Pune Property Prices Reach New Heights: Report
Gera Developments' 13th Pune Residential Realty Report reveals a 8.92% increase in average home prices, rising to a lifetime high of Rs 6,298 per square foot.
Pune Property PricesGera DevelopmentsPune Residential Realty ReportReal Estate MarketHome PricesAffordabilityProperty TrendsReal Estate PuneJul 05, 2024
The report highlights that the number of under-construction projects in Pune has increased, with a significant rise of 9.61% after a 10-year low in June 2023. As of June 2024, there are 3,12,748 apartments under development across the Pune region, marking a 2.65% increase over June 2023.
The average size of projects has increased by 44% over the decade, with developers launching homes sized at an average of 1,238 sqft. The preference for larger homes is evident, with the 1,401+ sqft segment growing by 37% and now making up 21% of all sales.
Rohit Gera, managing director, Gera Developments Private Limited, notes that while the real estate market continues to show performance, the increase in prices of homes, coupled with the increase in home sizes, is starting to affect customer affordability. Affordability has gone down to 3.98x annual income, although it's nowhere close to the peak of 5.30 and continues to remain good at present.
The report also highlights the trend of market consolidation, with a preference for near-ready and ready inventory, indicating a low-risk delivery characteristic of developers with a strong brand. This has driven the capacity of reputable developers to launch large projects.
In terms of new launches, the budget segment (priced at Rs 5,081 per sqft or lower) saw a significant increase of 16.2%. Zone-wise, the maximum increase is seen in Zone 3 (Sinhagad Road, Ambegaon, Narhe, Dhayari), where new launches have increased by 27%.
Overall, the Pune real estate market is witnessing a shift towards larger projects, with a focus on reputed developers and a preference for bigger homes. While affordability is a concern, prices continue to remain accessible to most buyers.
Frequently Asked Questions
What is the current average home price in Pune?
The current average home price in Pune is Rs 6,298 per square foot.
How has the number of under-construction projects in Pune changed?
The number of under-construction projects in Pune has increased by 9.61% after a 10-year low in June 2023.
What is the average size of projects in Pune?
The average size of projects in Pune has increased by 44% over the decade, with developers launching homes sized at an average of 1,238 sqft.
How has affordability been impacted by the increase in home prices?
Affordability has gone down to 3.98x annual income, although it's nowhere close to the peak of 5.30 and continues to remain good at present.
What is the trend in terms of new launches in Pune?
The budget segment (priced at Rs 5,081 per sqft or lower) saw a significant increase of 16.2% in new launches.
Tags:
Related News Articles
Unlocking Maharashtra's Logistics Potential: A Comprehensive Overview of the Maharashtra Logistics Policy 2024
The Maharashtra Logistics Policy 2024 aims to transform the state into a world-class logistics hub, driving economic growth and investment.
Spotlight on Government Policies and Housing Premiums in Mumbai's Real Estate Market
The latest real estate report for Greater Mumbai offers a comprehensive analysis of the current market, focusing on pricing trends, government policies, and the factors influencing housing premiums.
Cricketer Imran Patel Passes Away Due to Cardiac Arrest During Match in Pune
Imran Patel, a dedicated sportsman and a well-known figure in the cricket community, tragically passed away during a match in Pune. He leaves behind a family and friends who are deeply saddened by his sudden loss.
Godrej Properties Responds to CBI FIR: Claims No Law Violations
Godrej Properties has expressed surprise and denied any wrongdoing in response to a CBI FIR registered against Berkeley Realtech Ltd and Godrej Estate Developers for alleged cheating and corruption in a development project.
Dhanashree Verma's Heartfelt Desire: The Real Reason Behind Yuzvendra Chahal's Move to Mumbai
Dhanashree Verma, the beloved wife of Indian cricket star Yuzvendra Chahal, has been vocal about her desire to move to Mumbai. Discover the real reasons behind their potential relocation.
Dusit International Expands in India: 10 New Hotels on the Horizon
Thailand's renowned hotel and property development company, Dusit International, has announced plans to expand its footprint in India with the addition of 10 new hotels. This ambitious move underscores Dusit International's commitment to the Indian market and its belief in the region's potential for growth.