Pune, Maharashtra, August 12, 2024 – Pune’s real estate market has experienced a significant boost, with registered transactions surging by 50% in the June quarter, according to the latest report by Square Yards. The number of transactions registered with the IGR between April and June 2024 reached 39,961, up from 26,629 during the same period last year.

Pune Real Estate Summary – Q2 2024 (April-June)
  Q2 2023 Q1 2024 Q2 2024 QoQ YoY
Registered Real Estate Transactions

(No. of units)

26,629 57,105 39,961 -30% 50%

Of the total registered transactions in Pune, 20,190 were residential, amounting to a registered sales value of Rs. 13,995 crore, marking a 3% annual increase. Correspondingly, the average registered home sales value reached an all-time high of Rs. 69 lakh in the second quarter of 2024, recording a robust 17% year-over-year growth. This shift highlights a strong preference among homebuyers for high-end and premium properties, driving the average sales value to a new high.

Pune Residential Summary – Q2 2024 (April-June)
Q2 2023 Q1 2024 Q2 2024 QoQ YoY
Registered Sales Value (GTV) (Rs. crore) 13,637 17,837 13,995 -22% 3%
Average Registered Sales Value (Rs. crore) 0.59 0.66 0.69 5% 17%

“Pune continues to stand out as one of India’s top-performing cities, second only to Mumbai MMR,” says Suhas Paithankar, Associate Principal Partner, Square Yards. “The June quarter’s data highlights a healthy 17% annual increase in the average registered sales value, reaching an all-time high of Rs. 69 lakh. This underscores a robust demand for premium homes, fueled by rising employment opportunities, increased disposable incomes, and a shift towards aspirational lifestyle.”

He added, “Looking at the historical data trends of Pune, the second quarter is anticipated to give way to heightened residential activity in the latter half of the year driven by upbeat homebuyer sentiments owing to the upcoming Ganpati and other festivals.”

The share of residential transactions for properties priced between Rs. 50 lakh–1 crore rose to 39% in the June quarter, up from 36% during the same period the previous year. Additionally, transactions for properties priced between Rs.1–2 crore nearly doubled, increasing to 14% from 9% year-on-year. Properties within the 500–1,000 sq.ft. range continue to dominate, representing 62% of all transactions as 1 BHK followed by 2 BHK remain most preferred configuration amongst homebuyers.

Pune – Area-wise Residential Transactions

Q2 2024 vs Q2 2023 (April-June)

  Pune – Budget-wise Residential Transactions

Q2 2024 vs Q2 2023 (April-June)

Area (in sq.ft.) Q2 2023 Q2 2024   Budget Q2 2023 Q2 2024
Below 500 sq.ft. 27% 22% Below INR 50 lakh 53% 44%
500–1000 sq.ft. 62% 62% INR 50 lakh–1 crore 36% 39%
1000–1500 sq.ft. 8% 12% INR 1–2 crore 9% 14%
1500–3000 sq.ft. 2% 3% INR 2–3 crore 1% 2%
Above 3000 sq.ft. 1% 1% Above INR 3 crore 1% 1%

Micro Market Performance

Pimpri Chinchwad and the Western suburbs continue to dominate residential market activity, particularly the localities along the Mumbai-Pune Expressway and NH-48. These micro-markets collectively accounted for 67% of overall registered transactions and 64% of sales value in the June quarter.

The highest average transaction value was recorded in Pune’s central suburbs at Rs. 1.08 crore, followed by the western micro-market at Rs. 88 lakh, driven by the extensive presence of IT companies. In contrast, Pimpri-Chinchwad remains an affordable alternative with an average transaction value of Rs. 56 lakh. This coupled with good connectivity via NH-48 has added to the popularity of this micro-market.

Pune Residential Micromarket Summary – Q2 2024 (April-June)
Micromarket Registered Residential Transactions (No. of units) Registered Home Value (Rs. crore) Average Registered Home Sales Value (Rs. crore)
Overall Pune 20,190 13,995 0.69
Pimpri-Chinchwad 9,240 5,168 0.56
Pune West 4,270 3,755 0.88
Pune East 3,754 3,101 0.83
Pune South 2,443 1,449 0.59
Pune Central 483 522 1.08

Localities such as Wagholi, followed by Ravet, Punawale, and Tathawade led in total registered residential transactions in Q2 2024. In terms of registered sales value, Wagholi and Baner took the lead, with properties worth Rs. 991 crore and Rs. 679 crore sold during the June quarter.

Market Leaders and Key Projects

VTP Realty retained its top position in both total registered transactions and sales value. Their project, VTP Verve in Sus, stood third on the list of projects with the highest number of registered transactions and second on the list for sales value. Kolte Patil Developers followed closely, with substantial contributions from their project Life Republic in Hinjewadi. Godrej took the third spot, with Godrej Urban Retreat performing strongly in terms of transactions and sales value. Lodha’s project, Lodha Giardino in Kharadi, led in registered transactions value.

Top Developers by Registered Home Sales Value

Pune Q2 2024 (April-June)

Rank Developers Registered Home Sales Value (Rs. crore) Top Projects by Registered Home Sales Value
1 VTP Realty 525 VTP Verve, VTP Dolce Vita
2 Kolte Patil Developers 393 Kolte Patil Life Republic
3 Godrej Properties 352 Godrej Urban Retreat
4 Lodha Group 346 Lodha Giardino
5 Kumar Properties 199 Kumar Parc Residences, Kumar Palmspring towers
6 Krisala Developers 165 Krisala 41 Luxovert
7 Nyati Group 160 Nyati Equinox, Nyati Emerald
8 Pristine Properties 142 Pristine O2 World
9 Rohan Group 139 Rohan Leher, Rohan Anand
10 Pride Purple Group 124 Park Titan
Top Developers by No. of Registered Residential Transactions

Pune Q2 2024 (April-June)

Rank Developers Registered Residential Transactions (No. of units) Top Projects by No. of Registered Residential Transactions
1 VTP Realty 573 VTP Verve, VTP Dolce Vita
2 Kolte Patil Developers 422 Kolte Patil Life Republic
3 Godrej Properties 402 Godrej Urban Retreat
4 Lodha Group 315 Lodha Giardino
5 Kumar Properties 260 Kumar Parc Residences, Kumar Palmspring towers
6 Krisala Developers 202 Krisala 41 Luxovert
7 Nyati Group 180 Nyati Equinox, Nyati Emerald
8 Pristine Properties 170 Pristine O2 World
9 Rohan Group 165 Rohan Abhilasha, Rohan Ekam
10 Goel Ganga Group 147 Ganga New Town, Ganga Amber

New Launches

According to Square Yards, a total of 16,783 units were launched in Pune during the June quarter, spanning 177 projects and covering nearly 15 million square feet. Pimpri Chinchwad dominated Pune’s residential new supply, accounting for 47% of the total units launched in Q2 2024. The presence of an IT hub, connectivity via NH-48, and the availability of land parcels have attracted many developers to this micro-market.

Pune Residential New Supply Summary – Q2 2024 (April-June)
Micromarket Total Launched Inventory

(No. of units)

Total Launch Projects Total Launch Area

(Million sq.ft.)

Overall Pune 16,783 177 14.9
Pimpri Chinchwad 7,084 63 7.0
Pune West 3,935 38 3.2
Pune Central 396 20 0.4
Pune East 3,062 19 2.5
Pune South 1,094 15 1.1
Rest of Pune 1,212 22 0.6

Square Yards’ insights suggest that both local and national developers are experiencing successful project launches in Pune. The city’s diverse offerings in the mid-to-high segment cater to a wide range of buyers, ensuring sustained growth. With the festive season approaching, residential activity is expected to accelerate in the latter half of the year.

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