Pune's real estate market has experienced a significant boost, with registered transactions surging by 50% in the June quarter, according to the latest report by Square Yards. The number of transactions registered with the IGR between April and June 2024 reached 39,961, up from 26,629 during the same period last year.
Of the total registered transactions in Pune, 20,190 were residential, amounting to a registered sales value of Rs. 13,995 crores, marking a 3% annual increase. Correspondingly, the average registered home sales value reached an all-time high of Rs. 69 lakhs in the second quarter of 2024, recording a robust 17% year-over-year growth. This shift highlights a strong preference among homebuyers for high-end and premium properties, driving the average sales value to a new high.
“Pune continues to stand out as one of India’s top-performing cities, second only to Mumbai MMR,” says Suhas Paithankar, Associate Principal Partner, Square Yards. “The June quarter's data highlights a healthy 17% annual increase in the average registered sales value, reaching an all-time high of Rs. 69 lakhs. 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.”
The share of residential transactions for properties priced between Rs. 50 lakh–1 crore rose to 39% in the June quarter, up from 36% during the same period the previous year. Additionally, transactions for properties priced between Rs.1–2 crore nearly doubled, increasing to 14% from 9% year-on-year. Properties within the 500–1,000 sq.ft. range continue to dominate, representing 62% of all transactions as 1 BHK followed by 2 BHK remain most preferred configuration amongst homebuyers.
Pimpri Chinchwad and the Western suburbs continue to dominate residential market activity, particularly the localities along the Mumbai-Pune Expressway and NH-48. These micro-markets collectively accounted for 67% of overall registered transactions and 64% of sales value in the June quarter.
The highest average transaction value was recorded in Pune's central suburbs at Rs. 1.08 crore, followed by the western micro-market at Rs. 88 lakhs, driven by the extensive presence of IT companies. In contrast, Pimpri-Chinchwad remains an affordable alternative with an average transaction value of Rs. 56 lakhs. This coupled with good connectivity via NH-48 has added to the popularity of this micro-market.
Localities such as Wagholi, followed by Ravet, Punawale, and Tathawade led in total registered residential transactions in Q2 2024. In terms of registered sales value, Wagholi and Baner took the lead, with properties worth Rs. 991 crore and Rs. 679 crores sold during the June quarter.
VTP Realty retained its top position in both total registered transactions and sales value. Their project, VTP Verve in Sus, stood third on the list of projects with the highest number of registered transactions and second on the list for sales value. Kolte Patil Developers followed closely, with substantial contributions from their project Life Republic in Hinjewadi. Godrej took the third spot, with Godrej Urban Retreat performing strongly in terms of transactions and sales value. Lodha’s project, Lodha Giardino in Kharadi, led in registered transactions value.
