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Friday, December 13, 2024

Pune’s Registered Transactions Jump 50% YoY in June Quarter; Average Home Sales Value Hits Record High: Square Yards  

VTP Realty trends on top with Highest Registered Home Transactions and Sales Value in Pune. Kolte Patil Developers and Godrej follow closely.

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 2023Q1 2024Q2 2024QoQYoY
Registered Real Estate Transactions(No. of units)26,62957,10539,961-30%50%

*Includes all registered transactions with IGR in Pune district.

Source: IGR, SquareYards.com

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 2023Q1 2024Q2 2024QoQYoY
Registered Sales Value (GTV) (Rs. crore)13,63717,83713,995-22%3%
Average Registered Sales Value (Rs. crore)0.590.660.695%17%

*Includes only primary and secondary residential transactions registered within the jurisdictions of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.

Source: IGR, SquareYards.com

“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 lakh1 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 TransactionsQ2 2024 vs Q2 2023 (April-June) Pune – Budget-wise Residential TransactionsQ2 2024 vs Q2 2023 (April-June)
Area (in sq.ft.)Q2 2023Q2 2024 BudgetQ2 2023Q2 2024
Below 500 sq.ft.27%22% Below INR 50 lakh53%44%
500–1000 sq.ft.62%62% INR 50 lakh1 crore36%39%
1000–1500 sq.ft.8%12% INR 1–2 crore9%14%
1500–3000 sq.ft.2%3% INR 2–3 crore1%2%
Above 3000 sq.ft.1%1% Above INR 3 crore1%1%

*Includes only primary and secondary residential transactions registered within the jurisdictions of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.

Source: IGR, SquareYards.com

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)
MicromarketRegistered Residential Transactions (No. of units)Registered Home Value (Rs. crore)Average Registered Home Sales Value (Rs. crore)
Overall Pune20,19013,9950.69
Pimpri-Chinchwad9,2405,1680.56
Pune West4,2703,7550.88
Pune East3,7543,1010.83
Pune South2,4431,4490.59
Pune Central4835221.08

*Includes only primary and secondary residential transactions registered within the jurisdictions of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.

Source: IGR, SquareYards.com

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 ValuePune Q2 2024 (April-June)
RankDevelopersRegistered Home Sales Value (Rs. crore)Top Projects by Registered Home Sales Value
1VTP Realty525VTP Verve, VTP Dolce Vita
2Kolte Patil Developers393Kolte Patil Life Republic
3Godrej Properties352Godrej Urban Retreat
4Lodha Group346Lodha Giardino
5Kumar Properties199Kumar Parc Residences, Kumar Palmspring towers
6Krisala Developers165Krisala 41 Luxovert
7Nyati Group160Nyati Equinox, Nyati Emerald
8Pristine Properties142Pristine O2 World
9Rohan Group139Rohan Leher, Rohan Anand
10Pride Purple Group124Park Titan

*Includes only primary residential transactions registered within the jurisdictions of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.

Source: IGR, SquareYards.com

Top Developers by No. of Registered Residential TransactionsPune Q2 2024 (April-June)
RankDevelopersRegistered Residential Transactions (No. of units)Top Projects by No. of Registered Residential Transactions
1VTP Realty573VTP Verve, VTP Dolce Vita
2Kolte Patil Developers422Kolte Patil Life Republic
3Godrej Properties402Godrej Urban Retreat
4Lodha Group315Lodha Giardino
5Kumar Properties260Kumar Parc Residences, Kumar Palmspring towers
6Krisala Developers202Krisala 41 Luxovert
7Nyati Group180Nyati Equinox, Nyati Emerald
8Pristine Properties170Pristine O2 World
9Rohan Group165Rohan Abhilasha, Rohan Ekam
10Goel Ganga Group147Ganga New Town, Ganga Amber

*Includes only primary residential transactions registered within the jurisdictions of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.

Source: IGR, SquareYards.com

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)
MicromarketTotal Launched Inventory(No. of units)Total Launch ProjectsTotal Launch Area(Million sq.ft.)
Overall Pune16,78317714.9
Pimpri Chinchwad7,084637.0
Pune West3,935383.2
Pune Central396200.4
Pune East3,062192.5
Pune South1,094151.1
Rest of Pune1,212220.6

*Includes all new launches in Pune district registered between April-June 2024.

Source: RERA Maharashtra, SquareYards.com

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.

About Square Yards

Square Yards is India’s largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.

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