Pune real estate market hit hard by corona, sales tank
New Delhi: The Pune real estate market has been hit due to the corona virus pandemic and the sales of residential properties is down 15 percent in the fourth quarter of the fiscal 2019-20 as compared to same period of previous fiscal.
Only 15,523 homes were sold in the fourth quarter of 2019-20 fiscal as against 18,158 houses in the same quarter of the previous fiscal, according to a report by property portal Proptiger.com
Even on quarter on quarter basis, the houses sales dropped 3 percent. Around 16,071 houses were sold in the third quarter (Oct-Dec) of fiscal 2019-20.
However, the scenario was better when it came to inventory reduction. The unsold stock of homes dropped about 11 percent in the March quarter of 2020 as compared to the corresponding period of 2019. As many as 1,38,781 houses were left unsold at the end of the March quarter of 2020 as against 1,55,828 homes at the end of same period of 2019.
Even on quarter on quarter basis, there has been a reduction in the stock of unsold homes. The unsold stock stood at 1,47,210 homes at the end of the third quarter (Oct-Dec) of fiscal 2019-20.
About a third of all the homes sold in the city in the fourth quarter of fiscal 2019-20 was of houses priced between Rs 25 lakh and Rs 45 lakh. Around 29 percent sales were of homes priced less than Rs 25 lakh. About 26 percent of the sales was of homes priced between Rs 45 lakh and Rs 75 lakh. Around 7 percent sales were of home priced above Rs 1 crore.