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Punesees stability in property prices in Q3-14(July-September) over Q2-14 (April-June): according to 99acres Insite

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Pune (Dec. 02, 2014): 99acres.com Insite is a quarterly report focusing on buying and rental price trends in residential real estate across 7 major cities of India. According to this report,in Pune, the residential property prices per square foot have seen growth of 3% in Q3-14 as compared to Q2-14.The annual comparison shows a appreciation of 11% in per square foot when this quarter is compared to the same quarter of the previous year. 

Rentals of a 3 BHK house have also witnessed appreciation with yearly comparison showing 4% jump in Q3-14 as compared to Q3-13.

Commenting on the report, Mr Neeraj Sharma, Senior Vice President-Sales, 99acres.com, said, “The uptrend can be credited to the fast-tracking of the Delhi-Mumbai Industrial Corridor, which gave a fillip to the industrial hubs, thereby creating job opportunities. Establishment of business parks and improvement of civic infrastructure in peripheries are the other factors contributing to the growth of real estate in Pune.”

Price Analysis:-
The highest appreciation in the city was registered in Moshi (12%). This was due to its proximity toPimpri-Chinchwad, Pune’s industrial hub.  Being a premium address and having limited land banks, the Boat Club Road witnessed appreciation of 7% in Q-o-Q comparison and 6% in yearly comparison. At the same time, Koregaon Park, a prime locality with easy accessibility to the airport, railway station and the IT hubs, recorded 6% appreciationin Q3-2014 as compared with Q2-2014 and 29% in the previous year.

Pimpri Chinchwad, Wakad and Bavdhan recorded a 4% hike each in the Jul-Sep 2014 quarter. Their year-on-yeargrowth was also robust at 9%, 30% and 7%, respectively.Baner recorded 3% growth in the September ending quarter of 2014 due to the presence of IT companies which has conventionally spearheaded the growth. Also, the growth of the Pune periphery due tosky-rocketing property prices inthe mainland has led to real estatedevelopment in Wagholi that grew tothe tune of 1% in Q3.

 

Localities’ showing maximum increase in capital values (price per square foot) in Q3-14 over Q2-14

Locality

Per cent Increase

Moshi

12%

Pimpri

8%

Boat Club Road

7%

Ravet

6%

Koregaon Park

6%

 

Localities’ showing maximum loss in capital value in Q3-2014 over Q2-2014

Locality

Price Decrease

Erandwane

-13%

Market Yard

-8.2%

Katraj Kondhwa Road

-7.3%

Pashan

-6.20%

Katraj

-6%

 

Annual Rental Analysis (Q3-14 vs Q3-13):
The rental market in Wadgaon Sheri appreciatedby 20% in the last one year due to good social and civic infrastructure, andproximity to airport and railway station. Also, Pimple Gaurav saw rental values rising by20% between Jul-Sep 2013 and Jul-Sep 2014. Whereas, Senapati Bapat Road saw a decline in rental values from Rs 21 per sq ft in Jul-Sep 2013 to Rs 17 per sq ft in the samequarter this year.

Localities showing maximum increase in rentals of a 3 BHK house in Q3-2014 over Q3-2013

Locality Name

Percentage Increase

Boat Club Road

29%

Bibwewadi

20%

Pimple Gurav

20%

Wadgaon Sheri

20%

Prabhat Road

10%

 

Localities’ showing minimum increase in rentals of a 3 BHK house in Q3-2014 over Q3-2013

Locality Name

Percentage Decrease

Senapati Bapat Road

-19%

Karve Nagar

-19%

Warje

-8%

Chinchwad

8%

Detailed report: http://www.99acres.com/articles/pune-real-estate-market-price-trend-analysis-report-july-2014-september-2014.html