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Revival signs in Pune real estate industry

Pune region has clocked sales of 37,218 units in 2021, reveals the half yearly report of property consultant Knight Frank. The report highlights that Pune witnessed 2.7 million square feet of office space transactions in the second half of 2021 with the highest YoY growth during the period among the top eight cities. Pune’s residential real estate industry has reported 38 per cent growth on a year-on-year (YoY) basis in 2021.

New launches, the report said, rose by 16 per cent with the addition of 40,489 units last year. The second half of the last year saw the finalising of 19,744 units while 70 per cent of the office space transaction was done in the second half. The average deal size increased by 11 per cent YoY to 58,685 sqft in H2 2021, compared to H2 2020.

On the rentals front, the city witnessed a marginal rent increase of 3 per cent quarter-on-quarter (QoQ) during Q4 2021. The BFSI sector emerged as the main driver for the Pune office market with a transaction share of 35 per cent, followed by manufacturing and co-working with a transaction share of 19 per cent & 18 per cent respectively in H2 2021.

In the residential segment, Pune witnessed sales of 19,744 housing units in H2 2021. The total number of home sales in CY 2021 was seen at 37,218, making Pune the third largest residential market in the country. The average price level was reported to be INR 4,000 per sq ft.

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