Pune 23rd September 2024
Pune, known for its affordable housing, continues to dominate the list as the ‘Preferred city for living’ in India. Pune Housing Report – September 2024, by CREDAI Pune Metro and CRE Matrix also reveals a significant rise in the sales of warehouse and office spaces for the first half of 2024 (January-June). This is a pivotal moment for the construction industry in Pune, signaling an impending surge in job opportunities within the city.
‘The Pune Housing Report – September 2024’, was recently unveiled at the Ramkumar Rathi Auditorium, CREDAI Pune Metro office in Camp by CREDAI Pune Metro President Ranjit Naiknavare, CEO of CRE Matrix Abhishek Gupta, Kapil Gandhi- Convenor Public Relations, Punit Oswal- Member of the Management Committee, Data Analyst Rahul Ajmera, Hiren Parmar and attended by more than 100 members.
Speaking about the report Ranjit Naiknavare stated, “Compared to the first half of 2019, home sales have risen by 36% in the first half of 2024, a positive indicator for the construction industry. The buyer preferences for larger homes continue to drive the market. Another important aspect is that Pune has maintained its top position in the country in terms of affordable housing. The average value of units sold in the first half of 2024 is 71 lakhs, which has grown by 39% from CY’20 indicating the affordability factor over other cities. Pune has also again emerged as the preferred city for living for the third consecutive year suggesting that residents from across the nation prefer Pune over other metro cities for job opportunities and living.” He emphasized the commitment to innovation, sustainable development, and customer satisfaction moving forward.
Abhishek Gupta elaborated on the authenticity of the “Pune Housing Report” as all data is sourced real time from the Registration and Stamps Department and MahaRERA. He noted, “Pune is the 2nd fastest growing city after Mumbai MMR region. As Pune retains its position in home sales, it is also emerging as a key player globally in the warehouse and office space market. Even though Pune is not a state capital, it is developing comprehensively, surpassing major cities like Hyderabad, Bengaluru, and Mumbai. In the coming year, Pune is poised to enter the 100 million club for office spaces. Furthermore, in the warehouse sector nationally, Pune ranks second, having outperformed cities like Mumbai and Bengaluru. Recent investments, such as Microsoft’s acquisition of 16.4 acres for ₹520 crore, along with Tesla’s plans to enter the Pune market, will significantly boost the demand for office spaces and subsequently create numerous job opportunities.”
Key highlights from the Pune Housing Report – September 2024 include:
Pune has once again secured the top position in home sales in India for the first half of 2024, maintaining its leading status for three consecutive years since 2021.
Pune’s average home prices remain significantly lower compared to other metro cities, solidifying its status as the most affordable metro city in the country, attracting both industries and migrants.
The average value of units sold in the first half of 2024 is 71 lakhs, which has grown by 39% from CY’20 indicating the affordability factor over other cities
In the first half of 2024, Pune recorded nearly 44,000 home sales valued at ₹31,000 crore.
The construction sector in Pune has witnessed a remarkable 16% compound annual growth rate (CAGR) in total unit sales value over the past five years.
Compared to 2020, buyers are increasingly inclined towards larger homes this year.
The northwest regions of Pune, including Baner-Mahalunge, Pashan-Sus, and Hinjewadi-Wakad-Tathawade, account for 60% of total sales.
A comparison of the southwestern Pune area (Ambegaon-Warje-Kothrud-Bavdhan) between 2020 and the first half of 2024 shows a 44% increase in average home prices.
Employment in Pune has increased by 8% over the past five years (2019-2024), with 38% of residents working in A and A+ grade offices. As job opportunities are expected to rise soon, there will be an increasing demand for warehouse and office spaces, which the construction sector needs to consider.
