Pune Skips Ahead of Mumbai in Property Sales
A national survey conducted by Liases Foras, a real estate research firm, revealed that Pune has grown more rapidly in property sales when compared with Mumbai Metropolitan Region (MMR) in the recent times.
In the quarter ending April 30, 2014, Pune recorded a 22% rise in property sales when compared to the previous quarter. MMR, in comparison, grew at 16% in the same period.
According to the survey, while Chennai registered a growth of 8% in property sales, Hyderabad, Bengaluru, and Delhi garnered drops of 24%, 7%, and 1% respectively, when compared to the previous quarter.
Segments Where Property Sales Grew
In Chennai, the two cost brackets that witnessed maximum new sales were the Rs 25 lakh-to-Rs 50 lakh (35%) and Rs 50 lakh-to-Rs 1 crore brackets (32%). The luxury segment saw maximum new sales in the Mumbai and Delhi markets, while the affordable segment came up trumps in the Pune market.
The prices have remained stable in Chennai. While Bengaluru, Hyderabad, and Pune have shown no signs of price appreciation on a quarter-to-quarter basis, the prices have increased by 5%, 10%, and 9% respectively, on a year-to-year basis.
Why an Increase in Property Sales in Navi Mumbai
Ravi Patil, director, Mangalmurti Construction attributed affordability, which he calls the main factor, the work on the Navi Mumbai international airport, and the good infrastructure condition as the three factors behind the rise in property sales in Navi Mumbai.
Why the Overall Surge in Property Sales
Boman Irani, Chairman, Rustomjee Developers, says this phenomenon of people suddenly starting to buy homes isn’t unnatural. He calls this a cyclic process, where people wait and gauge at the developments in the real estate market before arriving at a decision.
Developers have also contributed to this phenomenon by being willing to negotiate and give buyers freebies.
Source: DNA
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