Housing unit sales grow by 12% in Pune in 2021: Gera Pune Residential Realty report

On Jan 10, 2022

Pune : NpNews24 Online – In all, 92,896 housing units were sold in Pune in spite of the second wave of pandemic in 2021. Pune registered a growth rate of 12% in comparison to 2020. This indicates a gradual uptick in sales of residential properties in Pune. This has been observed in ‘The Gera Pune Residential Realty’ report.

Gera Developments MD Rohit Gera presented the report in an online press meet. Housing projects within a periphery of 30 km from the city centre have been considered in the study.

There was a big jump in the housing unit sales in 2021 as compared to the previous year. It has reached the pre-Covid level. In 2020, 82,727 units were sold while it was 94,383 in 2019, stated the report.

Housing units supply also increased considerably in 2021. Many housing projects were delayed due to the pandemic and the ensuing lockdowns. Developers have mitigated the shortfall in the market in the second half of 2021.

Around 61,151 new housing units were made available. This growth was 48.5% as compared to the second half of 2020.

The report says that the residential property sector got a big boost in the second half of 2021. Residential property prices grew by 5% in the city in 2021 as compared to rates in 2019. Housing unit costs rose by 6.5% in the new phase of construction projects.

There was a substantial increase in construction costs. Cement rates grew by 27% while steel became dearer by 24%. Other construction material rates also shot up. This has put pressure on profit margins of developers. This is likely to result in price hike of housing units, stated the report.