Pune Real Estate Market: Trends, Growth and Opportunities
Pune is one of India’s fastest-growing cities, with a thriving real estate market. The city has seen a surge in demand for both residential and commercial properties as the government focuses on improving infrastructure and the growth of various industries. Pune is also known for its educational and cultural heritage, attracting students, professionals and tourists from across the country and abroad.
According to a report by real estate consultancy firm PropTiger, Pune has recorded the highest increase in real estate prices between the months of July and September 2022, at 7%. This was the highest such growth noted among the seven cities viz Delhi-NCR, Mumbai, Ahmedabad, Chennai, Hyderabad, Kolkata and Bengaluru. The report also stated that Pune witnessed a 54 per cent increase in sales volume in the same period, with 84,200 units sold.
Another report by CREDAI-Pune Metro and CRE Matrix revealed that Pune real estate clocked sales of around 53,000 housing units in the period between January and July 2021 as compared to about 49,000 housing units between January and July 2019 indicating an almost 8% growth. The report also showed that Pune real estate clocked sales worth approximately Rs27,500 crore from January to July 2021 as compared to around Rs21,500 crore from January to July 2019 indicating an about 27% growth in the sales of higher ticket size housing units in 2021.
The Pune Housing Market in H1-2023 (Primary excluding Re-Sales) has clocked sales of over 45,000 units worth over Rs. 28,000 Crore, according to a press release by Magicbricks. The release also stated that Pune is now India’s most affordable and fastest growing real estate market among all metro cities in terms of number of units sold in the period January - June 2023.
Some of the factors that have contributed to the growth and development of the Pune real estate market are:
The availability of land at affordable prices and the ease of doing business in the city.
The presence of several IT/ITeS, manufacturing, automobile, education and research sectors that generate employment and income opportunities for the residents.
The improvement in connectivity and transportation facilities such as metro rail, ring road, airport expansion and expressways that reduce travel time and enhance accessibility.
The implementation of various government schemes and policies such as PMAY, RERA, GST and stamp duty reduction that provide incentives and benefits to home buyers and developers.
The emergence of new micro-markets and sub-markets such as Baner, Balewadi, Hinjewadi, Wagholi, Kharadi, Hadapsar, Undri and Wakad that offer a range of options for different segments of buyers.
The increasing preference for community living vis-à-vis individual housing and small societies that offer better amenities, security and lifestyle.
The rising demand for luxury and premium housing units priced above Rs.2 crore per unit that witnessed cumulative sales worth Rs.2,350 crore from January to July 2021 with an 88% growth as compared to cumulative sales worth Rs1,250 crore from January to July 2019.
The Pune real estate market is expected to continue its positive momentum in the coming years as well. According to Anuj Puri, chairman of Anarock Property Consultants, over 5.44 lakh units are scheduled to be completed across seven cities including Pune in 2023. He also said that construction activity will hopefully remain least impacted even if the pandemic resurfaces, so most completions in 2023 may be as per schedule.
The Pune real estate market offers a lucrative opportunity for investors and end-users alike. With its favourable demographics, economic potential, infrastructural development and affordable prices, Pune is poised to become one of the most sought-after destinations for real estate in India.
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