Pune’s residential real estate sector sales improved in first nine months of 2019, says report
A recent report suggests that the residential real estate sector sales in Pune performed better in the first nine months in 2019. Released on Wednesday, the recent study by property consultant JLL claims that almost 33 percent of the residential launches in Pune were in locations such as Wakad, Mahalunge, and Balewadi.
The report says, “Strong growth in office real estate in Baner-Balewadi has been driving residential demand and launches in its vicinity”. Moreover, the price appreciation on a year-on-year basis has remained at about three percent at the end of September 2019.
The report also asserted that Kharadi, Keshav Nagar and Wagholi are other areas where residential markets are thriving apart from above-stated areas. The report also adds that the Micro markets of the Mahalunge, Wakad, and Balewadi are expected to witness a spike in demand soon in the residential sector.
Furthermore, Keshav Nagar and Maundhwa saw growth in its residential markers due to its close proximity to the corporate hubs like Kharadi and Magarpatta. The built stock in this area is about 35 million square feet with a vacancy level below five percent. The report also stated that about 28 million sq ft is under planning in the Kharadi, Mundhwa and Nagar Road.
The western corridor that lies around Bavdhan and Wakad has a built stock of around 31 million sq ft with vacancy levels below two percent. Furthermore, the future stock under planning is about 25 million sq ft that lies within Hinjewadi, Mumbai-Bangalore Highway, Balewadiand Naded and Baner.
Despite the general slowdown, Pune’s residential sector is reflecting a considerable growth.
At a time when there are 4.54 lakh delayed or stalled residential units in the top seven cities in India, Pune is performing exceptionally well. As per the recent developments, the residential sector of Pune is expected to continue growing at a significant space.