Updated: October 20, 2021 9:53:56 am
This festive season, the real estate industry in Pune is hoping to woo buyers with freebies and discounts. Many realtors have launched new projects to cash in on the market’s positive sentiments. Launches in Pune have picked up as home buyers have regained confidence in spending, surveys show.
According to Real Insight (Residential), a total of 10,015 new units were launched in Pune in the July–September (Q3) 2021 quarter as compared to 2,810 units in (Q2) 2021 and 4,635 in (Q3) 2020, primarily owing to an improvement in the overall economic activity post the second wave of the pandemic.
When compared to 2,495 units in the April-June period of 2021, a total of 10,128 homes were sold in Pune in (Q3) 2021. In the same period last year, only 7,107 units were sold in this market, according to the report by PropTiger.
Anil Pharande, president, CREDAI-Pune Metro, said their surveys have shown that Pune’s market has grown by almost eight per cent in number of units sold. “The real estate sector has seen crucial developments in the past 1.5 years. Factors like improvement in Covid-related situations due to timely vaccination drives, low-interest rates on home loans, stamp duty benefits for women buyers and good offers by developers in the festive season have come in handy for clients,” he said.
Builders have also taken the opportunity to launch new projects. Arvind Jain, CMD Pride Group, talked about the launch of a new phase at Pride World City during the Navratri season. “We could sense the positivity in home buying with a good number of genuine inquiries coming and getting converted into a buying decision. People are looking for larger apartments and are ready to buy the apartment even if it is a few kilometres away from their originally preferred location,” he said.
Paranjape Schemes (Construction) Limited had seen more than 100 bookings in the last few days of Navratri and Dussehra. “The number of inquiries is rising. Secondly, home buyers are taking advantage of the low-interest rates on home loans. Moreover, due to vaccination, the uncertainty created by Covid-19 is steadily reducing, which is also an important reason that positive sentiment is getting reflected in home buying,” said Amit Paranjape, director, Paranjape Schemes (Construction) Limited.
Sachin Bhandari, CEO, VTP Realty, said, “The pandemic has created a pent up demand from the customer-end along with a lineup of launches by developers. The current scenario is very positive as the pandemic is on the decline and double vaccination has given confidence to the public. In the last financial year, VTP Realty did the highest business in the city, around 25 per cent over the second competitor and almost twice as much as the rest. This year, we are targeting 50 per cent increase over the last year.”
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