Pune Attracts Major Real Estate Developers with Rising Demand for Luxury Homes
Pune, known for its value-seeking homebuyers, is now witnessing a surge in demand for luxury homes. This growth is driven by improved infrastructure and the city's emergence as a leading IT and business hub.
Pune Real EstateLuxury HomesReal Estate DevelopersInfrastructureProperty MarketReal Estate PuneFeb 11, 2025
However, recent trends show a significant influx of major developers entering the market to cater to the growing demand for luxury homes priced at Rs 3 crore and above.
While Pune's residential real estate market has traditionally been preferred by value-seeking homebuyers, it is now witnessing an increasing interest in the luxury segment.
Real estate observers attribute this shift to an optimal mix of technology, financial services, and manufacturing job profiles in the city.
This has broadened the base of luxury homebuyers, which previously consisted primarily of high-net-worth individuals and non-resident Indians.
The new supply of luxury homes is not limited to the upmarket neighborhoods of Koregaon Park, Kalyani Nagar, and Baner.
Developers are also exploring opportunities in the relative outskirts, such as NIBM Road in Kondhwa and the technology hub of Hinjawadi.
Improved connectivity to job centers, through new and widened roads like the Pune Ring Road, as well as the Pune Metro, is driving sales and new supply in the luxury category.
Subhashish Pattanaik, Chief Executive Officer of Godrej Properties, West and East Zone, highlighted, 'With the rapid emergence of Pune as a leading IT and business hub, coupled with large-scale infrastructure developments, we are witnessing an evolving lifestyle preference and a strong affinity for homeownership, fuelling the demand for luxury homes.
Educational centers and expanding commercial developments have further boosted demand for luxury residences.
Enhanced road networks, metro expansion, and proximity to social infrastructure continue to add value to these locations.'
According to a report from real estate consultants CBRE, 825 luxury apartments were sold in Pune during 2024, a significant increase from the 400 luxury apartments sold the previous year.
However, only 295 new luxury units were launched in 2024, compared to 390 in 2023, as developers are firming up their launch and business development plans in the sector.
Other large developers, including listed and prominent players, have concluded development deals or are exploring residential projects in Pune.
Notable names include Godrej Properties, Birla Estates, Rustomjee, Tribeca, K Raheja Corp, Macrotech (Lodha), and others.
Many large local developers are actively pursuing land deals for projects in the Rs 3 crore and above category.
Birla Estates, for instance, is focusing on the core city and is preparing to launch a project on the arterial Wellesley Road in Sangamwadi.
Godrej Properties and K Raheja Corp are looking to the outskirts, such as Hinjawadi and Kondhwa, for new residential projects.
K T Jithendran, Managing Director and CEO of Birla Estates, noted, 'With modern infrastructure, seamless connectivity, and a high quality of life at a more affordable cost than Mumbai, the city is fast emerging as a prime residential destination.
Major infrastructural developments, such as the Pune Metro and the Ring Road expansion, have further fuelled the demand, as reflected through the surge in property registrations over the last few quarters.'
Frequently Asked Questions
What is driving the demand for luxury homes in Pune?
The demand for luxury homes in Pune is driven by the city's emergence as a leading IT and business hub, improved infrastructure, and an optimal mix of technology, financial services, and manufacturing job profiles.
Which neighborhoods in Pune are popular for luxury homes?
Popular neighborhoods for luxury homes in Pune include Koregaon Park, Kalyani Nagar, Baner, and the relative outskirts like NIBM Road in Kondhwa and the technology hub of Hinjawadi.
What are the key infrastructure developments in Pune?
Key infrastructure developments in Pune include the Pune Ring Road, the Pune Metro, and improved road networks, which have enhanced connectivity and added value to residential locations.
Which major developers are active in the Pune real estate market?
Major developers active in the Pune real estate market include Godrej Properties, Birla Estates, Rustomjee, Tribeca, K Raheja Corp, Macrotech (Lodha), and others.
How many luxury apartments were sold in Pune in 2024?
According to a report from real estate consultants CBRE, 825 luxury apartments were sold in Pune during 2024.
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