Pune, 26th Feb 2024: Pune’s residential market witnessed a sharp growth in demand reflecting rising buyer confidence in Q4 2023, recording 18098 transactions amounting to Rs 11,408 crores, as per Square Yards Data Intelligence for property registered by Inspector General of Registration (IGR), Maharashtra.
Vikas Javdekar Group led in terms of volume and units registered in this quarter with 734 units amounting to Rs 600 crores, followed by Kolte Patil Developers recording 499 registrations totaling Rs 370 crores in the October-December quarter.
VTP Realty and Nyati Group also rode on the robust market sentiment to achieve impressive transaction and volume figures in the October-December quarter. Godrej and Kumar Group too cashed in on the growing interest of buyers and investors and maintained their selling momentum.
“Pune has been one of the top-selling housing markets in 2023. The city’s thriving IT hub, strategic location, robust infrastructure development, and appealing price points compared to Mumbai, have struck the right balance between lifestyle and investment value. Pune offers more square footage, spacious residential choices and a greener footprint. Besides, property values have seen a consistent uptick over the years, solidifying Pune as a favourable destination for investors,” said Suhas Dattatraya Paithankar, Associate Principal Partner, Square Yards Pune.
Kolte Patil Developers led in the project category in terms of units registered with Kolte Patil Life Republic recording 426 transactions. VTP Realty followed in terms of sale value with VTP Flamante accumulating Rs 259 crores.
Pune’s real estate market has been showing signs of robust growth despite rising property prices. Pimpri Chinchwad stood up as the premier micro-market for residential transactions and sale value, recording 8728 units registered, amounting to Rs 4786 crores. The presence of MNCs and industries and strategic location near to tech and IT parks and close proximity to Hinjewadi has make the city an ideal location for young professionals. Places like Ravet, Hinjewadi, Wakad, Tathawade are some top locations in Pimpri Chinchwad that have witnessed highest transactions in Q4, 2023.
On a similar note, West Pune also displayed healthy growth with 4011 registered units, totaling 3067 crores. While East and Central Pune have traditionally been favoured by high-end homebuyers, the demand has now shifted towards the west. The region’s affordability compared to the rest of Pune, flawless connectivity owing to Mumbai-Pune Expressway and proximity to commercial hubs in the vicinity have spurred rapid real estate growth. South Pune is also emerging as a promising market for those unable to access Central Pune owing to the development of the New Pune International Airport and improved connectivity through the Pune Mumbai bypass road. Neighbourhoods like Wagoli have emerged as top location witnessing sale value of Rs 594 crores in this quarter.
In terms of ticket size, residential units in the Rs 50 lakhs range dominated transactions comprising 44% of the market, underscoring the fact that homebuyers are finding significant value per square foot within this range. Properties valued at Rs 50 lakhs-1crore followed next with 42% of the share, indicating homebuyers’ penchant for premium properties with state-of-the-art amenities. Punekars’ preference for spacious units is also noticed in this quarter with 500-1000 sqft properties clocking 66% of the overall demand.
Pune is the most vibrant market at present with retail, residential and commercial sectors flourishing at a rapid clip, aided by its well-developed infrastructure, presence of educational hubs and ample employment potential. The outlook of the market remains optimistic with ongoing infrastructural improvements and strong demand likely to sustain the buoyancy of the market in the coming months.
