Despite robust headwinds, 2022 recorded strong gross sales momentum, witnessing over 1.39 lakh property gross sales registrations in Pune district, stated a brand new report.
Knight Frank India, in its newest evaluation famous that Pune district noticed property sale registration of 12,166 models in January 2023, contributing over Rs 441 crores to the state revenues.
Primary (from builder) and secondary (resale) residential offers accounted for 73% of properties registered in January 2023.
500-800 sq ft of residence space emerged as the popular product measurement whereas Rs 25-50 lakh as the popular ticket measurement by homebuyers for residential properties in Pune district.
The report added that the entire property worth transacted stood at Rs 85,246 crore main the state exchequer to gather Rs 4,843 crore in income from stamp obligation and registration charges.
A shift in shopper sentiment in direction of dwelling possession has emerged as a key driver for continued property purchases whereas selectively conceding on different components like space, location, grade of developer and many others..
The market’s resilience can be demonstrated by means of the continued dwelling purchases regardless of an increase in stamp obligation charges of 1% on account of the metro cess.
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2023 has continued the robust momentum with January 2023 recording property registrations over 12,000 models, a 34% YoY rise, the report added.
The property worth transacted additionally information a 42% YoY rise resulting in Rs 7,736 crore price of properties transacted in January 2023 as in comparison with Rs 5,444 crore price properties transacted in January 2022.
Government income assortment additionally recorded substantial development recording a 64% YoY leap in January 2023 on account of rise in stamp obligation and property costs amongst different components.
However sequential moderation in gross sales was recorded in January 2023, with property registrations recording a 9% MoM drop.
Residential properties maintain a significant share of property transactions in January 2023, 73% of property registered are residential offers.
Shishir Baijal, chairman and managing director, Knight Frank India stated, “Pune residential market is primarily driven by end users and in the wake of recent headwinds, the market has shown great resilience towards home purchase. Despite consecutive repo rate hikes, implementation of metro cess, and devoid of any government incentive, home purchases continue to remain buoyant even while we do note a sequential decline this month. Supportive affordability, strong employment prospects and improving infrastructure should keep the home buyers interested in the city.”
Central Pune accounts to 80% of the transactions in January 2023
Central Pune masking Haveli Taluka, Pune Municipal company (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) holding the most important share of residential transactions recorded a YoY leap in share for January from 79% in January 2022 to 80% in January 2023. West Pune that accounts for 12% of transactions in January 2023 holds the second largest share masking areas like Mawal, Mulshi, Velhe. North, South and East maintain a smaller share of residential transactions accounting to eight% in January 2023.
500-800 sqft carpet space dominates residential demand in January 2023
Housing demand for flats with an space of 500-800 sq ft accounts for nearly half the property transactions in January 2023. The share fell from 50% in January 2022 to 48% in January 2023. Under 500 sq ft houses account for 27% of transactions in January 2023 making it the second most most popular residence measurement. Share of over 800 sqft residence space elevated from 22% in January 2022 to 25% in January 2023
In January 2023, Central and west Pune had a requirement and marketplace for all kinds of residence space choices for homebuyers, with flats below 800 sq ft dominating demand. The marketplace for over 2000 sq ft carpet space is just current in central and west Pune. Demand for flats in North Pune is majorly concentrated under 800 sq ft.
Under Rs 50 lakh flats account for 70% of demand in January 2023.
Apartments having a price of Rs 25- 50 lakhs dominated housing demand in January 2023 accounting to 38% of transactions, the share has dropped from 41% in January 2022. Rs 50 lakhs – Rs 1 crore accounted for 33% of market share in January 2023 making it second most popular ticket measurement, the demand share has risen by 4 proportion factors from 29% in January 2022.
Young homebuyers in Pune: 55% of homebuyers fall in 35- 40 years age group
Buyers within the age group of 30-45 years class had a share of 55%. Home patrons below 30 accounted for 23% share in Pune. While dwelling patrons falling within the age group of 45- 60 years accounted for 17% of market share.
66% homebuyers are from inside Pune
More than half the house patrons are situated throughout the Pune area accounting for 66% of the demand. Homebuyers from neighboring areas like Aurangabad account for 14% of the market demand. Mumbai and Navi Mumbai area account for 7% of the market demand. Demand from Nagpur and Goa area additionally recorded accounting to six% and 5% of the demand in January 2023.
The share of demand from outdoors Maharashtra is restricted to 1% in January 2023. Central Pune and West Pune stay the popular marketplace for all dwelling patrons. North Pune additionally information some demand from dwelling patrons in Goa, Pune and Mumbai.
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