Pune’s real estate market is booming with rapid project developments and high demand for residential units across the city, signalling continued growth for the foreseeable future. In the second quarter of 2024, the city witnessed a substantial increase in registered property transactions, reaching 39,961 compared to 26.629 in the same period last year. This represents a remarkable 50% YoY jump in property registrations. Additionally, the value of home sale registrations in Q2 of 2024 saw an impressive 17% growth compared to the previous year. This value is reported to reach as high as ₹69 Lakhs, indicating an increase in the average sales value of all properties, particularly for high-end and premium projects.
Suhas Paithankar, the Associate Principal Partner of Square Yards, stated, “Pune continues to stand out as one of India’s top-performing cities, second only to Mumbai MMR. The June quarter’s data highlights a healthy 17% annual increase in the average registered sales value, reaching an all-time high of ₹69 lakhs.”
He added, “This underscores a robust demand for premium homes, fueled by rising employment opportunities, increased disposable incomes, and a shift towards aspirational lifestyle.” He added, “Looking at the historical data trends of Pune, the second quarter is anticipated to give way to heightened residential activity in the latter half of the year driven by upbeat homebuyer sentiments owing to the upcoming Ganpati and other festivals.”
Between April and June, the percentage share of residential properties priced between ₹50 lakh and ₹1 crore grew from 36% in 2023 to 39% in 2024. Similarly, the percentage share of properties valued between ₹1 crore and ₹2 crores jumped from 9% to 14% YoY in the second quarter, indicating rapid construction growth. Of the 20,190 registered properties, residential units accounted for ₹13,995 crores worth of sales, a 3% increase over the previous year’s value.
This trend is evident in major properties ranging from 1 to 2 BHK, representing 62% of overall transactions. Localities along the Mumbai-Pune Expressway and NH-48 emerged as hotbeds in the real estate market during Q2 of 2024, driving unprecedented demand and shaping the region’s landscape. Given their affordability and perfect location, the western Suburbs and Pimpri Chinchwad contributed 64% of the total sales value and 67% of overall registered transactions.
Due to the presence of major IT companies, the western micro-market saw an average transaction value of a whopping ₹88 Lakhs, while properties in the central Suburbs were valued at ₹1.08 crores. Wagholi and Baner surprisingly recorded property sales worth ₹991 crores and ₹679 crores, respectively, in Q2.
In addition, Wagholi, Tathawade, Punawale, and Ravet stood out with their significant number of registered residential transactions. VTP Realty retained its position as the top sales-valued company, driven by major projects such as VTP Verve. Kolte Patil, Godrej, and Lodha followed closely behind VTP Reality in terms of the total number of registered properties, highlighting their strong market presence.
Pune’s real estate market continues to thrive, backed by strong demand for premium properties and strategic developments in key localities. With ongoing infrastructure developments, the city is poised to maintain its momentum and solidify its position as India’s leading real estate destination.
Read more through the links below to uncover the key trends and market leaders driving this growth:
The Hindu Business Line – https://bit.ly/3M2ycsn
Times Property – https://bit.ly/3WEFUh8
Realty+ – https://bit.ly/3WRR1Ue
Realty & More – https://bit.ly/3M6ugH0
News18 India – https://bit.ly/3WJegzy
BW Smart Cities – https://bit.ly/3M42efb
OfficeNewz – https://bit.ly/3WISk7Q
Bizrapidx – https://bit.ly/3M3nDoL
Pune news – https://bit.ly/3YKxSpE
Published Date: 13 Aug, 2024
