Pune Leads the Way in Mid-Segment Home Sales in India
Pune has recorded the highest residential sales in the ticket size category of INR 5mn to 10mn, with 5,946 units sold during Q3 2024, occupying 45% of total sales in the city.
Real EstatePuneKnight Frank IndiaResidential SalesOffice Space TransactionsReal EstateOct 04, 2024
The average weighted residential price in Pune witnessed an increase of 5% YoY during Q3 2024, with a value of INR 4,686/- sq ft. The ticket size below INR 5mn constituted 32% of the overall residential sales in the market, while 23% of the residential sales were in the ticket size of INR 10mn and above, registering a YoY growth of 30%.
In terms of office space transactions, Pune recorded 2.6 mn sq ft in Q3 2024, with office completions growing by 531% to 2.7 mn sq ft in Q3 2024 from 0.4 mn sq ft in Q1 2023. The city witnessed rental value appreciation of 3% YoY, taking the aggregated rent to INR 75 per sq ft/ month.
Global Capabilities Centre dominated leasing activity in the city, with 1.1 mn sq ft of transactions in Q3 2024, constituting 41% of the total office space transactions. India facing business witnessed a staggering YoY growth of 191% from 0.3 mn sq ft in Q3 2023 to 0.8 mn sq ft of transactions in Q3 2024. Vilas P Menon, National Director – Occupier Services, Capital Markets & Branch Head – Pune, Knight Frank India said, “The thriving technology & manufacturing ecosystem in Pune has led Global Capabilities Centre dominate leasing activity in the city. The market outlook for Pune remains optimistic, with a staggering annual growth in completions which will further boost office supply in the coming months.”
Frequently Asked Questions
What is the average weighted residential price in Pune?
The average weighted residential price in Pune is INR 4,686/- sq ft.
What is the growth rate of office completions in Pune?
Office completions in Pune grew by 531% to 2.7 mn sq ft in Q3 2024 from 0.4 mn sq ft in Q1 2023.
Which sector dominated leasing activity in Pune?
Global Capabilities Centre dominated leasing activity in Pune, with 1.1 mn sq ft of transactions in Q3 2024.
What is the rental value appreciation in Pune?
The city witnessed rental value appreciation of 3% YoY, taking the aggregated rent to INR 75 per sq ft/ month.
What is the market outlook for Pune?
The market outlook for Pune remains optimistic, with a staggering annual growth in completions which will further boost office supply in the coming months.
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