The pandemic with people stuck at home has underscored the aspirational nature of homes. The sustained growth in premium and luxury segment during these challenging times also indicates the depth of the market where the willingness of people to upgrade and buy a more premium product has been revealed. With new project launches at unprecedented lows, there are constraints on the supply side while demand remains robust. These dynamics have played out with property prices rising by 3.73% in the last 12 months. We are all seeing a rapid increase in the ability of reputed developers to launch large projects and capture a share of the demand. The number of projects that sold more than 500 units has increased significantly in the last 24 months. We believe that supply is due to come in the near term and prices while maintaining their upward bias will moderate and consolidate in the medium term.
The Gera Pune Residential Realty Report is a bi-annual initiative by Gera Developments that is aimed at garnering insights on both the supply and demand sides of the residential realty market in Pune. This census-based study uses feet on street methodology of data gathering and covers the Pune Urban Agglomeration area. The data is then validated and statistically analysed. What started, as a knowledge gathering initiative in 2011 has now become something that realtors, IPCs, Research Houses, Brokerage Houses and Banks & Financial Institutions look forward to. Besides a broad overview of inventory available, off-takes and prices, the report dives deeper to mine insights by price segment, sq. footage, construction stage and size of unit.
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