved up to Rs 3,647 per sq ft in December, 2011 and Rs 3,955 sq ft in June this year. This reflects that the prices have moved up by approximately 14.08 per cent in the last 12 months as compared to 10.66 per cent for the previous year,” said Rohit Gera, managing director, Gera Developments. The Maharashtra Housing Act makes it mandatory for all projects, where the occupancy certificate is not issued, to register with the Housing Authority and to hold back 10 per cent of their built up area to be sold only after occupancy certificate is obtained for the project. “This rule will mean that out of 1,59,832 units that are currently under construction at various stages, there would be an unsold stock of 37,941 units. Of this, 10 per cent of the total stock i.e. 15,983 units will need to be put on reserve and cannot be sold until the occupancy certificate is obtained. This will create an artificial shortage and reduce the available stock by 42 per cent, leaving a total of 21,958 units available for sale. The total stock for sale will be 27,322. This is only 13.44 per cent of the total supply. We believe this will create an upward pressure on prices,” said Gera. The report reflects that despite a growth of 16.6 per cent in real estate projects in the city in the last 12 months (June 2011 to June 2012), the unsold segment stands at 21 per cent. A maximum of this unsold stock is in the price range of Rs 40 lakh to Rs 75 lakh. “The total unsold stock (flats) has increased from 36,124 units in December 2011 to 43,305 units in June 2012,” said Gera. About1,821 projects across the city with a total of 2,03,186 apartments were surveyed for the report. Of the 2,03,186 apartments, 43,305 (21 per cent) apartments are available for sale or are unsold stock. Of the unsold number of apartments, 24,004 (55 per cent) are under 1,000 sq ft between the price range of Rs 40 lakh and Rs 75 lakh, he said.
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