Pune Property Market Slows Down Despite Price Hike Announcement
The Promoters and Builders Association of Pune (PBAP) announced a price increase of Rs50-400 per square foot for properties in Pune, effective April 20th. They gave prospective buyers a ten-day window to purchase at the previous rates, anticipating a surge in sales. However, this strategy seems to have completely backfired, with sales actually declining rather than increasing.
Registration Figures Reveal Market Dip
Data from the deputy inspector general of registration and deputy controller of stamps reveal a significant downturn in property registrations, suggesting a tangible slowdown in Pune’s real estate market. Between April 1st and 10th, 6,237 property documents were registered. This number plummeted to 4,126 between April 11th and 20th, the period during which buyers were offered pre-hike prices. Furthermore, the period from April 21st to 29th, after the price hike took effect, saw only a modest increase in registrations, with 5,316 documents recorded.
PBAP President Disputes Slowdown Claims
Despite the apparent slowdown, PBAP president Lalit Kumar Jain maintains that "The builders are getting a good response, which is better than that of last month." He previously attributed the rising property prices to escalating steel and cement costs, along with charges levied by the Pune Municipal Corporation on real estate developers.