Pune’s real estate market has witnessed a dramatic upswing, with registered transactions soaring by 50% in the June quarter of 2024, according to a recent report by Square Yards. The number of transactions registered with the Inspector General of Registration (IGR) between April and June 2024 reached 39,961, up from 26,629 during the same period last year.
Key Highlights:
- Transaction Surge: The real estate market saw a significant increase in registered transactions, rising by 50% year-over-year, although there was a 30% quarter-over-quarter decline compared to the previous quarter.
- Record Sales Value: The average home sales value hit an all-time high of ₹69 lakh, marking a 17% increase from the previous year. This uptick reflects a growing demand for high-end and premium properties.
Market Performance:
In the June quarter, Pune’s residential segment saw 20,190 transactions with a total sales value of ₹13,995 crore, representing a 3% annual growth. The surge in average registered home sales value underscores a strong market preference for premium properties.
Suhas Paithankar, Associate Principal Partner at Square Yards, noted, “Pune continues to excel as one of India’s top real estate markets. The June quarter’s data reveals a 17% annual increase in average sales value, reaching a historic high. This reflects a robust demand driven by economic growth and shifting buyer preferences.”
Micro Market Insights:
Pimpri Chinchwad and the Western suburbs remain dominant in Pune’s residential market, with these areas accounting for 67% of total registered transactions and 64% of the sales value in Q2 2024. Pune’s central suburbs recorded the highest average transaction value at ₹1.08 crore, while Pimpri-Chinchwad offered a more affordable average transaction value of ₹56 lakh.
Leading Developers and Projects:
VTP Realty emerged as the market leader in both total registered transactions and sales value, with notable projects like VTP Verve and VTP Dolce Vita. Kolte Patil Developers and Godrej Properties followed closely, with Kolte Patil’s Life Republic and Godrej’s Urban Retreat performing strongly.
Top Developers by Registered Home Sales Value (Q2 2024):
- VTP Realty – ₹525 crore
- Kolte Patil Developers – ₹393 crore
- Godrej Properties – ₹352 crore
Top Developers by Number of Registered Residential Transactions (Q2 2024):
- VTP Realty – 573 transactions
- Kolte Patil Developers – 422 transactions
- Godrej Properties – 402 transactions
New Launches:
In Q2 2024, Pune saw the launch of 16,783 new residential units across 177 projects, covering nearly 15 million square feet. Pimpri Chinchwad led the new supply with 47% of the total units launched, driven by its strategic location and growing IT hub.
Square Yards’ report suggests that both local and national developers are thriving in Pune, with a diverse range of mid-to-high segment offerings catering to various buyer preferences. With the festive season approaching, the residential market is expected to experience increased activity.
