Pune’s Residential Real Estate Market Records 56% Rise in Sales Value in Q1 2024 to Rs 17,837cr

Pune Flat Real estate Porwal Road
Share this News:

Pune, 20th May 2024: The Pune real estate market has demonstrated remarkable growth in the first quarter of 2024, with significant increases in both the number of transactions and the overall sale value. The number of transactions surged by 49% compared to Q4 2023, reaching a total of 27,056. Correspondingly, the sale value saw a substantial rise of 56%, amounting to ₹17,837 crore as per Square Yards Data Intelligence for property registrations recorded by Inspector General of Registration (IGR), Maharashtra. This surge highlights the buoyancy and resilience of Pune’s real estate market.

Pune Overall Summary -(Jan-Mar’24)
Q4’2023 Q1’2024 % Change (QoQ)
Number of Transactions 18,098 27,056 49%
Sales Value in Cr. 11408 17837 56%

Data Source: IGR, Maharashtra, squareyards.com

Market Leaders and Key Projects

Several developers stood out in the market. VTP Realty led the pack with sales worth ₹951 crore from 1,083 transactions, followed by Kolte Patil Developers and Vilas Javdekar Developers, with sales values of ₹643 crore and ₹491 crore, respectively.

Top Developers in Pune by Sale Value -(Jan-Mar’24)
  Developer Sales Value in Cr. No. of Transactions
1 VTP Realty 951 1083
2 Kolte Patil Developers 643 714
3 Vilas Javdekar Developers 491 596
4 Pride Construction And Developers 456 508
5 Godrej Properties 409 539
6 Runwal Group 275 232
7 Rohan Builders and Developers 273 338
8 Nyati Group 222 287
9 Gera Developments 178 169
10 Kumar Properties 175 214

Data Source: IGR, Maharashtra, squareyards.com

“The remarkable growth in Pune’s real estate market during Q1 2024 underscores the city’s increasing appeal as a prime investment destination. It continues to be a dynamic and resilient real estate market, with sustained growth and diverse opportunities for both developers and buyers. The significant rise in transactions and sale values reflects the robust demand, while the impressive performance of top developers like VTP Realty, Kolte Patil Developers & Vilas Javdekar Developers underlines their crucial role in this growth. As the market evolves, we will continue to invest significant sales capabilities in Pune’s vibrant real estate landscape,” said Sachin Vyas, Principal Partner & Chief Sales Officer, Square Yards.

Among the top projects, VTP Dolce Vita recorded the highest sales value at ₹469 crore from 580 transactions, followed closely by Pride World City and Kolte Patil Life Republic.

Top Projects in Pune by Sale Value -(Jan-Mar’24)
  Project Name Sales Value in Cr. No. of Transactions
1 VTP Dolce Vita 469 580
2 Pride World City 448 507
3 Kolte Patil Life Republic 397 534
4 Runwal The Central Park 276 233
5 VTP Earth One 257 237
6 Yashwin Urbo Centro 251 264
7 Rohan Harita 167 223
8 Geras Island of Joy 167 159
9 Mahindra Citadel 127 104
10 Paranjape Blue Ridge 125 112

Data Source: IGR, Maharashtra, squareyards.com

Market Segmentation

The budget-wise distribution of transactions showed that nearly half (45.4%) were for properties priced below ₹50 lakh, while 39% of the transactions were in the ₹50 lakh to ₹1 crore range. Properties priced between ₹1 crore and ₹2 crore accounted for 13.2% of the transactions. In terms of area, the majority of transactions (63.4%) were for properties sized between 500 and 1000 square feet.

 Data Source: IGR, Maharashtra, squareyards.com

New Launches
The Real Estate Regulatory Authority (RERA) reported a total of 194 new projects launched in Q1 2024, comprising 13,191 units with a total launch area of approximately 1.17 crore square feet. Pimpri Chinchwad, Pune East, and Pune West were the most active in terms of new project launches, indicating continued development and investment in these areas.
New Launches Pune (Jan-Mar’24 )
Total Launch Projects 194
Total Launch Inventories 13,191
Total Launch Area (In SqFt.) 1,16,72,026

Data Source: Maha RERA, Maharashtra, squareyards.com

Micro Market Performance

The micro markets in Pune showed varied performance. Pimpri Chinchwad emerged as the leader with a sale value of ₹7,512 crore from 13,311 transactions. Pune West and Pune East followed, registering sales of ₹4,445 crore and ₹3,545 crore, respectively. Pune South and Pune Central also showed substantial activity, indicating a well-distributed market growth across the city.

Data Source: IGR, Maharashtra, squareyards.com

Specific locations within Pune also highlighted significant real estate activity. Baner topped the list with a sale value of ₹880 crore from 766 transactions. Wagholi, Wakad, and Hinjewadi followed closely, each demonstrating robust transaction volumes and high sale values, reflecting their popularity among buyers.

Top Locations in Pune by Sale Value -(Jan-Mar’24)
  Location Sale Value in Cr. No. of Transactions
1 Baner                        880                             766
2 Wagholi                        849                           1,039
3 Wakad                        829                           1,066
4 Hinjewadi                        808                           1,107
5 Ravet                        804                           1,469
6 Charholi Budruk                        746                           1,518
7 Tathawade                        734                           1,094
8 Manjari Khurd                        631                             767
9 Mahalunge