Pune’s Registered Home Sales Value Grows 19%: Square Yards

Pune / October 22, 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, Square Yards said in a statement. 

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.”

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 not only in transaction volume, but also sales value, the statement added.                             

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 statement added.

The rise in the 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.