The number of real estate transactions in Pune has increased significantly, with the registered transactions surging by 50 per cent in the April-June 2024 quarter, according to a report by realty consultancy firm Square Yards. It said the number of transactions registered with the Inspect General of Registration (IGR) between April and June this year touched 39,961, which is 49.5 per cent jump as agianst 26,629 during the same period last year.
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 per cent 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 per cent year-over-year growth.
“Pune continues to stand out as one of India’s top-performing cities, second only to Mumbai MMR. The June quarter’s data highlights a healthy 17 per cent 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,” said Suhas Paithankar, associate principal partner at Square Yards.
He added that 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.
According to the Square Yards report, the share of residential transactions for properties priced between Rs 50 lakh–1 crore rose to 39 per cent in the June quarter, up from 36 per cent during the same period the previous year. Additionally, transactions for properties priced between Rs 1-2 crore nearly doubled, increasing to 14 per cent from 9 per cent year-on-year. Properties within the 500–1,000 sqft range continue to dominate, representing 62 per cent of all transactions as 1-BHK followed by 2-BHK remain most preferred configuration amongst homebuyers.
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.
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.
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