November 2, 2024

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Pune’s Registered Home Sales Value Grows 19%, Average Home Sales Value Hits Record-High In July-September Quarter : Square Yards.

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Pune, Maharashtra, 22nd of October, 2024 : Pune, including Pimpri-Chinchwad, has reported a strong surge in registered home sales value for the July-September quarter of 2024, according to the latest report from Square Yards. Based on IGR data analysed by Square Yards, the city’s home sales value saw a 19% year-on-year (YoY) increase, reaching Rs. 13,865 crore.

In the September 2024 quarter, 18,806 residential transactions were registered across Pune. While there was a slight 1% YoY decline in the number of registered transactions during the period, the total registered home sales value grew by 19%. This trend pushed the average registered sales value to a record-high of Rs. 74 lakh—20% higher than the same period last year.

Pune Residential Real Estate Summary – July-September 2024
Jul-Sep 2024Apr-Jun 2024Jul-Sep 2023Q-o-QY-o-Y
Registered Residential Transactions (No. of units)18,80620,19018,907-7%-1%
Registered Home Sales Value (GTV) (Rs. crore)13,86513,99511,626-1%19%
Average Registered Sales Value (Rs. crore)0.740.690.616%20%

*Pune includes area under Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation only. Analysis includes both primary and secondary residential registered transactions.

Source: IGR, SquareYards.com

Sachin Vyas, Principal Partner & CSO, Square Yards said, “Pune remains one of the strongest residential in India, second only to Mumbai MMR. We are observing a distinct trend toward higher-end properties, with the average home sales value rising 20% year-on-year to an all-time high of Rs. 74 lakh in the September 2024 quarter, and the western suburbs even surpassing the Rs. 1 crore threshold. Currently, Pimpri-Chinchwad and the western suburbs are at the forefront of residential activity in Pune, driven by excellent connectivity and their strategic location near IT hubs. Looking ahead, we are very optimistic about the market’s potential. With the festive season underway and developers offering attractive incentives, we anticipate a surge in buyer interest and demand in the coming months.”

Market Leaders and Key Projects

Kolte Patil Developers secured the top position in both total registered transactions and sales value in Pune’s residential market for the July-September 2024 quarter. Their flagship project, Life Republic in Hinjewadi, led the rankings for the highest number of registered transactions and placed third in terms of sales value. Pristine Properties followed closely, with strong contributions to the transaction volume from their O2 World project in Kharadi. Mahindra Lifespaces entered the list of top-10 developers in Pune as compared to September 2023 quarter, with their Codename Crown project performing impressively in not only in transaction volume, but also sales value.

Top Developers by Registered Home Sales Value Pune July-September 2024
RankDevelopersRegistered Home Sales Value (Rs. crore)Top Projects by Registered Home Sales Value
1Kolte Patil Developers425Kolte Patil Life Republic
2Mahindra Lifespaces312Mahindra Codename Crown
3Pristine Properties305Pristine O2 World
4Lodha Group217Lodha Giardino
5VTP Realty202VTP Dolce Vita
6Nyati Group162Nyati Equinox
7Pride Construction And Developers161Pride World City
8Vilas Javdekar Developers160VJ Palladio Balewadi Central
9Kumar Properties158Kumar Parth Towers
10Shapoorji Pallonji Group135Joyville Hadapsar Annexe

*Pune includes area under Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation only. Analysis includes primary residential registered transactions only.

 Source: IGR, SquareYards.com    

Top Developers by No. of Registered Residential Transactions Pune July-September 2024
RankDevelopersRegistered Residential Transactions (No. of units)Top Projects by No. of Registered Residential Transactions
1Kolte Patil Developers430Kolte Patil Life Republic
2Pristine Properties314Pristine O2 World
3Mahindra Lifespaces304Mahindra Codename Crown
4VTP Realty224VTP Dolce Vita
5Kumar Properties206Kumar Primeview
6Pride Construction and Developers196Pride World City
7Shapoorji Pallonji Group173Joyville Hadapsar Annexe
8Vision Creative Group157Vision Altia
9Lodha Group155Lodha Giardino
10Nyati Group143Nyati Equinox

*Pune includes area under Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation only. Analysis includes primary residential registered transactions only.

Source: IGR, SquareYards.com                                      

Area-wise and Budget-wise Trends

In the September 2024 quarter, the share of properties priced above Rs. 1 crore increased to 18%, up from 13% in the same period last year, with homes in the Rs. 1–2 crore range accounting for the largest share at 15%. This rise came at the expense of the lower-to-mid price segments. The share of homes priced below Rs. 50 lakh and between Rs. 50 lakh–1 crore dropped from 87% to 82% compared to the same period last year.

The rise in premium segment coincides with a noticeable shift towards properties with larger areas and configurations. Properties sized between 1,000–1,500 sq.ft. now account for 11% of transactions, up from 8%, reflecting a growing preference for spacious apartments. However, it is to be noted that units in the 500–1,000 sq.ft. range continue to dominate the market, representing 62% of all registered transactions.

Pune – Area-wise Residential Transactions Jul-Sep 2024 vs Jul-Sep 2023 Pune – Budget-wise Residential Transactions Jul-Sep 2024 vs Jul-Sep 2023
Area (in sq.ft.)Jul-Sep 2024Jul-Sep 2023 BudgetJul-Sep 2024Jul-Sep 2023
Below 500 sq.ft.23%26% Below INR 50 lakh46%48%
500–1000 sq.ft.62%62% INR 50 lakh1 crore36%39%
1000–1500 sq.ft.11%8% INR 1–2 crore15%11%
1500–3000 sq.ft.3%3% INR 2–3 crore2%1.3%
Above 3000 sq.ft.1%1% Above INR 3 crore1%0.7%

*Pune includes area under Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation only. Analysis includes both primary and secondary residential registered transactions.

Source: IGR, SquareYards.com

Micro Market Performance

Pimpri Chinchwad remained Pune’s most active residential market in the September 2024 quarter, capturing a 46% share of overall residential transactions and 34% of total sales value. Western and eastern suburbs followed closely, collectively accounting for 38% of registered transaction volume. Together, these three micro-markets contributed to 84% of Pune’s overall registered home sales value during the quarter.

Pune’s western suburbs recorded the highest average transaction value at Rs. 1.07 crore, surpassing the central suburbs. This was largely driven by premium projects from prominent developers, appealing to end-users due to the area’s proximity to the Mumbai-Pune Expressway and the IT hub of Hinjewadi. Meanwhile, Pimpri Chinchwad remained an affordable alternative with an average transaction value of Rs. 55 lakh, bolstered by strong connectivity via NH-48, further adding to its popularity as a residential choice.

Pune Micromarket Summary – July-September 2024
MicromarketRegistered Residential Transactions (No. of units)Registered Home Value (Rs. crore)Average Registered Home Sales Value (Rs. crore)
Pune18,80613,8650.74
Pimpri Chinchwad8,5774,7380.55
Pune West3,7083,9711.07

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