Good news for home buyers: Pune’s real estate market sees Rs 850/sq ft price drop in last 5 years
Pune’s real estate market has seen 17 per cent price correction in the last five years, according to property consultant Knight Frank’s half-yearly (H1) real estate report published on Thursday. The report revealed that price per square feet (sq ft) in the region has corrected from Rs 4,860 in H1 2016 to the present levels of Rs 4,010 in H1 2021, a price drop of Rs 850 per sq ft
This comes as good news for the end buyer, who is often deterred by the high real estate costs in Pune and surrounding areas. Since 2011, real estate prices in the city have increased steadily, leading to a dip in sales. The report notes that the average weighted prices in the region had remained constant for the whole of 2016 as well as H1 2017, and prices finally started falling from second half (H2) of 2017.
Between H1 2017 and H2 2017, the steepest correction of 7 per cent — from Rs…