Pune Has The Highest Sale In The Country Beating The Real Estate Blues
By Investoxpert | 21 Dec 2020 | Real Estate News
As the state government reduced the stamp duty and the pending demand leads to the main points for the cheerful sale in the city of Pune.
The real estate data analytics company collected some data and shred showing that the cities like Bengaluru, Hyderabad, Chennai etc. were outshined by the sales of Pune. It crossed the past sales and becomes the top city to have the highest sales.
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Regardless of the pandemic Covid-19 and the recession in the Indian economy, Pune still manages to have good number of sales in real estate industry. This gives the signs of better results in the New Year. Estimating the current quarter, Pune showcases the highest sales of tenements in the country. The main reason behind this is considered to be the lowered stamp duty and pending demands.
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Present year 2020, the third quarter Pune shows a great jump with 9,412 units sold as compared to 5,503 units sold in the second quarter. Registered sales of 9,057 units in Thane, Bengaluru had 5,663 sales and Hyderabad reported 4,295 sales respectively.
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But it is not about just the sales Pune has seen the highest number of new project launches too. In the second quarter of 2020, there were just 3,706 units launched in the city as compared to 7,563 units in the third quarter. If we talk about other cities, there was significantly lower number of launches.
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It has been surprising for all, as the trend that is shown by Pune is completely out of the thought results. The sales and launch figures are amusing despite of the pandemic. As per the realtors, there are considering the major reason for this to be the pent up demands and various relaxations given by the state government.
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The branch director of the real estate consultancy firm Knight Frank India, Paramvir Singh Paul stated that Thane and Pune have been the top two destinations in the country. Adding to it, Pune is shown the strong real estate sales and biggest catalysts considered for this is the 300-bps reduction in the stamp duty. Not only this, several other reasons have also contributed such as reduction of home loan rates to historic lows, demand for upgrading to a larger house, pent up demand of 2 quarters and direct/indirect discounts offered by developers in the festive season of Navratri-Dusshera-Diwali. Creating an opportunity for the buyers and the investors to buy their dream property.
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It is been observed that most of the sales took place in the segment of small sized flats of 600 Sq. ft -750 Sq.ft carpet area. They fall in the price bracket of Rs 35-70 Lakhs. Kohinoor Group’s Managing director Vineet Goyal said that the up rise in the sales showed the change in sentiments of the home buyers. There has always been a good demand for housing and Real estate developers have been actively working to bring the right product with right price.
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