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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.
