Monthly Watch: New Launches, Home Sales Fall In Pune

A month after Prime Minister Narendra Modi declared currency noted of high-value denominations illegal, property markets across India are seen reeling under the impact of the move, primarily aimed at curbing corruption and use of unaccounted money.

Maharashtra's cultural capital Pune, which has been registering a healthy growth so far, was resilient either. According to a PropTiger DataLabs report, new project launches in the city fell 73 per cent in December last year over the previous month. On an annual basis, there has been a decline of 80 per cent.

A similar trend was seen in terms of home sales. While there has been a 41 per cent month-on-month decline in home sales in December, the annual average stood at 64 per cent. Property prices, on the other hand, witnessed an increase of two per cent on an annual basis during the month.

Developers who launched new projects in Pune in December include Aryavart Developers, Axis Lifespaces, Banka Infracon, Nirvaan Homes and Rohan Builders Pune. Properties at these projects are priced between Rs 3,200 per square foot (sq ft) and Rs 5,850 per sq ft.

Localities that contributed the highest to monthly sales include Undri, Wagholi, Moshi, Wakad and Chikhali, in that order. Property in these localities is found in the price band of Rs 3,500 per sqft to Rs 6,500 per sqft.