Housing sales up 7 pc in Jan-Jun in Pune; unsold inventories at 9-year low: Report

However, sequentially compared to H2 20 the offtake has come down by 9 per cent, said Gera Developments, which has been releasing this research report since 2011.The report highlighted that the total number of ongoing projects has dropped significantly from a peak of 3,733 projects in June 2017 to 2,730 in June 2021.The inventory available for sale has also reduced to 59,244 units.

Housing sales in Pune increased by 7 percent during January-June 2021 to 40,669 units as compared to the same period last year on better sales in the initial three months driven by stamp duty reduction by the state government, according to realty firm Gera Developments.

The company released its bi-annual report 'The Gera Pune Residential Realty Report' at a virtual press conference.

The new supply of housing units rose 26 percent to 26,611 units during the first half of this calendar year as against the year-ago period.

Housing prices increased by 3.73 percent in the 12 months ended June 2021.

''Comparing sales velocity in the 1st wave Covid period (H1'20) to the 2nd wave Covid period (H1'21), one can clearly see that there is an increase in offtake of 7 percent. ''However, sequentially (compared to H2 '20) the offtake has come down by 9 percent,'' said Gera Developments, which has been releasing this research report since 2011.

The report highlighted that the total number of ongoing projects has dropped significantly from a peak of 3,733 projects in June 2017 to 2,730 in June 2021.

''The inventory available for sale has also reduced to 59,244 units. This is a reduction of around 21 percent from a year ago. This level of inventory is at a 9-year low,'' it added.

Assessing the percentage of inventory available for sale indicates that 79.5 percent of the total inventory has been sold. At 20.5 percent, the unsold inventory is the lowest level seen in the last 9 years.

''The market has been in an ongoing state of consolidation, the total number of projects being launched has come down...projects with over 500 units have increased their market share,'' Gera Developments MD Rohit Gera said.

He noted that cash-strapped developers are finding it harder to sell in the current scenario.

''Looking forward, we believe that the price rise we have seen in the past one year will gain momentum and we will see further rises shortly. ''Most of this price rise will be on account of the decrease in inventory. Whenever demand outstrips supply, we see prices rise,'' Gera said.