The real estate market in Pune has seen incredible growth in the first quarter of 2024, with major increases both in sales value and the number of transactions. Transaction counts went up by 49% in comparison to Q4, 2023, touching 27,056 units in all. Sales values also went up handsomely by 56%, cumulatively touching Rs. 17,837 crore according to Square Yards Data Intelligence for registration of property as recorded by the IGR (Inspector General of Registration), Maharashtra.
VTP Realty was the leading developer in this period, notching up sales figures of Rs. 951 crore with 1,083 transactions. Kolte Patil Developers came next with sales of Rs. 643 crore, while Vilas Javdekar Developers rounded off the tally with Rs. 491 crore as well.
According to the Chief Sales Officer and Principal Partner, Square Yards, Sachin Vyas, the handsome growth in the first quarter of 2024 testifies to the huge appeal of Pune as a major hub for investments. He adds that the market is not just dynamic, but also highly resilient, with attractive growth opportunities both for buyers and developers. High demand is clearly indicated through the considerable increase in both sales values and transactions, while the excellent performance of leading developers highlights the vital role played by them in this regard. He also states that with the evolution of the market, Square Yards will continue investing significant sales capabilities in the real estate market in Pune.
VTP Dolce Vita was the highest-selling project, with volumes of Rs. 469 crore across 580 transactions, followed by Pride World City and Kolte Patil Life Republic. 45.4% of overall transactions were for units with prices lower than Rs. 50 lakh, while 39% of transactions were for properties between Rs. 50 lakh and Rs. 1 crore. 13.2% of sales came from properties priced between Rs. 1-2 crore. At the same time, around 63.4% of transactions were for units between 500 and 1,000 sq. ft.
Q1 2024 also witnessed the launch of 194 new projects as per RERA, comprising 13,191 units, with the launch area cumulatively touching around 1.17 lakh sq. ft. The most active zones for new launches were Pune West, Pune East, and Pimpri Chinchwad. In fact, Pimpri Chinchwad had a sales value of Rs. 7,512 crore with a total of 13,311 transactions. Pune East and West also had sales values of Rs. 3,545 crore and Rs. 4,445 crore respectively. Pune Central and Pune South were also active real estate markets in the quarter. Some locations in the city also saw stellar growth in this period. Baner, for instance, had 766 transactions with sales values of Rs. 880. It was followed by Wagholi, Wakad, and Hinjewadi. All in all, the robust growth of Pune’s residential real estate market augurs well for the industry in the near future.
For a comprehensive overview of the insights shared by our Chief Sales Officer, please click the link in bio.
The Hindu Business Line: https://bit.ly/3wOnuSk
Realty+: https://bit.ly/3V7UZIt
Punekar News: https://bit.ly/3V9z8k0
Published Date: 22 May, 2024
