Pune: According to a recent report by Knight Frank India, the sale of houses in Pune experienced a modest decline during the first half of this year, specifically from January to June. Notably, there has been a significant decrease in the sale of affordable houses, while the demand for medium and large-sized properties has surged. In total, 21,670 houses were sold in Pune during this period, with an average price increase of 3 percent.
The report highlights that house sales in Pune witnessed a year-on-year decline of 0.6 percent in the first half of the year. The major portion of homebuyers consists of migrant workers. Affordable houses, defined as those priced below Rs 50 lakh, accounted for 42 percent of total sales, a drop from 50 percent in the previous year’s first half. Meanwhile, the proportion of houses priced between Rs 50 lakh and Rs 1 crore increased to 46 percent of total sales, up from 41 percent last year. Furthermore, the sales of houses priced above Rs 1 crore saw a rise, representing 12 percent of total sales.
In terms of new housing projects, Pune witnessed a remarkable 22 percent increase during the first half, with a total of 21,234 houses in these projects. Pune stands out as the only metropolis in the country to achieve double-digit growth in the number of new housing projects. Additionally, the report indicates a 3 percent average price increase in houses across Pune.
With Pune being a prominent hub for the Information Technology (IT) industry and witnessing significant infrastructure development by the government, the city’s housing sector is gaining momentum. During the COVID-19 pandemic, IT companies implemented work-from-home policies, but now they are gradually calling employees back to the office. As a result, the report predicts an increased demand for houses in the vicinity of IT companies, particularly in Hinjewadi and Baner, in the near future.
