After lukewarm months, real estate sector hopes for something to celebrate
The real estate sector may still be largely sluggish, but Pune realtors are a hopeful lot this festive season. Part of their optimism stems from the fact that the city has seen a 20 per cent year-on-year increase in sales in the third quarter of 2018. In its recent report, real estate consultancy firm Anarock has noted that Pune is one of the few markets in the nation where real estate sales have picked up. In fact, Pune has also seen the third highest increase in sales across the country after Bengaluru (26 per cent) and the Mumbai Metropolitan Region (23 per cent).
As many as 9,292 tenements have been sold between July and September, as against the 7,736 tenements sold in the same period last year.
In the third quarter, the city has also seen 7,876 new launches, 21 per cent more than the 6,232 launches in the same period last year. In the period between April and June, the number of unsold real estate units was 92,030 tenements, while 8,400 tenements were sold, and 6,900 new units were launched.
The higher sales in Mumbai and Pune can be attributed to the efficient implementation of Real Estate (Regulation and Development) Act, 2016 (RERA) in the state, said Anuj Puri, chairman of Anarock Property Consultants. Surveys also suggest that instead of launching new projects, developers are now focusing on completing existing projects due to the stringent penalty clauses under the RERA Act. Most of the new projects, meanwhile, are in the affordable housing sector.Now, Pune realtors are hopeful that the festive season will give them a much-needed boost in the sector.