Monthly Watch: New Launches, Home Sales Fall In Pune
In January, figures on both new project launches and home sales moved upwards on a month-on-month basis. New launches in the city increased 166 per cent in January month-on-month while home sales increased 53 per cent during the same period. The story in February, however, is different.
According to a PropTiger DataLabs report, new launches in February declined 76 per cent over January; home sales figures, too, fell nine per cent in the same period. When compared to the same month last year, new launched fell 70 per cent while home sales figures went down 35 per cent, data show. The downwards movement was also witnessed in prices. According to the report, there has been a three per cent fall in Pune property prices in the past one year.
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Selling like hot cakes
Localities that contributed the most to the monthly home sales in Pune in the month of February are Undri, Wagholi, Wakad, Ravet and Mundhwa, in that order. These localities offer housing options in mid and premium segments. For instance, average property price at Wakad, according to PropTiger DataLabs, is Rs 5,700-6,400 per sqft while property at Ravet is priced at Rs 4,800 per sqft. Property can be bought for Rs 5,200 at Mundhwa, for Rs 4,450-4,550 at Wagholi and for Rs 4,400-4,550 at Undri.
Ready to roll
Developers who will be building new residential projects in Pune include Oxford Properties, Namrata Group, Saakshi Group, Sahil Developers and Saarrthi Group. These upcoming offerings are spread across categories. Some 100 apartments at Saarrthi Group's upcoming project Savvy Homes at Hinjewadi will be offered at an average price of Rs 3,332 per sqft. The 58 apartments at Sahil Developers Pride project at Kondhwa are also priced at Rs 3,800 per sqft. Similarly, At Ravet, Saakshi Group is launching its new project Parvatara and will sell 110 units for Rs 4,200 per sqft. Units at Water Colour Residence, a project by Oxford Properties at Mundhwa, will be sold for Rs 5,500 per sqft and apartments at Life 360, a project by Namrata Group at Rahatani, are priced at Rs 5,400 per sqft.
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