Written by Ashutosh Sahoo,
Pune’s real estate market recorded a slight surge in activity during the auspicious occasion of Akshaya Tritiya, with mid-to-luxury segment homes finding many takers, according to developers. The positive trend was noted amid challenges such as a change in consumer behaviour and an increase in economic pressure.
According to the local registration office, there were 1,830 property registrations in Pune on the day of Akshaya Tritiya, April 30.
“We’ve seen a healthy amount of bookings starting from Gudhi Padwa to Akshay Tritiya. With the option of hybrid working models on the rise, buyers prefer to purchase flats with more rooms, making 3-4 BHKs more in demand than 2 BHKs. Especially in cases when both the partners are working individuals,” said Ganesh Jadhav, co-founder of Gangotree Homes.
Anticipating changes ahead of a financial year, people usually start booking their flats in March and get them registered on the festive occasion, experts said.
The Nyati Group said it was satisfied with the sales this year, claiming a growth of around 11% compared to last year, in value.
“The need for luxury housing is on a high, with the buyers being extremely brand conscious, location-centric, and looking not just for amenities, but an upgrade in lifestyle. It is no more just the interiors and amenities, but what’s outside: a community,” said Harish Shroff, director of Sales and Marketing at the Nyati Group.
With interest rates around 8.5 per cent, affordable luxury units are the rage. “Luxury units, ie, anything beyond Rs 3 crore to Rs 4 crore, have had a slow but efficient conversion as well, he said. “We are having an inventory turnover period of just around six months. So that should tell you how positive the market is at present, and we are expecting it to remain so,” Shroff added.
Similarly, Amit Paranjape, Head of Business Development, Paranjape Schemes Construction, felt a positive pickup. Various of its units are scheduled to be delivered on May 1, with bookings having picked up in the last month. “All our mid-segment units have seen a highly positive demand, including our senior housing projects,” he explained.
K K Goel, MD of the Kohinoor Group, did not sound too optimistic though. “Owing to the increase in rates, we are seeing in a long time, a low customer demand, especially when compared to last year. Post the pandemic, people have shifted their options — whoever earlier wanted 1 BHK now wants a 2 BHK, and whoever wanted a 2 BHK now wants a 3 BHK, while being on the same level of price sensitivity. Besides, it is also a holiday season, where people have different priorities and budgets set accordingly. So it is natural that house purchasing takes a back seat,” Goel pointed out.
Vehicle registrations down compared to 2024
Meanwhile, vehicle registrations in Pune saw a dip in the days leading up to Akshaya Tritiya from April 22 to April 29, compared to the registrations in the last season. According to data shared by the Pune Regional Transport Office (RTO), 6,710 vehicles were registered in the city, including 4,177 motorcycles, 1,680 cars, 221 auto-rickshaws, 36 buses, 301 goods vehicles, 203 tourist taxis, and 92 other vehicles.
Last year, 7,191 vehicles were registered from May 2 to May 9, the days before Akshaya Tritiya. Even though car, auto-rickshaw, bus, goods, and tourist taxi registrations have gone up this year, motorcycle sales saw a drop.
Ashutosh Sahoo is an intern with The Indian Express
Pune’s real estate market recorded a slight surge in activity during the auspicious occasion of Akshaya Tritiya. (File)
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