Pune’s Real Estate Market: Growth Insights- 2019 – 2024
Pune’s real estate market has seen impressive growth in recent years. Comparing the first half of 2019 (H1’19) to the first half of 2024 (H1’24), the total value of homes sold has increased by 106%. This translates to a Compound Annual Growth Rate (CAGR) of 16%. In H1’24 alone, the number of units sold rose by 36% compared to H1’19. Notably, homes priced between ₹1 crore and ₹2 crore experienced a staggering 360% growth in value since H1’21, with a similar 357% increase in units sold. Additionally, properties priced above ₹2 crore saw a 220% rise in sales, highlighting the market’s strong performance across various price segments.
In the first half of 2024, Pune led India’s housing market by selling nearly 44,000 units, outperforming other major cities despite not being a capital. This success is mainly due to Pune’s affordable housing options, with an average home price of ₹71 lakhs. In contrast, cities like Delhi and Mumbai dominate the premium segment, where average home prices are significantly higher at ₹2.53 crores and ₹2.05 crores, respectively. Pune’s lower prices make it a more appealing choice for homebuyers compared to Hyderabad and Bengaluru, where property values are almost double.
Highlights from Key Areas –
Pune Central, which includes neighbor hoods like Agarkar Nagar, Ashok Naga, Deccan Gymkhana, has seen a 102% increase in the total value of units sold compared to H1’19, with a 39% rise in the number of units sold.
North-East Pune, covering popular locations like Chandan Nagar, Dhanori ,Hadapsar, Kalyani Nagar also showed strong performance, with a 102% increase in the value of units sold and a 39% growth in sales volume.
North-West Pune, which includes areas such as Aundh, Balewadi, Baner, Bopodi, Ganeshkhind reported significant growth as well. The value of units sold in this region grew by 97%, with the average home price reaching ₹87 lakhs—up by 43% since 2020. The ₹1-2 crore housing segment performed exceptionally well, with a 407% increase in unit sales value.
South-East Pune, encompassing localities like Bhilarewadi, Bibwewadi, Fursungi, Gultekdi, Hadapsar experienced a 67% rise in the value of units sold compared to H1 ’19, with an average unit price of ₹65 lakhs. Homes priced under ₹45 lakhs were the most popular in this area.
Meanwhile, South-West Pune, including areas like Ambegaon Budruk, Anand Nagar, Bavdhan Dattawadi, Dhankawadi, Dhayari showed a 60% increase in value but a 14% drop in the number of units sold, indicating rising average unit prices.
In addition to Pune, the neighboring area of Pimpri Chinchwad also saw a substantial rise in demand for affordable housing. The total value of units sold grew by 154%, with a 67% increase in overall sales volume compared to H1’19. Homes priced under ₹45 lakhs were particularly in demand in this region.
Overall, Pune’s real estate market has demonstrated remarkable growth, attracting a wide range of buyers across various segments. The city’s affordable housing options and a growing economy have made it an appealing destination for homebuyers and investors alike. As demand continues to rise, Pune remains a vibrant and rapidly expanding market for real estate in India.
Abhishek Kiran Gupta
CEO, CRE Matrix & IndexTap
