Gudi Padwa: Pune real estate market expects surge in sales

As Pune’s real estate market experiences a surge in home sales momentum during the auspicious occasion of Gudi Padwa, developers are optimistic about increased bookings and registrations despite temporary closures of registration offices. With an estimated 12,000-19,000 units sold between January and March, the city anticipates a further uptick in housing sales during the festive period.

“Gudi Padwa is traditionally a favoured time for homebuyers to finalize their deals, and we expect to see a rise in both home bookings and registrations,” stated Ranjit Naiknavare, president of Pune’s Credai chapter. Despite the closure of registration offices on Tuesday, developers are prepared to meet the demand from eager buyers looking to invest in properties during this auspicious period.

While there has been a shift in the mindset of younger homebuyers regarding auspicious possession dates, some still prefer to take possession on significant days like Gudi Padwa. This was evident in the rush observed at registration offices on Monday, as individuals sought to complete their transactions ahead of the festival.

Pune’s real estate market is not only witnessing robust sales in mid-range housing but also experiencing growth in luxury and premium segments. Data from Knight Frank indicates a notable increase in sales of properties priced above Rs 1 crore, reflecting a growing demand for upscale housing options in the city.

Despite challenges posed by temporary closures and evolving buyer preferences, Pune’s real estate sector remains resilient, with developers optimistic about the market’s growth potential in the coming months.