PUNE REAL INSIGHT April-June Q2 2021 - PropTiger Research
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Oxford Of The East PUNE REAL INSIGHT April–June Q2 2021 RESIDENTIAL MARKET ACTIVIT Y MEDIA ROUNDTABLE
HEALTH
25
India
share in global DELHI NCR
cases
AHMEDABAD KOLKATA
of India’s 1.3 bn
30%
(~ 410 million)
population is
partially vaccinated
MUMBAI
PUNE
HYDERABAD
BENGALURU
At the current run rate, approximately more 300 mn CHENNAI
people to be partially vaccinated by December 2021
0% 100%
Source: Ministry of Health and Family Welfare, Census of India, PropTiger Research
COVID-19 Impact REAL ESTATE
INDIA
419,120
354,200
2014
Q2 2021
Source: DataLabs, PropTiger Research
405,310
318,830
2015
361,130
295,380
2016
Demonetisation
*Units converted to nearest thousands
RERA
290,840
274,870
2017
New supply
296,710
350,730
2018
Sales
ALL INDIA NEW SUPPLY & SALES
244,250
347,590
2019
Covid -19
National lockdown
122,430
182,640
2020
First wave peak
Second wave peak
74,880
2021
82,140
H1 2021
YTDINDIA Q2 2021
Second-wave sentiment dent
Aggregate demand nosedives
ALL INDIA SALES
16% YoY
92,760
92,680
82,140
76% QoQ 7% YoY
81,880
80,250
69,560
66,180
58,910
35,130
19,040
15,970
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Q2 20 Q3 20 Q4 20 Q1 21 Q2
Q2 21 H1 2021
21 2021 YTD
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsINDIA Q2 2021
Mumbai and Pune lead national sales tally
Pune ranked 3rd in demand tally despite YoY decline
ALL INDIA TRENDS - CITYWISE
15% 9% 5% -43% -59% 50% -23% -46% 330% 121% 456% -5% 61% -26% 125% -49% YoY
8,810
3,430
3,380
2,810
2,930
2,500
2,830
2,430
1,591
1,540
1,280
1,250
1,020
820
710
490
AHME D AB AD BANG ALO RE DE LHI NCR CHE NNAI HYDE RAB AD KO LKATA MUMBAI PPUNE
UNE
New supply Sales
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsINDIA Q2 2021
Mumbai and Pune
together dominate DELHI NCR
residential demand
AHMEDABAD
in top-8 cities KOLKATA
MUMBAI
PUNE
taking up an impressive share of HYDERABAD
35 - 45% in annual residential demand BENGALURU
CHENNAI
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsWhat's going for Pune?
6.1mn 2 nd rank 1 st rank 5 th rank
Population 2030E Ease of Living Index Housing.com City Health Card Municipal Performance Index
Second highest number PMC and PCMC amongst
Second most populous Second most liveable city
of hospital beds / 1,000 the top performing
city in Maharashtra in India
people in top-8 cities municipal corporations
IT & ITeS
Education
193 ~3,500
Ravet
Tathawade
IT Parks – Pune region Hinjewadi
Automobile Industry Start-ups
Driving sectors of Pune Highest number of IT One of the global Key areas
economy Parks in Maharashtra start-up hub
Source: State of Indian Healthcare 2021, Economic Survey Maharashtra (2020-21), Tracxn, PropTiger ResearchQ2 2021 PUNE Residential Market Activity
Q2 2021 Residential Real Estate Market Activity SALES
PUNE SALES Q2 2021
Sales plummet in Pune amid the second wave
SALES
49% YoY
18,580
18,170
16,220
17,270
82% QoQ 21% YoY
16,070
15,520
13,720
11,550
7,110
4,910
2,500
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Q2 20 Q3 20 Q4 20 Q1 21 Q2
Q2 21 H1 2021
21 2021 YTD
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsPUNE SALES Q2 2021
INR 45-75 lakh price bracket record maximum sales
TICKET SIZE SPLIT OF SALES
37% 35%
31%
29%
23% 22% Q2 2021
2,490
Q2 2020
7% 6% 6%
4% 4,910
< INR 25 lakh INR 25-45 lakh INR 45-75 lakh INR 75-100 lakh > INR 1 crore
Top Alandi, Ravet, Kharadi, Kharadi Hadapsar
localities Chakan Wagholi RavetPUNE SALES Q2 2021
Resurgence of preference for larger spaces
Homebuyer preference shifts to larger homes due to pandemic H1-2021 SHARE
Sales: 16,220
1 BHK – 31%
2 BHK – 55%
CONFIGURATION WISE GROWTH TREND IN SALES 3+BHK – 14%
1 BHK 2 BHK 3+ BHK
50%
40%
30%
20%
YoY change
10%
0%
-10%
-20%
-30%
2015 2016 2017 2018 2019 2020 H1 2021
Total sales 53,130 53,300 45,510 65,380 70,090 39,090 16,220
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsPUNE SALES Q2 2021 Top localities driving sales in Pune
Ravet, Tathawade and Hinjewadi –
SALES (UNITS) – Q2 2021 LEGEND
key micro markets for 2,500 Top residential localities
homebuying Major commercial areas
Source: DataLabs, PropTiger Research *Units converted to nearest thousands Note: All prices are weighted average prices for new supplyQ2 2021 WHERE IS PUNE SEARCHING? ONLINE PROPERTY BUYING AND RENTING TRENDS
PUNE ONLINE BUYING TRENDS Q2 2021
Top localities – online buying
Ravet followed by
Baner most
searched
online for
buying a home LEGEND
Top localities*
Localities gaining traction**
Major commercial areas
Source: Housing Research *Top localities are determined based on aggregate virtual or online demand through organic traffic and leads data for that locality.
**Upcoming localities are determined as per the online expression of interest and nearing of volume of organic traffic and leads to the benchmarked top localities.PUNE ONLINE RENTING TRENDS Q2 2021
Top localities – online renting
Localities in west
most searched
online by home
renters
LEGEND
Top localities*
Localities gaining traction**
Major commercial areas
Source: Housing Research *Top localities are determined based on aggregate virtual or online demand through organic traffic and leads data for that locality.
**Upcoming localities are determined as per the online expression of interest and nearing of volume of organic traffic and leads to the benchmarked top localities.Q2 2021 Residential Real Estate Market Activity NEW SUPPLY
PUNE NEW SUPPLY Q2 2021
New supply surpassed bottomed out Q2 2020
NEW SUPPLY
125% YoY
17,530
71% QoQ 26% YoY
16,130
14,950
12,560
10,760
9,770
9,750
8,690
4,630
2,810
1,250
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Q2 20 Q3 20 Q4 20 Q1 21 Q2
Q2 21 H1 2021
21 2021 YTD
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsPUNE NEW SUPPLY Q2 2021
New supply majorly concentrated in INR 45-75
lakh price bracket
Unlike Q2 2021, no new launches have taken place in the more than INR 1 crore price bracket
TICKET SIZE SPLIT OF NEW SUPPLY
62%
Q2 2021
47% 1,250
38% Q2 2020
23% 2,810
13% 15%
0% 2% 0% 0%
< INR 25 lakh INR 25-45 lakh INR 45-75 lakh INR 75-100 lakh > INR 1 crore
Top Shirur, Yewalewadi, Mahalunge, Bavdhan,
No new launches
localities Chakan Dhanori Ravet MahalungePUNE NEW SUPPLY Q2 2021
Developer focus on larger configuration in Pune
H1-2021 SHARE
New supply: 12,560
1 BHK – 15%
2 BHK – 64%
CONFIGURATION WISE GROWTH TREND IN NEW SUPPLY 3+BHK – 21%
1 BHK 2 BHK 3+ BHK
60%
40%
20%
YoY change
0%
-20%
-40%
-60%
-80%
2015 2016 2017 2018 2019 2020 H1 2021
Total sales 81,400 79,010 50,350 59,180 58,380 25,340 12,560
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsQ2 2021 Residential Real Estate Market Activity PRICE TRENDS
PUNE PRICE TRENDS Q2 2021
Pune property prices continue being range bound
WEIGHTED AVERAGE PRICE (INR / sqft)
1% CAGR
5,111 5,150
4,927
4,775 4,693 4,767
4,682 4,643 4,669
2013 2014 2015 2016 2017 2018 2019 2020 H1
H12021
2021
Source: DataLabs, PropTiger Research Note: All prices are weighted average prices for new supply and available inventoryQ2 2021 Residential Real Estate Market Activity UNSOLD INVENTORY
PUNE UNSOLD INVENTORY Q2 2021
All INDIA SHARE OF UNSOLD INVENTORY UNSOLD INVENTORY
2nd highest after Mumbai
Q2 2020 Q2 2021
AHMEDABAD
5% YoY
PUNE
18%
6% BENGALURU
10%
1,35,120 1,28,210
DELHI NCR
15%
5%
36% CHENNAI
MUMBAI
6%
HYDERABAD INVENTORY OVERHANG
4%
KOLKATA
30 44
Months Months
Unsold inventory top-8 cities Q1 2021: 7,11,220
(2.5 years) (3.7 years)
Source: DataLabs, PropTiger Research *Units converted to nearest thousandsJuly–September Q3 2021 Residential Real Estate Market Activity OUTLOOK
IRIS INDEX Online property search activity
PUNE OUTLOOK Q3 2021
COVID-19 1st wave peak
COVID-19 2nd wave peak
IRIS INDEX - PUNE
86% closer to
Stamp duty 2%
the peak of
National lockdown
December 2020
Peak
140
120
100
80
60
40
20
0
Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21
Jul 21
Source: IRIS Index, Housing ResearchPune homebuyer consumer sentiment outlook
PUNE OUTLOOK Q3 2021
ECONOMIC OUTLOOK FOR
COMING SIX MONTHS
Pune homebuyers 18%
cautious yet positive
regards the economic 82%
scenario
Will improve or Get worse
stay the same
Source: Residential Realty Consumer Sentiment Outlook Jan-Jun 2021, Housing ResearchPUNE OUTLOOK Q3 2021
INCOME OUTLOOK FOR COMING
SIX MONTHS
Homebuyers confident 58%
about their income for 35%
the coming quarters
7%
Confident Can’t say Not confident
Source: Residential Realty Consumer Sentiment Outlook Jan-Jun 2021, Housing ResearchPUNE OUTLOOK Q3 2021
WORK FROM HOME IMPACT
Pune homebuyers
most keen to upgrade 39%
homes on account of 61%
work-from-home -
compared to other cities
No, I have planned Yes, I will look for
arrangements in my a larger home
current home
Source: Residential Realty Consumer Sentiment Outlook Jan-Jun 2021, Housing ResearchPUNE OUTLOOK Q3 2021
Proximity to KEY AMENTIES TO DRIVE DEMAND
healthcare Proximity to
healthcare services
infrastructure most
preferred amenity Recreational and
open spaces
amongst Pune Gated
community
Day care Senior citizen
homebuyers centre friendly
48% 28% 12% 7% 5%
Source: Residential Realty Consumer Sentiment Outlook Jan-Jun 2021, Housing ResearchKey Takeaways
• Pune sales plummet amid second wave - register 49 percent YoY decline in Q2 2021
• The city takes third spot in national sales tally, despite the decline in demand
• Ravet, Tathawade and Hinjewadi were most sought-after localities for homebuying
• Units in INR 45-75 lakh price bracket drive demand
• New supply surpass bottomed-out Q2 2020
• New supply majorly concentrated in INR 45-75 lakh price bracket
• Slow sales velocity has increased the years to sell from 2.5 years in Q2 2020 to 3.7 years in
Q2 2021
Source: DataLabs, PropTiger ResearchOur Approach & Methodology
Data Data
Collection Review
Data analysis &
publishing of
1. Collection: Data collected through field Field data is verified with due
survey by our in-house team of ~ 400 quality checks across three levels: numeric trends
brokers and surveyors pan India.
2. Approach: RERA registration date is 1. Level 1: Internal sales team of and insights
considered as day zero for recording PropTiger.com
new supply and sales. 2. Level 2: Developer
3. Recording and Frequency: Data is relationships
recorded in ‘DataLabs’ – An in-house 3. Level 3: Internal senior
residential real estate database portal, management and Research
that tracks ~ 20,000 residential projects team
across top eight cities on a quarterly
basis.Download our reports and presentations at housing.com/research-reports OR Contact us on research@housing.com
April–June Q2 2021
PUNE
M E D I A R O U N D TA B L E
RESIDENTIAL MARKET ACTIVIT Y
For more research insights contact
research@proptiger.com
OR
Download our reports and presentations
at housing.com/research-reports
Disclaimer
The analysis presented on real estate trends in India are indicative of market trends. The data has been tracked and collected across eight cities for nearly 20,000 projects. Utmost care has been taken to provide the
complete market picture however these trends present estimates and should not be relied upon in anyway. The data for sales is collected through primary survey carried out by our field agents and the data for
new launches is as per the projects registered under the Real Estate Regulatory Act (RERA). The report published is for general information only. Although high standards have been used for analysis in this report,
no responsibility or liability whatsoever can be accepted by PropTiger.com for any loss or damage resulting from any use of, reliance on or reference to the content of this document. As a general report, this
material does not necessarily represent the views of PropTiger.com in relation to particular properties or projects. Reproduction of this report in whole or in part is nor allowed without prior written approval
of PropTiger.com to the form and content within which it appears.You can also read
