Pune hit back after the post-covid period with a major increase in residential demand and a record-high introduction of a series of projects. As per a survey conducted by sources it has been revealed that a total number of 84,200 projects were introduced entering a new phase. The real estate sector in Pune witnessed an all-time high in the last part of 2022, as per information released by Anarock.
In the post covid period, Pune’s real estate industry has bounced right back after an interim slump of real estate all across the country. As the newest data finding records an enormous growth rate of 54% in the above-mentioned time period. From an analogy, a study has been concluded that in 2021 a total unit of 46,080 was completed while in 2022 a record breaking 84,200 units were completed. This increasing number of projects in 2022 was in a similar trajectory in seven cities of the Mumbai Metropolitan Region (MMR), Delhi-NCR, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.
As per a survey conducted on city-wise findings Mumbai Metropolitan Region alone had managed to show a growth projection of 1.26 lakh units, Delhi-NCR a record worthy 86,300 projects, and in Pune a total of 84,200 projects. The survey signifies two aspects, the first being that the slowdown of the real estate industry in most parts of the city during the covid time has showcased an upward trajectory. Secondly, Pune has seen a high spike in the completion of new projects and demand compared to other major metro cities.
A total of 5.44 lakh real estate projects are highlighted to be completed in the timeline of the year 2023 as sources revealed. Moreover, as industry experts have estimated the year 2022 was a time-changing phase for the Indian residential industry reaching its peak sales in 2014. Also, all the renowned developers are in the process to work relentlessly and target to complete all pending projects and launch new ones.
This sudden rise in the sale of residential units came at a time of appreciation in mortgage rates. Despite this and many other factors, the sale of residential avenues did not fall down in the year 2022. The price and payment plan for most of the project have reached an estimation of 4 to 7 percent affected by the increase in input cost. However, in the same year, the Pune city experienced an explosive rise of 54 percent which can be compared with the sales of 2014.
As correctly defined by the Anarock Group Chairman it has been stated that in 2022 the year of the comeback for the residential sector it continued to expand and outperformed even under the pressure of property prices, interest rate hikes, and geopolitical tensions. Moreover, as other sources mentioned, the data on unsold inventory units drastically declined to 1 percent in the December quarter across the 7 metro cities including Pune.
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The region of Mahalunge, Pune is one of the hotbeds for residential projects in the city. Driven by many lucrative features it presents itself as the most ideal location for investment. Located in close proximity to Hinjewadi, Baner, and Wakad the region is a gourmet of advantages and opportunities. The location is also known as the Mahalunge Hi-tech City, the town planning according to modern planning. The Mumbai-Pune Highway is also within the vicinity and access to premium infrastructure is its finest.
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