New home launches in Pune up 26.3 per cent in H1 2021
Outlook bright despite lower sales in Jan-June: PropTiger Report
cityairnews
Aug 18, 2021 09:26
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Pune, August 18, 2021: Launch of new residential properties in Pune witnessed 26.3 per cent growth year-on-year during the first half of 2021 despite the sales dropping by nearly a fifth in wake of the Covid-19 pandemic, showing optimism among developers, according to a report by leading online real estate brokerage firm PropTiger.com.
Total new launches in the city during the January-June period of 2021 stood at 12,558 units, 26.3 per cent up over 9,944 units unveiled in the same period of 2020.
On the other hand, sales of residential properties in Pune were down by nearly 20.6 per cent year-on-year (Y-O-Y) in the first half of 2021 at 16,220 units. A total of 20,431 units were sold during January-June period 2020.
In its quarterly report Real Insight (Residential) – April-June 2021, PropTiger, reported that 2,810 units were launched in the second quarter, up 125 per cent from 1,251 units in the year-ago period.
It may be noted here that both the first and second quarter of 2021 saw more launches of residential properties in Pune as compared to corresponding periods of the last year.
Total sales of the city stood at 2,495 units, recording a decline of 49 per cent y-o-y.
Mr. Mani Rangarajan, Group COO, Proptiger.com, Housing.com & Makaan.com said, "Our research and market analysis points towards an upward movement in demand in the real estate sector. Residential properties have become affordable as interest on home loans continues to rule low and prices quite stable over for many years now.
"Even if we keep the affordability factor aside, there is a growing urge among potential homebuyers to own a property as work-from-home culture is going to stay in the near future and COVID led to the importance of home ownership. All these factors and the fast recovery in the economic activities are aiding the growth of the residential segment," Mr. Rangarajan added.
