Pune Affordable Housing Segment Demand Increases, Anarock Property
Pune Affordable Housing Segment:As many as 16% of the new launches in Pune between January-September this year were in the below-Rs 40 lakh price category, falling under the affordable housing segment.
With this, Pune has joined the ranks of Bangalore, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) that have recorded 16-19% of their new launches in the category till September this year, a study by Anarock Property Consultants has revealed.
The affordable housing segment has been driving a majority of the sales in the current market scenario. Specifically flats within the Rs 50 lakh or below price range have seen maximum traction. Given the demand profile, developers have also turned their attention to this budget category, which shows the highest business sustainability for the next 1-2 years at least, chairman of Anarock Property Consultants, said.
As many as 7,020 units under Rs 40 lakh price range were launched in Pune Till September. Of these, 1,470 were absorbed while the rest (5,550) remained unsold. When it comes to number of units sold, MMR and Pune emerge at the top, the study stated.
About 52% of the new launches across the top Indian cities were in the below-Rs 40 lakh category, reflecting the market’s response to this segment this year, the study said.
As per the study, Hinjewadi and its surrounding areas remain the upcoming main pockets for sub-Rs 40 lakh price units in Pune.
Developer in the affordable housing sector said it will be interesting to see the link between the reduced ticket size and the area of units proposed and covered under the survey. “If it is a correction in prices, it’s a good sign for buyers but if it’s smaller units then buyers will see the price value proposition before making decisions,” he said.
Besides these cities, the skyrocketing property prices, land saturation and subdued demand for mid-range homes in the tier-I cities have led buyers and investors to explore more cost-effective markets in non-metro (tier-II & III) and suburb cities, the report stated.
The report stated cities like Jaipur, Chandigarh, Amritsar, Sohna, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam were witnessing more movement in the real estate sector.
For Pune too, the Pune Metropolitan Regional Development Authority region offers much more for the affordable housing segment. PMRDA officials said town planning projects will see many of the affordable housing projects coming up.
CREDAI Maharashtra president said these areas will be explored. “We have to move beyond the city areas now,” he said.
Source Link- https://timesofindia.indiatimes.com/city/pune/rising-demand-for-homes-in-the-affordable-segment/articleshow/61810862.cms