Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Pune Real EstateProperty MarketSquare YardsResidential TransactionsAverage Home PriceReal Estate PuneAug 12, 2024
The report stated that the number of transactions registered with the Inspect General of Registration (IGR) between April and June this year touched 39,961, which is 49.5% jump as against 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 crore, marking a 3% annual increase. Correspondingly, the average registered home sales value reached an all-time high of Rs 69 lakh in the second quarter of 2024, recording a robust 17% year-over-year growth.
Suhas Paithankar, associate principal partner at Square Yards, said, “Pune continues to stand out as one of India’s top-performing cities, second only to Mumbai MMR. 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 lakh. This underscores a robust demand for premium homes, fueled by rising employment opportunities, increased disposable incomes, and a shift towards aspirational lifestyle.”
He added that 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 report also highlighted that 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 sqft 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 lakh, driven by the extensive presence of IT companies. In contrast, Pimpri-Chinchwad remains an affordable alternative with an average transaction value of Rs 56 lakh.
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 crore 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.
Frequently Asked Questions
What is the percentage increase in registered transactions in Pune's real estate market?
50%
What is the average registered home sales value in Pune's real estate market?
Rs 69 lakh
Which micro-markets dominate residential market activity in Pune?
Pimpri Chinchwad and the Western suburbs
What is the highest average transaction value in Pune's real estate market?
Rs 1.08 crore in Pune’s central suburbs
Which real estate company retained its top position in both total registered transactions and sales value?
VTP Realty
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