Pune’s real estate market continues to recover, with the highest number of residential and office spaces being reported in the city in the third quarter of the current calendar year, property consultant Knight Frank said in a statement on Monday.
According to the report, Pune’s residential market sold 9,565 units this quarter, a growth of more than 100 per cent compared to 3,821 units sold in the April – June quarter of this year. Quarterly sales from July to September were 117 percent higher than sales in the same period in 2019.
8,615 new units have been introduced in the region, a growth of 28 per cent compared to the previous quarter and 77 per cent more than in the third quarter of 2019.
Office space absorption in the city increased with the transfer of 0.09 million square meters this quarter. This is an increase of 549 percent compared to the previous quarter, adding 0.23 million square meters to office units. However, rental prices for office space in Pune remained the same this quarter.
Nationwide, nearly 43 per cent of residential sales are worth Rs. Less than Rs 50 lakh, 35 per cent of the sales were Rs. 50 lakh -1 crore. During the quarter, there was a slight decline in the former and a slight increase in the latter.
Rajani Sinha, Chief Economist and National Director, Knight Frank India, said, “Pune is home to many immigrants from across the country. Apart from being an IT hub, it also has more than 400 manufacturing plants in Chinchwad alone. Mercedes Benz, Bajaj Auto, Mahindra, Tata Motors and many more have their manufacturing plants in the suburbs of Pune, making it one of the largest manufacturing centers in Asia. The epidemic has finally subsided, the economic situation has improved and city office space is likely to continue the strong demand momentum seen in Q3 2021.