Gera Developments, a pioneer of the real estate business, has released the Gera Pune Realty Report for the period July 2013 to December 2013. The detailed report, an established industry benchmark, highlights the overall sense of controlled optimism seen in the Pune real estate market for the numerous projects at various stages of construction across the Pune metropolitan region.
The systematic breakup of the report reflects the growth of the market from 209,521 units spread across 1,813 projects as on December 2012 to 262,438 units spread across 2,335 projects in December 2013. The overall market has grown by 56.7 per cent in the last two years, from 167,460 units in December 2011 to 262,438 units in December 2013.
“The Pune residential market on the whole seems to be in equilibrium and this has contributed to the increase in prices. The market expansion of only 4.12 per cent in the second half of 2013 as compared to an expansion of 20.3 per cent in the first half indicates that developers have slowed down project launches in light of the large number of launches in the first half of the year as well as the marginal reduction in off take of newly launched projects,” said Rohit Gera, Managing Director, Gera Developments. “It is this approach that has given the market a sense of controlled optimism as far as the supply side is concerned. Last year we predicted an increase of 13-17 per cent in the average market price and the year ended at 14.13 per cent. This year our prediction range is widened to 13-18 per cent.”