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Gera in News

City’s real estate sector sees dip in sales due to market slowdown

Sakal Times - 17 July, 2015

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

  • 3,067 live projects tracked after a listing exercise covering a radius of 30 km from Shivajinagar.
  • Slowdown in price appreciation from 12.47 per cent for June 2012 - June 2013 to 10.03 per cent from June 2013 - June 2014 and down to 3.33 per cent for June 2014 - June 2015.
  • The Budget Category (where prices presently are below Rs 4,247 per square feet) has seen the highest increase of 125 per cent in unsold inventory from 18,019 unsold units to 40,814 unsold units.
  • Only 24.55 per cent of the stock added between January 2015 and June 2015 is within PMC limits, indicating that most of the incremental stock is added outside the PMC limits. This will lead to declining revenues by way of development charges and premiums for the PMC.
  • However, prices will not see any significant correction unless something drastic happens.
  • Regulatory impact will further push prices up when the time is right (Real Estate Regulatory Act, Maharasthtra Housing Act)

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