The local property market of Pune has witnessed long queues of home buyers who want to make related property investments, before the start of the new year. As per the Hindu calendar, Gudi Padwa which marks the Marathi new year falls on April 9th this year. It is given a very positive connotation and many ritualise it to coincide with other new beginnings like the move to a new house.
According to the news report, housing sales in the city have seen a significant rise between the months of January to March. According to the numbers given by industry representatives, the district sold in that time around 12,000 to 19,000 units.Developers are hopeful that this positive sales momentum will continue up until Gudi Padwa. Property registration offices will be kept closed on this holiday but we register many people have already completed documentation in advance.
The real estate organizations have mentioned they expect to see an increase in bookings and registrations leading up to the new year. It is believed in Indian culture that taking possession of a new house on an auspicious day brings good fortune and prosperity. Though this tradition is not always insisted upon nowadays, there remains significant cultural importance attached to timing.
On the eve of Gudi Padwa, large crowds were witnessed at registration offices trying to wrap up property deals before the new year. The developers’ associations have assured they will try processing any last minute documents received to help buyers meet the deadline.
In general, the real estate sector in Pune has shown strong performance over the past few months. As per the report, housing sales between January to March saw anywhere between 12,000 to 19,000 units getting sold. Luxury and premium segments priced above 1 crore rupees have also seen high demand.
Knight Frank data presented in the article states luxury property sales during this March quarter rose by 120% compared to the same period last year. With around 50% of overall sales currently in the 50 lakh to 1 crore price bracket, luxury and high-end housing is gaining traction in Pune.
Developers remain optimistic about the positive momentum in sales continuing through the new year period. Many homebuyers do not want to miss out on finalizing their purchase before the auspicious Gudi Padwa festival. This reflects in the heavy rush witnessed at registration offices and growing bookings over the past few months leading up to the new year.
