October 5, 2021 3:17:00 am
The brisk recovery in Pune’s real estate market continues, with the third quarter of the current calendar year reporting much higher numbers in both residential and office spaces in the city, according to a report published by property consultant Knight Frank and released on Monday.
According to the report, Pune’s residential market had seen sale of 9,565 units this quarter, which is an over 100 per cent growth as compared to the 3,821 units sold in the April to June quarter this year. The July to September quarter sales are 117 per cent more than the sales seen in the same period in 2019.
The region has seen launch of 8,615 new units, which is 28 per cent growth compared to last quarter and 77 per cent higher than the third quarter of 2019.
Office space absorption has also increased in the city, with 0.09 million square metres transacted in this quarter. This is a 549 per cent increase compared to the last quarter, with 0.23 million square metres in office units added to the city. Rental prices in Pune’s office spaces have, however, remained stagnant in this quarter.
Across the nation, nearly 43 per cent of residential sales were in the bracket below Rs 50 lakh while 35 per cent of sales were in the Rs 50 lakh-1 crore bracket. This quarter, there has been a slight decrease in the former while a slight increase has been reported in the latter.
Rajani Sinha, chief economist and national director – research, Knight Frank India, said, “Pune has been home for several migrants who have come from across the country. In addition to being an information technology sector-driven city, it caters to more than 400 manufacturing plants in Chinchwad alone. Manufacturing giants like Mercedes Benz, Bajaj Auto, Mahindra, Tata Motors and many others have their manufacturing plants in the suburbs of Pune, easily making it one of the largest manufacturing hubs of Asia. With the pandemic finally slowing down and the economic scenario improving, city office spaces are likely to continue the strong demand momentum seen in Q3 2021.”
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