Pune Realty market expanded by 20.30% with a 79.5% sellout in the Pune Metropolitan region in the six month period ending December 2012 to June 2013: Gera Realty Report Pune Pune, August 12, 2013: Gera Developments, one of the pioneers of the real estate business in Pune and the creators of premium residential and commercial projects in Pune and Goa released the Gera Realty Report Pune for the period December 2012 – June 2013. This report which has now become an industry benchmark and an index for the Pune real estate market has been produced as a result of a detailedground research. This report contains information gathered from 2273 projects having a total of 2,52,054 apartments at various stages of construction across the Pune Metropolitan Region and is by far the most extensive report published on the Greater Pune real estate scenario. The Gera Realty Report Pune for the period December 2012 to June 2013 highlights a significant infusion of supply in the form of 494 new projects alone adding 27,008 units. This led to the Pune Realty market expanding by 20.30% from December 2012 to June 2013 (as against 12% in the previous 6 months). Of the total stock, 79.5% is currently sold out. All in all this is a significant expansion of the market. Even with substantial supply being added, the market continues to show remarkable stability in terms of sellout – the average unsold stock has remained steady in the range of 21% since June 2011. Mr. Rohit Gera, Managing Director, Gera Developments while commenting on the report said, “The Pune residential market continues to show resilience amidst a negative economic environment at a macro level. At a local level, the fact that developers have launched projects in more numbers than ever before and the sellout ratio continues to be at the average market sell out indicates that the demand continues from home buyers. The price increases have also tapered off marginally in line with the reduction in inflation over the last 6 months. It is interesting to note that on one hand there has been a consistent shift towards catering to the high end segment of the market, however, the shift is more in the 3 & 4 bedroom segment. The Pune Realty Market is in an expansion mode with more premium homes being launched. On analysing the price points across the market, there is a clear trend of larger apartments selling at higher prices.On the other hand, the micro markets have witnessed the maximum increase in prices over the last 24 months.” Mr. Gera further added, “Looking forward, we believe that the next 12 months have more risks than the last few years on account of the impending national elections as well as the macro economic situation. We also expect the cost structures for developers to be negatively impacted on account of the Real Estate Regulation legislation that is currently being considered by the Government. The draft in its’ current form will lead to a price rise – this is a fallout of the populist move by the Government to regulate developers and the effect of price rises for the home buyer can be considered collateral damage.” Key Highlights of the report 1. Over the last 6 months, the average market price has risen from Rs. 4211 per sq. ft to Rs. 4464 per sq. ft up by 6.01%. 2. The total unsold stock of 51,725 is approximately 6½ months of inventory which is a very comfortable situation from an inventory overhang perspective. 3. A total of 15,478 apartments are unsold in the size segment of 751 sq. ft. to 1000 sq. ft. 60% of the unsold apartments under 1000 sq. ft.which is 31,252 apartments out of a total unsold stock of 51,725 apartments. 4. There is a notable increase of supply in the 501-750 sq. ft.size segment, with stock climbing up sharply by 28.72% (from 11,145 in Dec-12 to 14,346 in June 13). 5. Roughly 53% of the stock is below the 40 lakhs cost bracket while 87 % of the stock is under 75 lakhs. 6. Approx. 13% of the unsold stock is above 75 lakhs. The presence of almost 13.15% of unsold apartments in the 75 lakh+ bracket (as against 11.52% in December 2012 & 7.2% in June 2012). 7. The average rate across all micromarkets put together is Rs. 4464 per sq. ft.Amongst the top ten highest gainers Bakori/Bolhai/Shirsatwadi has witnessed highest price appreciation of 75.67% followed by Vishrantwadi/Kalas with 50.88% and then Erandwane/Karve Road/Karvenagar/Kothrud belt with 49.01%. 8. The top two areas with the maximum new supply are Wagholi with 3700 units and Chakan with 3243 units. All in all, the market currently seems to be in a state of equilibrium, however, the absolute number of unsold units can lead to a situation of oversupply if the macro economic conditions deteriorate drastically. The depreciation of the Rupee in the recent past makes it attractive for NRIs to invest in India thereby providing developers an alternative customer base. http://nripress.com/2013/08/12/pune-realty-market-expanded-by-20-30-with-a-79-5-sellout/
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