As a channel partner in real estate, I have observed significant trends in Pune's residential market. The city has shown impressive growth, with new project launches up by 110% and primary sales by 65% in 2022. This trend continued in 2023, with a 32% rise in new launches and a 47% increase in sales.
Key factors driving this growth include:
Expanding office spaces in Kharadi and Hinjewadi.
Thriving industrial hubs in northwest and northeast Pune.
High livability, ranked second in Ease of Living Index 2024.
Affordability as one of the most cost-effective metro cities.
Infrastructure upgrades like Pune Metro and Outer Ring Road.
Emerging Housing Markets: Pune has transitioned from low to mid-rise housing and bungalows to mass housing and township projects. Key emerging housing markets include:
Baner-Balewadi: Evolving from mid-segment to upper-mid and premium segment housing, with premium destinations like Balewadi Highstreet and Pan Card Club Road.
Wakad-Ravet: Rapid growth in demand and supply since 2022 makes this a promising area for real estate development.
Mundhwa-Kharadi: Dominated by mid and upper-mid segment housing, this area is gradually evolving into a premium housing market. Analysis of Pune's Residential Market (2019-2023)
The graph above illustrates the trends in new residential project launches and sales in Pune from 2019 to 2023. Here are the key insights:
New Launches (in thousand units):
2019: There were 15.09 thousand units launched.
2020: The number of new launches dropped to 12.64 thousand units, likely due to the impact of the Covid-19 pandemic.
2021: A recovery began with 23.38 thousand units launched.
2022: Significant growth was observed with 49.03 thousand units.
2023: The upward trend continued, reaching 64.61 thousand units.
Sales (INR/sqft on BUA):
2019: Sales were at INR 18.87 per square foot.
2020: There was a notable decline to INR 9.25 per square foot.
2021: Sales recovered to INR 21.65 per square foot.
2022: A substantial increase brought sales to INR 35.68 per square foot.
2023: Sales peaked at INR 52.6 per square foot.
Key Takeaways
Impact of Covid-19: The pandemic significantly impacted the market in 2020, with a drop in both new launches and sales.
Strong Recovery and Growth: Starting in 2021, the market saw a robust recovery, with both new launches and sales increasing sharply in 2022 and 2023.
Sustained Demand: The consistent increase in new launches and sales prices indicates sustained demand and a booming residential market in Pune.
In conclusion, Pune's residential market is booming due to growing office and industrial sectors, high livability, affordability, and improved infrastructure. Areas like Baner-Balewadi, Wakad-Ravet, and Mundhwa-Kharadi are rapidly developing. As a channel partner, I see a bright future for Pune's real estate, making it an excellent choice for homebuyers and investors.
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