Gera Developments on January 6 released the January 2021 edition of its biannual report, The Gera Pune Residential Realty Report.
This census-based study of the Pune residential realty market is based on primary and proprietary research conducted by Gera Developments and covers all existing projects in a 30 km radius of the city centre, said a press release.
The Pune residential real estate market, according to the report, seems to have climbed a wall of worry and has posted very encouraging numbers across the board. The impact is evident across all parameters.
Sales are back to normal and are on a par with pre-COVID levels. Average prices across the city have risen by 3.5 per cent. Inventory is the lowest in six years in both, absolute and percentage terms. Total number of projects has fallen by 15 pc compared to five years ago, and number of new units launched has fallen by 40 pc, which was expected. In the same period, projects launched in the premium plus (between Rs 5,721 & Rs 7,151 psf) and luxury (above Rs. 7,151 psf) segments increased.
Releasing the report, Rohit Gera, Managing Director, Gera Developments, said, “The year 2020, especially the first half, was a tough time for the residential realty sector. Seismic events have a tendency to change market dynamics and the pandemic and lockdown is no different. New launches crashed in the first half of the year on account of the pandemic. However, in the second half, new launches somewhat recovered, the bounce back of sentiment reflected in sales in the second half of 2020 being almost the same as the same period of 2019. The introduction of lesser new inventory though, has led to unsold inventory in number of units being at a 6-year low. Affordability is up by about 50 pc in the past six years. Increased affordability and reduced availability are a classical set up for prices to start rising.”