Download Pune Report
Total Page:16
File Type:pdf, Size:1020Kb
PropIndex | Magicbricks Pune Jan-Mar 2020 Residential Market Insights Market Dynamics Growing working population fueling demand for affordable housing in peripheral areas Parameters India Pune Pune residential market demand witnessed a healthy 5.2% growth in Q1 2020, same as the national average, but a Demand+ +5.3% +5.2% great increment over the 0.2% growth in Q4 2019. Contrary to the increase in demand, the city's residential market Supply++ -0.8% -1.4% supply witnessed a decline of 2.4%, which can be ascribed to a decline in the number of unsold units, and a stressed Price Index+++ +0.1% -0.2% luxury housing segment. Notes: Above parameters represent QoQ change in Q1 2020 at Demand in peripheral areas along NH 48 Bypass sub-markets witnessed a boost as a result of the consumer focus on India and city level + volume of property searches mid and affordable housing segments. Most developers increased their focus on the affordable segment by shifting ++ volume of active listings development to the peripheral localities and reducing the size of the apartments in their new projects. +++ change in the weighted average price Source: Magicbricks Research Ready to Move Price Index Key Developers based on active listings 8,000 "Prices of Kolte-Patil Developers ready-to-move Marvel Realtors 7,000 residential properties Kumar Properties t f q are witnessing s Godrej Properties r e p 6,000 stagnation from the Rohan Builders & Developers R N I last few quarters" e VTP Realty c i r P Nyati Group e g 5,000 a r Goyal Ganga Group e v 5 Year A Change Pride Purple Properties 4,000 YoY QoQ Majestique Landmarks 4 5 6 7 8 9 0 1 1 1 1 1 1 2 5.8% 1.0% -0.2% 0 0 0 0 0 0 0 2 2 2 2 2 2 2 The above table represents the top developers by share of Notes: 1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on March 2020 active listings on Magicbricks website in Q1 2020 Source: Magicbricks Research 2. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research Key Projects based on consumer Under Construction Price Index "Pressure from unsold searches 8,000 inventory has resulted Nanded City Sinhagad Road in stagnation in the Xrbia Hinjewadi Hinjewadi 7,000 t Rohan Mithila Viman Nagar f Under Construction q s r Amanora Neo Towers Amanora ParkTown e (UC) segment, with p R 6,000 N prices marginally Forest County Kharadi I e c i falling 0.6% YoY." Vishrantwadi r Hari Ganga P e g 5,000 Raheja Vistas NIBM Road a r e v 5 Year Antheia Pimpri A 4,000 Change YoY QoQ Future Towers Amanora ParkTown 4 5 6 7 8 9 0 1 1 1 1 1 1 2 2.6% -0.6% 0.5% 0 0 0 0 0 0 0 Marvel Zephyr Kharadi 2 2 2 2 2 2 2 Note: Note: 1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on March 2020 The above table represents the top projects by consumer 2. The trend line represents the average prices of dominant asset class in each locality of the city. preference on Magicbricks website in Q1 2020 Source: Magicbricks Research Source: Magicbricks Research Average changes in prices for localities in various price segments Key Trends to Watch Out Price Bracket (INR per sqft) - State government has announced < 5,000 5,000-7,500 7,500-10,000 > 10,000 stamp duty cut from existing 6% to 5% for properties costing less than 2.0% INR 20 lacs. Step to boost the growth "Prices remained stable in peripheral areas of the city. across all RM and UC - Announcement of two new Metro categories, except for Lines and extension of existing metro the 'INR 7,500-10,000 lines to Wagholi and Katraj areas, to further boost real estate outlook in the 0.3% 0.2% per sqft' UC properties, peripheral regions. which grew 2% QoQ - 170 Km long, planned Pune Ring Road -0.1% 0.0% -0.1% -0.1% will also be a game-changer for the -0.4% northern and eastern outskirts of the RM UC RM UC RM UC RM UC city in the long term Note: Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various price buckets as on March 2020 Source: Magicbricks Research © magicbricks.com Page 1 Demand Supply Analysis Pune | Jan-Mar 2020 IT/ITeS driven mid-segment 2BHK highest in demand followed by 1 and 3 BHK configurations sustaining Pune market DEMAND SUPPLY Smaller configurations (1 and 2 BHKs) continue to witness better traction compared to large Above 3 BHK Above 3 BHK 1 BHK configuration apartments, making up 76% of the 4% 1 BHK 5% 3 BHK 3 BHK 18% property searches in Pune. The supply also 28% 21% 25% managed to keep up for these configurations, making up 71% of the pie of the city. - However, demand share for 1 BHK was 50% more than the supply share in Q1 2020, reflecting a noticable undersupply of this configuration. 2 BHK 2 BHK 48% 53% "2 BHK with prices between Notes: 1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration INR 5,000 and 7,500 per sqft, is 2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by BHK configuration the dominant property search Source: Magicbricks Research criterion for Pune buyers" - For premium segment houses in the central Demand-supply match amongst all price buckets parts of the city, which are majorly high ticket sized, the search volumes remained sluggish. Consequently, the search for 4 BHKs and above DEMAND Price buckets in INR per sqft SUPPLY Price buckets in INR per sqft configuration, remained at just 4% of demand. > 10,000 > 10,000 - More than 75% of the searches were for houses 8% 7% 7,500-10,000 < 5,000 7,500-10,000 < 5,000 priced less than INR 7,500 per sqft, majority of 17% 33% 17% 31% which are available in suburbs such as Hinjewadi, Handewadi Road, Wagholi, Dhankawadi, Satara Road and Airport Road. - Demand for the 'INR 7,500-10,000 per sqft' price range was well catered, with negligible demand supply gap. This price range includes most of the suburbs within the city limits. 5,000-7,500 5,000-7,500 42% 45% - Airport Road, Hadapsar, Baner and Wakad . micro-markets have witnessed high consumer Notes: 1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by price buckets activity, owing to prominence of old and new 2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by price buckets office clusters and their status as IT/ITeS hubs. Source: Magicbricks Research Top Micromarkets by consumer Propensity of demand and supply in terms of searches and Demand/Supply Demand searches listings by localities Micro-Market Price Range Rank Rank Q1-20 Q4-19 Chikhali Airport Road 5500 - 12250 1 1 Hadapsar 3950 - 9900 2 2 Purnanagar Moshi Kondhwa-Wanwadi 4300 - 9850 3 5 Nigdi Dhayari-Narhe 3250 - 7950 4 3 Ravet Bhosari Baner 5150 - 9350 5 4 Pimpri Paud Road 4300 - 12400 6 8 Wakad 5050 - 8700 7 6 Note: 1. Top micro-markets of the city, ranked by number of searches on Hinjewadi Magicbricks in Q1 2020 Pimple Gurav Lohgaon 2. Price ranges represent the range of avg locality prices in the micromarket in INR per sqft. Wagholi Source: Magicbricks Research Top Micromarkets by active listings Aundh Sus Koregaon Park Micro-Market Price Range Rank Rank Q1-20 Q4-19 Airport Road 5500 - 12250 1 1 Ghorpade Peth Wagholi 3800 - 5700 2 3 Bhugaon Sasane Nagar Hadapsar 3950 - 9900 3 2 Sinhagad Road Baner 5150 - 9350 4 4 Wakad 5050 - 8700 5 5 Hinjewadi 4050 - 6750 6 6 Undri Undri-Pisoli 3500 - 7800 7 7 © OpenStreetMap contributors Dhayari Katraj Note: Note: 1. Top micro-markets of the city, ranked by their active listings on 1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) for Magicbricks in Q1 2020 properties in the localities on Magicbricks website in Q1 2020 2. Price ranges represent the range of avg locality prices in the 2. This is an interactive map available on Magicbricks.com under Propindex section. micromarket in INR per sqft. Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard. Source: Magicbricks Research Source: Magicbricks Research © magicbricks.com Page 2 Price Analysis Pune | Jan-Mar 2020 Q1 2020 Price changes for the city's major localities Talegaon Dabhade -2.0% Dehu Road -0.5% Chikhali Alandi Gahunje 0.7% Moshi 1.6% 3.8% 0.6% Bhosari Pimpri Charholi Budruk -5.2% 1.7% -3.0% Hinjewadi Phase 3 Wagholi -7.0% 3.4% Aundh Sus 0.3% 1.2% Manjri -3.6% Pirangut Camp -2.0% Bhugaon 4.5% 1.4% Loni Kalbhor Phursungi -1.6% Shivane 4.5% 4.4% Pisoli Katraj -3.8% © OpenStreetMap contributors 1.0% Note: -7.5% 7.5% 1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 2020 2. Color of the bubble represents price change in Q1 2020, with green color representing price increase and red color price decrease.