Pune's Real Estate Market Surges With 50% YoY Growth In Registered Transactions In June Quarter

Pune's real estate market witnessed a significant upswing in the June quarter of 2024, with registered transactions soaring by 50 per cent year-over-year, according to a report by Square Yards.

The city registered 39,961 transactions between April and June, a sharp increase from 26,629 in the same period last year. This growth reflects a robust demand in the real estate sector, particularly in the high-end and premium property segments.

Market Leaders: VTP Realty Tops Sales And Transactions
VTP Realty emerged as the market leader in Pune, recording the highest number of registered home transactions and sales value. Following closely were Kolte Patil Developers and Godrej Properties, both of which posted strong sales numbers in the June quarter. VTP Realty's dominance is evident in its flagship projects, such as VTP Verve and VTP Dolce Vita, which have consistently ranked among the top in terms of both transactions and sales value.

Rising Average Sales Value
The report highlights a notable increase in the average home sales value in Pune, which hit an all-time high of Rs 69 lakh in Q2 2024, up by 17 per cent year-over-year. This rise in value underscores a growing preference among homebuyers for premium properties. The registered sales value for residential properties in Pune during this period reached Rs 13,995 crore, marking a 3 per cent increase from the previous year.

Shift Towards Premium Segments
There has been a noticeable shift in buyer preferences, with transactions for properties priced between Rs 50 lakh and Rs 1 crore rising to 39 per cent of the total, up from 36 per cent in the same quarter last year. Additionally, the share of properties priced between Rs 1 crore and Rs 2 crore nearly doubled, reflecting a strong demand for premium homes. Properties within the 500–1,000 sq.ft. range continue to dominate, with 1 BHK and 2 BHK configurations being the most popular choices among buyers.

Micromarket Performance

Pimpri-Chinchwad and Pune's western suburbs, particularly areas along the Mumbai-Pune Expressway and NH-48, led the market, accounting for 67 per cent of the overall registered transactions and 64 per cent of the total sales value. The central suburbs recorded the highest average transaction value at Rs 1.08 crore, driven by the presence of IT companies, while Pimpri-Chinchwad remained an affordable yet attractive option with an average transaction value of Rs 56 lakh.

New Launches and Future Outlook
Pune saw the launch of 16,783 units across 177 projects in the June quarter, with Pimpri-Chinchwad dominating the new supply. With the festive season on the horizon, industry experts anticipate heightened residential activity in the latter half of the year, fueled by strong buyer sentiment and a continued demand for quality housing options.