Residential Demand In Pune Increased 9.6%, Supply Grew 0.4% In 2022
Pune, January 9, 2023: Pune’s residential demand increased 9.6% YoY and 3.2% QoQ, and the supply grew 0.4% YoY and 4.2% QoQ revealed Magicbricks’ latest PropIndex Report (Oct-Nov), 2022. The report further observed that the average property rate in the city increased 4.0% YoY and 1.5% QoQ and rates of Ready to move apartments increased 2.6% QoQ.
Homebuyers continued to prefer affordable properties with compact units, and demand for 2BHK configurations dominated the residential market in the city, commanding 47% share of demand and 50% share of the supply. Moreover, proposals of several town planning schemes and infrastructural projects such as Intermediate Ring Road, High-Capacity Mass Transit Route (HCMTR) and Pune Metropolitan Region (PMR) Ring Road are expected to drive demand and supply.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “In 2022, residential demand, supply and prices recovered, and the year bode well for both under-construction and ready-to-move-in houses. Despite consecutive hikes in the Repo Rate and home loan rates in the past quarters, end-users remained keen on home buying, encouraging developers to accelerate new project launches while delivering their existing projects. Overall, we are optimistic that the residential demand will be largely sustained in 2023 as well.”
The report concludes that localities on western periphery of Pune, such as Wakad and Baner, continue to garner interest of customers due to their proximity to IT hubs, and their physical and social infrastructure including intra-city connectivity through public transportation.
The report also states that the residential demand across 12 major Indian cities tracked by Magicbricks grew 19% YoY.
