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Wednesday, January 19, 2022

Pune reports 53 per cent higher tenement sales in 2021

This increase in sales, realtors say, is because of pent-up demand as well as discounts and offers. A stamp duty holiday announced by the Maharashtra government also helped in the sales upswing

Written by Parthasarathi Biswas | Pune |
Updated: January 3, 2022 12:00:25 pm
Cidco, Mumbai, covid-19, covid warriors, housing scheme, Mumbai news, Indian express, Indian express news, Mumbai latest newsThe pandemic was the last straw for the real estate sector which was already smarting under multiple woes.

After a devastating 2020, Pune’s real estate industry has seen robust sales in the just concluded 2021, with a report by property consultant Anarock showing a 53 per cent year-on-year rise in tenement sales and a 67 per cent increase in launches.

The Covid pandemic and the lockdown had brought about an untold slowdown in the real estate industry, as projects stalled when labour became sparse and movement of raw material was affected. Given the economic pains, buyers had held back on investments and sales plummeted.

The pandemic was the last straw for the sector which was already smarting under multiple woes.

Anarock’s report shows launches in Pune stood at 23,920 units while sales stood at 23,460 units in 2020. In 2021, launches rose to 39,670 (a 67 per cent jump) while sales rose to 35,980 (53 per cent). Approximately 57 per cent of the sales were in the mid segment (priced Rs 40-80 lakh) in the city.

This increase in sales, realtors say, is because of pent-up demand as well as discounts and offers. A stamp duty holiday announced by the Maharashtra government also helped in the sales upswing. Tenement prices have seen a 3-4 per cent increase across the country.

Nationwide, 2.37 lakh tenement units were launched in the top seven cities in 2021, which Anarock says almost touches the pre-Covid levels of 2019. Yearly new launches rose by 85 per cent in 2021 from 2020. India had seen a 71 per cent year-on-year sales with approximately 2.37 lakh units sold. The Mumbai Metropolitan Region had recorded the highest sales at 76,400 units, followed by the National Capital Region of Delhi with 40,500 units.

Anuj Puri, chairman of Anarock, said, “Despite the pandemic, 2021 was a fantastic year for the Indian housing sector. More or less an equal number of homes were launched and sold. The fact that launches were back to pre-Covid levels is very significant, and housing sales fell short of 2019 by a mere 10%. Of the four quarters of the year, Q4 was by far the best, with housing sales in the top seven cities attaining a new high of approximately 90,860 units. This was the highest quarterly sales performance since 2015.”

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