{"id":14192,"date":"2022-12-23T10:50:57","date_gmt":"2022-12-23T05:20:57","guid":{"rendered":"https:\/\/bhatnagars.co.in\/?p=14192"},"modified":"2022-12-24T18:05:54","modified_gmt":"2022-12-24T12:35:54","slug":"pune-real-estate-2022-review-indicators-for-2023","status":"publish","type":"post","link":"https:\/\/bhatnagars.co.in\/pune-real-estate-2022-review-indicators-for-2023\/","title":{"rendered":"Pune Real Estate 2022 Review & Indicators for 2023!"},"content":{"rendered":"

As the year draws to a close we reflect on the current state of the real estate market here in Pune with indicators therein giving some predictions for the coming year.<\/p>\n

Top Trends that Shaped India’s Housing Market in 2022<\/strong><\/p>\n

The year 2022 was a phenomenal year for the real estate sector, particularly the residential segment. Going by housing sales currently and in the first three quarters this year, 2022 will have breached the previous peak of 2014 with all-time high sales across the top 7 cities. Latest ANAROCK data projects total sales in the top 7 cities to exceed 3.6 lakh units in 2022 (in 2014, the previous peak year, 3.43 lakh units were sold.)<\/p>\n

Pune’s residential real estate market again proved its strength in 2022 as demand increased convincingly after the pandemic. Even during the lockdown periods of 2020 and 2021, interest in buying homes in Pune remained strong but the true demand potential emerged only once people were free to visit sites again.<\/p>\n

The interest rate hikes by the RBI in 2022 did result in demand pulling back to some extent, but this was temporary. Pune’s developers compensated as best as possible with cost-easing measures for customers by partially or fully waiving some of the statutory fees.<\/p>\n

Rental demand explodes In Pune mid 2022<\/strong><\/p>\n

With more companies calling their employees back to the office, at the very least in the hybrid model, rental demand rose again after softening considerably during the worst of the pandemic. Rental market demand not only breached pre-pandemic levels but surpassed them, and many housing societies have few or no vacancies. Rentals rose 20-25% against pre-pandemic levels on average, with some of the more popular societies seeing more than 30% increase.<\/p>\n

Residential rental markets across the top 7 cities have made a strong comeback after offices and schools reopened in 2022. Analysis of the average monthly rental trends across the leading luxury localities in the top 7 cities reveals that most markets have saw double-digit growth in the last two years, with only a few exceptions.<\/p>\n

As per latest ANAROCK data, the average monthly rentals in the prominent luxury micro-markets across the top 7 cities increased anywhere between 8-18% in the last two years. Mumbai\u2019s Worli saw the highest rental growth of 18% in the period \u2013 from INR 2 lakh per month in 2020 to INR 2.35 lakh in 2022 for luxury homes of minimum 2,000 sq. ft. area. Anuj Puri, Chairman \u2013 ANAROCK Group, says, \u201cResidential rental demand skyrocketed across the top cities in 2022 with schools reopening classrooms and most companies calling employees back to offices. Pent-up rental demand hitting the market has caused a demand-supply mismatch in many areas, resulting in monthly rental hikes. Also, post-Covid tenant preference has tilted towards large-size homes.\u201d<\/p>\n

\u201cMost prominent luxury housing markets witnessed double-digit growth in rentals in the last two years,\u201d says Puri. \u201cPre-Covid, average 2-year luxury rental increases at a given time were largely single-digit, between 5-7%.\u201d The luxury residential market has been on an upswing post the pandemic, with its overall sales share growing to about 14% in H1 2022. Even demand for rental luxury properties is on a high, resulting in growth in average monthly rentals. Pune \u2013 the rentals in Koregaon Park rose 14% in this period. Indeed we saw that in the popular branded societies, rental properties did not last a week on the market! After covid times it became super fast times \ud83d\ude0aDiscover here Top Residential Property for Rent in Pune | Bhatnagars Realtors<\/a><\/p>\n

The real estate market of Pune is in the blooming stage. Top builders namely: Goel Ganga, Panchshill, Godrej Properties, Kolte Patil Developers, Lodha Group, Pristine Properties, Kumar Properties etc. have their numerous projects that add up to the excellence of Pune. The market is expected to see a rising graph on both residential as well as commercial fronts, so much so that in coming years it will surpass the average of overall residential sales in the last five years which makes it the ideal time for investing in real estate! Here are some of the headlines that are testament to Pune\u2019s sustainable real estate value:<\/p>\n

Headline Deals in Pune in 2022 include:<\/strong><\/p>\n