Housing sales in Pune records highest quarterly
Housing sales in Pune record highest quarterly rise of 13% amongst the top 7 cities. With 14,100 residential units sold in Q3 2022, Pune accounted for 16% of overall housing sales across the top 7 cities, placing it third in terms of absorption. Pune saw the highest quarterly growth in property sales among all the 7 cities, rising by 13%, however the yearly sales numbers have increased by 43%.
ANAROCK Property Consultants Pvt. Ltd. shares their overview about the Pune real estate market
Within Pune, the housing sales in Q3 2022 were predominant in the West and North Pune each contributing 36% and 34% to Pune’s total sales. The share of East Punehousing absorption remained constant like the prior quarter at 20%. Central Zone of Pune saw the lowest home sales in the current quarter, accounting for 1% of total sales.
Launches :
Besides Hyderabad, Pune is the only other city amongst the top 7 cities to see a drop in new launches against Q2 2022. Pune witnessed 14,700 new unit launches in Q3 2022, accounting for third highest percentage of new supply (16%). In comparison to previous quarter, the city saw a 11% decline in new launches, but a 43% annual growth is registered.
A closer look at the zone wise residential supply of Pune indicates that West Pune with a quarterly rise of 21% saw the highest number of launches in Q3 2022, accounting for 38% of the total. North and East Pune launched the next highest new residential units, individually launching 28% and 26% units.
With around 140 units, Central Pune saw 1% of the city’s new launch activity in Q3 2022. With a share of 52%, residential units in the mid segment saw the highest activity in new launches this quarter. Luxury and ultra luxury were the least active budget segments, accounting for 6% and 2% of total supply in Q3 2022, respectively.
Available Inventory
Pune registers the highest drop in inventory overhang on a quarterly basis, besides NCR. As of Q3 2022 end, almost 1.02 Lakh residential units are available for sale in Pune, accounting for 16% of the total available stock across the top 7 cities. Pune’s available inventory increased by 1% on a Q o Q basis and 4% on yearly basis.
North Pune, out of all the zones in Pune, has the highest available stock, at 38%, followed by West Pune, at 33%. Lowest available inventory is stocked up in Central Pune (1%) and South Pune (7%). Majority of housing units in the city’s available inventory are concentrated in the mid segment, contributing 45% of the total. Affordable housing segment saw the second highest available stock, with 26% units. Pune has an inventory overhang of 23 months by the end of the third quarter of 2022, a 3 month decrease from the previous quarter.
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