Beginning in January 2022, homebuyer sentiment improved significantly. The market saw an addition of 800-1,200 new inventories in the 40-80 lakh budget bracket by the end of the quarter in March 2022.
According to a survey produced by 99acres.com, popular micro-markets in the eastern and western belts, such as Tane, Wakad, Bopodi, Kharadi, and Kalewadi, saw a substantial jump in house demand in the previous quarter.
Developers in the city continued to provide incentives including a 100 percent refund guarantee, which helped boost new house sales. In addition, the announcement of a 1% increase in stamp duty across Maharashtra beginning April 1, 2022, aided in the completion of pending property acquisitions during the quarter.
Compared to October-December 2021, the new supply of housing units increased by at least 50%.
From January to March 2022, the Maharashtra Real Estate Regulatory Authority (MahaRERA) registered around 140 projects in the city. Around 105 of these were fresh launches, with the rest being under-construction housing societies.
“Residential marketplaces across the top eight cities combined contributed to a four-year high in sales volume in January-March 2022,” said Maneesh Upadhyaya, a chief business officer of 99acres.com, who gathered the report. Despite the first lockout in January 2022 owing to a mounting virus load, homebuyers were seen visiting sites and closing transactions in new homes and resale marketplaces. Nonetheless, rising raw material costs as a result of the Ukraine-Russia conflict scared the construction industry. In the absence of government intervention, developer bodies in Maharashtra and Delhi have vowed to cease building.”
From January-March 2022, the residential market in Pune had a strong mix of demand for both new and resale properties, thanks to developers’ flexible payment options and low GST on ready homes. Mid-segment projects with budgets of 60-80 lakhs were the most popular, especially in the east and west Pune.
The most popular locations were Wakad, Bopodi, Kharadi, and Kalewadi, with 2 BHK ready homes gaining the most interest. In the northern suburbs, such as Dhanori, Aundh, and Vidyanagar, one-bedroom flats were also in high demand. The typical ticket size for such properties is between 30 and 40 lakh rupees.
Buyers wish for larger homes maintained neighborhoods like Viman Nagar and Pandhari Nagar in high demand.
The majority of new launches in Pune were areas such as Wagholi, Ravet, Talegaon Dabhade, Wakad, and Vadgaon Budruk, among others in a 40-80 lakh budget. The majority of these projects are expected to be completed between 2024 and 2026.
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