Pune’s Real Estate Market Surges by 49% in Transactions and 56% in Sale Value in Q1 2024
Pune’s real estate market has shown remarkable growth in the first quarter of 2024, with significant increases in both the number of transactions and the overall sale value. According to data from the Inspector General of Registration (IGR), Maharashtra, the market experienced a 49% rise in transactions compared to Q4 2023, totaling 27,056 transactions. Concurrently, the sale value surged by 56%, reaching ₹17,837 crore.
Key Market Players and Projects
Several developers have been instrumental in this market expansion:
- VTP Realty led the market with sales worth ₹951 crore from 1,083 transactions.
- Kolte Patil Developers achieved sales of ₹643 crore.
- Vilas Javdekar Developers reported sales worth ₹491 crore.
Among the top projects:
- VTP Dolce Vita recorded the highest sales value at ₹469 crore from 580 transactions.
- Pride World City and Kolte Patil Life Republic also performed notably well.
Market Segmentation
Budget-wise Distribution
- Properties priced below ₹50 lakh constituted 45.4% of transactions.
- Properties priced between ₹50 lakh and ₹1 crore accounted for 39% of transactions.
- Properties priced between ₹1 crore and ₹2 crore made up 13.2% of transactions.
Area-wise Distribution
- Properties sized between 500 and 1000 square feet comprised 63.4% of transactions.
New Project Launches
The Real Estate Regulatory Authority (RERA) reported a total of 194 new projects launched in Q1 2024. These projects encompass 13,191 units with a total launch area of approximately 1.17 crore square feet. The most active areas for new project launches were Pimpri Chinchwad, Pune East, and Pune West.
Micro Market Performance
Pune’s micro markets showed varied performance:
- Pimpri Chinchwad led with a sale value of ₹7,512 crore from 13,311 transactions.
- Pune West recorded sales of ₹4,445 crore.
- Pune East saw sales of ₹3,545 crore.
Pune South and Pune Central also demonstrated substantial activity, indicating well-distributed market growth.
Specific Locations
Significant real estate activity was noted in specific locations within Pune:
- Baner topped the list with a sale value of ₹880 crore from 766 transactions.
- Wagholi, Wakad, and Hinjewadi showed robust transaction volumes and high sale values, reflecting their popularity among buyers.
Conclusion
Pune’s real estate market in Q1 2024 has demonstrated strong resilience and growth, with substantial increases in transactions and sales value. The impressive performance of leading developers and high activity in key micro markets indicate a vibrant and dynamic market poised for continued expansion. This growth is a positive indicator for the future of Pune’s real estate sector, suggesting sustained interest and investment in the region.
