Pune Real Estate Market Sees 50% Rise in Transactions, Hits 39,961 Deals in Q2 2024
Pune's real estate market saw a remarkable 50% growth in the second quarter of 2024, with 39,961 property transactions reported, up from 26,629 last year.
Pune Real EstateSquare YardsVtp RealtyKolte Patil DevelopersGodrej Urban RetreatLodha GiardinoReal Estate NewsAug 21, 2024
This surge indicates a renewed interest in home buying and signals a positive shift in the city's housing landscape.
Residential transactions accounted for 20,190 of the total, generating a sales value of INR 13,995 crores, a 3% increase compared to the previous year. The average price for homes sold during this period climbed to an all-time high of INR 69 lakhs, reflecting a robust 17% jump from the previous year.
Experts suggest this growth is largely driven by a strong demand for high-end properties, as more homebuyers seek aspirational living options amid rising disposable incomes and employment opportunities.
Real estate analyst Suhas Paithankar from Square Yards noted Pune's strong market performance, which positions it as one of India's top cities for real estate, second only to Mumbai.
A closer look at the types of properties being sold reveals interesting trends. Properties priced between INR 50 lakh and INR 1 crore increased their market share to 39%, compared to 36% the previous year.
Pimpri Chinchwad and the western suburbs of Pune continue to lead the market, particularly areas along the Mumbai-Pune Expressway and NH-48.
Localities such as Wagholi, Ravet, Punawale, and Tathawade led the market in terms of registered transactions during this quarter.
In terms of developers, VTP Realty emerged as the leader in total transactions and sales value.
Overall, Pune's real estate market is experiencing strong growth, driven by rising demand and buyer preferences for premium options.
As the year progresses and festivities approach, the outlook appears promising for both buyers and investors in this vibrant market.
Frequently Asked Questions
What is the growth rate of Pune's real estate market in Q2 2024?
50% increase in transactions compared to the same period last year.
What is the total number of property transactions in Pune during Q2 2024?
39,961
What is the average price of homes sold in Pune during Q2 2024?
INR 69 lakhs
Which areas are leading the market in Pune?
Pimpri Chinchwad and the western suburbs of Pune
Which developers are performing well in Pune's real estate market?
VTP Realty, Kolte Patil Developers, Godrej Urban Retreat, and Lodha Giardino
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora