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16 Sep

Unveiling The Growth of Pune Real Estate Market 2024

Author admin Categories Blogs
The residential sector in Pune performed exceptionally well, recording a 13 per cent year-on-year (YoY) incrThe real estate market in Pune has been growing rapidly and showing strong resilience, making it one of the top choices for investors in India. Pune is famous for its culture and booming economy, which has led to an increasing number of people interested in buying property there. In this blog, we will discuss the real estate market in Pune in 2024, focusing on the important trends, opportunities for investment, and things to consider for anyone who is planning to invest in property in Pune. ease in sales. This translates to a total of 24,525 housing units sold in H1 2024, marking the highest half-yearly sales figure since H1 2013. This robust demand can be attributed to several factors, including:

Current Market Trends

The Pune real estate market trends demand has increased significantly in 2024, with both – people looking to buy homes and investors showing interest. The Hindu Business Line reported that the number of homes sold in the first quarter of 2024 was 56% higher than in 2023. There are a few reasons behind this growth in the market.:

  • Increased Affordability and Growing Incomes: More people can now afford to invest in real estate because they are earning more money and finding it easier to afford the cost.
  • Shift in Living Preferences: The pandemic has led more people to prefer bigger homes with fancy features, which has increased the demand for luxury homes in Pune.
  • Low Unsold Inventory: The quick sales of new projects have greatly reduced the number of unsold homes, making sure that the housing market stays steady.

Project Developments

The real estate market in Pune is full of new homes and offices that come in different sizes and layouts to meet different needs and budgets. These places have all the modern amenities, green spaces, and advanced security to appeal to people looking to invest. Panchshil Business Park: Found in Baner, this office space has all the latest facilities to cater to the increasing need for high-quality workspaces. World Trade Centre Pune: Located in Kharadi, this famous development is home to many big companies, making the area even more appealing for commercial real estate.

Return on Investment (ROI) Potential

Thinking of investing in Pune’s real estate market? You might be in for a good return on investment. The city’s growing economy and improving infrastructure make it an attractive place to invest. Recent data and examples show that property rates in Pune areas like Hinjewadi and Kharadi have gone up by 19 to 25% in the last three years. In 2023 and 2024, it will increase more than 30% in promising markets.

Legal and Financial Considerations

When investing in Pune’s real estate market, it’s very important to understand the legal and financial aspects involved.

Legal Aspects

Ensure compliance with RERA regulations, which enhance transparency and protect buyers’ interests. Verify the property’s legal status, title, and approvals before purchase.

Financial Considerations

Explore various financing options, including home loans with competitive interest rates. Understand the taxation aspects related to property investment, including stamp duty, registration charges, and capital gains tax.

Customer Benefits

Investing in Pune’s real estate market offers several benefits:

  • Capital Appreciation: Growth of the property value appreciation makes it a lucrative investment.
  • Rental Income Opportunities: Pune’s growing population and influx of professionals create a strong demand for rental properties.
  • Quality of Life Improvements: Residents’ access to top-tier amenities, green spaces, and modern infrastructure enhances their quality of life.
  • Portfolio Diversification: Real estate investment provides a tangible asset, diversifying your investment portfolio.

Tips for First-Time Investors

For first-time investors, the following tips can help navigate Pune’s real estate market:

  • Conduct Thorough Research: To know the market trends and property trends in Pune and potential growth areas.
  • Perform Due Diligence: Verify the property’s legal status, approvals, and builder’s reputation.
  • Choose the Right Property: Consider factors like location, amenities, and future growth prospects.
  • Consult Experts: Seek advice from real estate consultants and legal experts to make informed decisions

Conclusion

Thinking about buying property in Pune? Pune is a great place to consider in 2024. It has a strong economy and a good location, and people’s preferences are changing in ways that make it an attractive place to invest. It can be a bit expensive, but the government and market are working on ways to make it more affordable. It’s important to be careful because of uncertain global politics, but the housing and business property markets seem to be connected, which is promising. Pune is also very innovative and has a young population, making it a good place for international business and economic growth.
16 Sep

Deciphering Pune’s Residential Realities in Q1 2024: Our Insightful Analysis

Author admin Categories Blogs
The residential sector in Pune performed exceptionally well, recording a 13 per cent year-on-year (YoY) increase in sales. This translates to a total of 24,525 housing units sold in H1 2024, marking the highest half-yearly sales figure since H1 2013. This robust demand can be attributed to several factors, including:
The real estate market in Pune experienced strong expansion in the first quarter of 2024, showcasing encouraging patterns in both the availability of properties and their demand. Pune’s emergence as a vibrant economic hub, accommodating various industries like IT, manufacturing, and automotive, has played a pivotal role in elevating its status as an attractive spot for real estate investment. This transformation has spurred significant development in the region.

A Strong Growth in the Past Year

The year 2023 saw Pune record a notable increase in new residential supply, with a remarkable 40 percent year-on-year growth. This translated to the launch of a total of 105,698 residential units in the city. Alongside this surge in supply, residential sales also showed impressive progress, achieving a substantial 33 percent year-on-year growth for the entire year with approximately 82,696 residential units were sold during 2023. This upward trend suggests a flourishing market, with both supply and demand dynamics in a healthy balance, promising continued growth and development.

Notably, location such as Charholi Budruk, Hinjewadi, and Punawale stood out as prime neighbourhoods for new property launches in 2023, while the most significant sales activity occurred in Hinjewadi, Charholi Budruk, and Moshi. These areas experienced a notable influx of new developments and witnessed heightened buyer interest, making them focal points within Pune’s real estate landscape.

Favourable Demand Statistics during First Quarter of 2024

Pune accounted for the second highest share in both total sales and new supply during Q1 2024 amongst the key eight cities of the country. Of the 120,640 units sold altogether in these cities, Mumbai led the charts while Pune followed with 19% share.

During Q1 2024, Pune recorded residential sales of 23,110 units, marking a notable 22% year-on-year growth compared to Q1 2023, highlighting the market’s resilience over the past year. Although there was a slight contraction from the previous quarter, the sustained momentum evident in the year-on-year increase indicates ongoing strength in Pune’s real estate sector.

Fluctuating New Supply Trends

As with sales, out of the total 103,020 units launched across the eight major cities of the country, Mumbai took the top spot, with Pune closely trailing behind, capturing a 24% share.

In Q1 2024, Pune witnessed the launch of 24,940 residential units, marking a 12% increase from Q4 2023 but a significant 30% decrease compared to Q1 2023. This indicates a rebound from the previous quarter but a notable decline over the past year.

05 Jun

Pune Residential Sales Hit 11-Year High In H1 2024

Author admin Categories Blogs

Residential Market Sees Record Sales

The residential sector in Pune performed exceptionally well, recording a 13 per cent year-on-year (YoY) increase in sales. This translates to a total of 24,525 housing units sold in H1 2024, marking the highest half-yearly sales figure since H1 2013. This robust demand can be attributed to several factors, including:
  • The expansion of the IT sector in Pune, creating job opportunities and attracting new residents.
  • Ongoing infrastructure development projects that improve connectivity and accessibility within the city.
  • Competitive pricing compared to other major metropolitan areas in India.

Surge in New Project Launches

The positive market sentiment is further reflected in the significant rise of new residential project launches. Developers are capitalising on the high demand by introducing a total of 28,047 units in H1 2024, showcasing a 32 per cent YoY growth. This indicates strong developer confidence in Pune’s real estate market potential.

Shifting Preferences Towards Premium Housing

An interesting trend observed in Pune’s residential market is the growing preference for premium housing. The report highlights a substantial increase in the share of property sales in the Rs 50 lakh-one crore category (46 per cent) and a significant rise in sales for properties priced above Rs one crore (20 per cent). This segment witnessed a remarkable 97 per cent YoY growth, showcasing a clear demand for high-value properties.

Office Market Records Impressive Growth

Pune’s office market was not far behind, experiencing an impressive 88 per cent YoY growth in leasing activity during H1 2024. This translates to a total of 4.4 million sq ft of office space leased, marking the second-highest half-yearly leasing activity in the past decade. The primary drivers of this surge include:

  • The rise of flex spaces, catering to the growing startup ecosystem and the increasing adoption of hybrid work models.
  • India-facing businesses expanding their operations in the city, fueling demand for traditional office spaces.

Market Driven by IT Sector, Infrastructure, and Affordability

Several factors are contributing to Pune’s residential market growth. The city’s expanding IT sector is a significant driver, with a growing workforce seeking quality housing options. Additionally, ongoing infrastructure development projects are improving connectivity and accessibility, making Pune an attractive location for residents. Furthermore, compared to other major metropolitan areas, Pune offers more attractive housing prices, further fueling demand.

Gated Communities Remain Popular

Gated communities with various amenities and green spaces continue to be popular among homebuyers in Pune. This highlights the buyer’s desire for a balanced and comfortable living environment that caters to their well-being.

Looking Forward

The report by Knight Frank India paints a positive outlook for Pune’s real estate market. With the economic conditions expected to remain stable and the demand for office and residential space showing no signs of slowing down, Pune’s property market is poised for continued growth in the coming months.