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.
Related News Articles
Adani Realty Lights Up Mumbai's Skyline with a Dazzling Ganesh Chaturthi Tribute
Adani Realty's unique display harmoniously blends modern real estate design with cultural reverence, earning widespread admiration from locals and visitors.
The Future of Your Home and Life in India: Smart Cities and AI-Driven Homes
India's real estate market is undergoing a significant transformation, marked by the rise of smart cities and AI-driven homes.
Elan Group Secures Rs 1,200 Crore from Kotak Real Estate Fund for Expansion
The Elan Group, a prominent real estate developer in Gurugram, has successfully raised Rs 1,200 crore from the Kotak Real Estate Fund. This capital infusion will be instrumental in boosting the company’s expansion plans and solidifying its position in the
Festive Season Fuels Surge in India's Real Estate Market, Driven by Infrastructure Projects
The real estate market's festive boost is evident in the rising property prices and increased homebuying activity, with demand for both luxury and affordable homes on the rise.
Heartbreaking Tale: Nashik Man Devastated After Losing Daughter and Son-in-Law in Boat Accident
Rakesh Ahire, a resident of Nashik, often visited Mumbai for his medical treatments at Lokhandwala. However, a tragic incident turned his routine visit into a nightmare when he lost his daughter and son-in-law in a boat accident.
Noida's Bhutani Group Terminates Partnership with WTC Group
The Bhutani Group of Noida has officially severed its ties with the WTC Group, marking a significant shift in the local real estate landscape. This move follows a series of strategic decisions aimed at repositioning the Bhutani Group's portfolio and focus