Square Yards Data Intelligence has released its report for IGR (Inspector General of Registration), Maharashtra, which records a whopping 18,098 transactions worth Rs. 11,408 crore in Pune for Q4, 2023. This report for properties in Pune registered by IGR, Maharashtra, also indicates fast-growing residential property demand in the city.
Vilas Javdekar Group is the leader for the period with regard to the registered units and volume for the quarter. It had 734 units registered, valued at Rs. 600 crore, followed closely by Kolte Patil Developers (499 registrations valued at Rs. 370 crore) for October-December, 2023. Nyati Group and VTP Realty also rode the real estate boom to scale up volume and transaction figures for the period, while Kumar Group and Godrej also benefited from higher demand.
According to the Associate Principal Partner, Square Yards Pune, Suhas Dattatraya Paithankar, Pune has been one of 2023’s highest-selling markets for housing, with its flourishing IT sector, top-class infrastructure development, compelling price points in comparison to Mumbai, and highly strategic location. According to Paithankar, Pune has managed to find the right balance between the value of investments and lifestyle considerations. Paithankar also highlights how Pune provides higher square footage and more spacious residential homes in addition to a greener footprint. Pune has become a preferred property investment destination with its property rates consistently growing over the years.
In the project segment, Kolte Patil Developers were the market leaders with its Kolte Patil Life Republic witnessing 426 transactions. VTP Flamante by VTP Realty was next in terms of sale value (Rs. 259 crore). The realty market in Pune has witnessed steady growth despite increasing property rates. Pimpri Chinchwad was the leading micro-market with 8,728 registered units valued at Rs, 4,786 crore. The convenient location and presence of leading industries and MNCs have benefited this area along with proximity to IT and tech parks along with Hinjewadi. Zones like Tathawade, Ravet, Wakad and Hinjewadi are some the prominent locations in Pimpri Chinchwad that saw handsome transactions for Q4, 2023.
West Pune saw 4,011 property registrations valued at Rs. 3,067 crore. The region offers more affordability than other parts of Pune along with good connectivity through the Mumbai-Pune Expressway. It is also near major commercial hubs in the city. South Pune has become another important micro-market with the development of the new international airport and better connectivity via the Pune-Mumbai Bypass Road. Areas like Wagholi have come up as prominent areas, with sales values touching Rs. 594 crore for the quarter.
Residential units in the range of Rs. 50 lakh accounted for 44% of the total market, while those between Rs. 50 lakh and Rs. 1 crore accounted for 42%. Properties between 500 and 1,000 sq. ft. also accounted for 66% of total demand, indicating more preference for spacious homes. With ongoing infrastructural and connectivity improvements, the future outlook remains highly positive for Pune’s residential real estate market.
For a detailed report on this read the articles we were featured in:
Realty NXT – https://bit.ly/3wCvRjl
Biz News Desk – https://bit.ly/3P3xbSF
Business News This Week – https://bit.ly/4bWcVfx
Published Date: Feb 26, 2024
