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Home Business

Demand for housing in Pune to grow by 9.6 percent in 2022, while supply grows by 0.4 percent

Vijay Naik by Vijay Naik
10/01/2023
in Business
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Pune: Demand for residential properties in Pune grew by 9.6 percent YoY and 3.2 percent QoQ, while supply grew by 0.4 percent YoY and 4.2 percent QoQ, Magicbricks’ PropIndex (October-November) 2022 report said. is According to the report, average property prices in the city increased by 4.0 per cent YoY and 1.5 per cent quarter-on-quarter, while demand for ready-to-move-in apartments grew by 2.6 per cent quarter-on-quarter.

Home buyers tend to purchase affordable, affordable homes and 2 BHK continues to dominate the residential housing market in the city. Such houses received 47 percent of the demand, while the supply was 50 percent. Besides, town planning schemes and infrastructure projects like High Capacity Mass Transit Route (HCMTR) and Pune Metropolitan Region (PMR) Ring Road will boost supply and demand.

Commenting on this trend, Sudhir Pai, CEO, MagicBricks said, ‘2022 saw residential housing demand, supply and prices return to normal, making it a good year for both under-construction and ready-to-move-in homes. Developers also focused on launching their new projects as well as completing ongoing projects as consumers showed enthusiasm for home buying despite a sustained rise in home loan rates and repo rates last quarter. We expect overall demand for residential housing to remain consistent in 2023.’

According to the report, customers showed interest in places like Wakad and Baner in the western part of Pune due to their proximity to IT hubs, physical and social infrastructure, connectivity to the city through public transport.

The report also noted that demand for residential housing across 12 major Indian cities tracked by Magicbricks has grown at a 19 percent annual rate.

Tags: Business newsDemand for Pune housesIncrease in demand for houses in Punepune real estateReal estatereal estate in punereal estate investmentReal Estate Sector
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