Pune`s Residential Real Estate Market Records 56% Rise in Sales Value in Q1 2024 to Rs 17,837cr; Top Developers Like VTP Realty, Kolte Patil & Vilas Javdekar Drive the Boom
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The Pune real estate market has demonstrated remarkable growth in the first quarter of 2024, with significant increases in both the number of transactions and the overall sale value. The number of transactions surged by 49% compared to Q4 2023, reaching a total of 27,056. Correspondingly, the sale value saw a substantial rise of 56%, amounting to ?17,837 crore as per Square Yards Data Intelligence for property registrations recorded by Inspector General of Registration (IGR), Maharashtra. This surge highlights the buoyancy and resilience of Pune’s real estate market.
Market Leaders and Key Projects
Several developers stood out in the market. VTP Realty led the pack with sales worth ?951 crore from 1,083 transactions, followed by Kolte Patil Developers and Vilas Javdekar Developers, with sales values of ?643 crore and ?491 crore, respectively.
“The remarkable growth in Pune’s real estate market during Q1 2024 underscores the city’s increasing appeal as a prime investment destination. It continues to be a dynamic and resilient real estate market, with sustained growth and diverse opportunities for both developers and buyers. The significant rise in transactions and sale values reflects the robust demand, while the impressive performance of top developers like VTP Realty, Kolte Patil Developers & Vilas Javdekar Developers underlines their crucial role in this growth. As the market evolves, we will continue to invest significant sales capabilities in Pune's vibrant real estate landscape," said Sachin Vyas, Principal Partner & Chief Sales Officer, Square Yards.
Among the top projects, VTP Dolce Vita recorded the highest sales value at ?469 crore from 580 transactions, followed closely by Pride World City and Kolte Patil Life Republic.
Market Segmentation
The budget-wise distribution of transactions showed that nearly half (45.4%) were for properties priced below ?50 lakh, while 39% of the transactions were in the ?50 lakh to ?1 crore range. Properties priced between ?1 crore and ?2 crore accounted for 13.2% of the transactions. In terms of area, the majority of transactions (63.4%) were for properties sized between 500 and 1000 square feet.
New Launches
The Real Estate Regulatory Authority (RERA) reported a total of 194 new projects launched in Q1 2024, comprising 13,191 units with a total launch area of approximately 1.17 crore square feet. Pimpri Chinchwad, Pune East, and Pune West were the most active in terms of new project launches, indicating continued development and investment in these areas.
Micro Market Performance
The micro markets in Pune showed varied performance. Pimpri Chinchwad emerged as the leader with a sale value of ?7,512 crore from 13,311 transactions. Pune West and Pune East followed, registering sales of ?4,445 crore and ?3,545 crore, respectively. Pune South and Pune Central also showed substantial activity, indicating a well-distributed market growth across the city.
Specific locations within Pune also highlighted significant real estate activity. Baner topped the list with a sale value of ?880 crore from 766 transactions. Wagholi, Wakad, and Hinjewadi followed closely, each demonstrating robust transaction volumes and high sale values, reflecting their popularity among buyers.
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