Pune property registrations slump despite strong demand

NEW DELHI: Property registrations in Pune dropped 11 per cent in November despite strong demand in the market.

Real estate consultant Knight Frank India revealed on Saturday that the city recorded 13,371 property registrations, generating Rs 475 crore in revenue, against 14,988 units during the same period last year.

The registration also saw a significant decline of 36 percent compared to the previous month of October, which recorded 20,894 units.

Shishir Baijal, chairman and managing director at Knight Frank India said, "Pune's property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions".

Rohit Gera, managing director of Pune-based Gera Developments, said that the drop in November registrations was a result of sales made in September.

"There has been a marginal slowdown in sales as a result of increased prices as well as increased sizes of homes, taking the total home prices to the boundary of affordability. The other reason for the month's slowdown in numbers could be because of the change in dates of the festive season each year,” Gera said.

He further added that it would take some months to comment on whether it is an aberration or a trend.

InfraMantra Director and co-founder Garvit Tiwari also commented on the decline, "The drop in property registration in Pune in November is not symptomatic of any weakness in the market".

He stated that the market continues to exhibit strong demand from property seekers, and any decline may be due to the high base effect. Additionally, the previous year marked a boom for the housing market, with record-breaking property sales across Indian cities.

"Strong infrastructure growth, affordability, employment opportunities and homeownership sentiments have been the strong drivers for the Pune housing market," he said.

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