NEW DELHI, Jan 14: The average price of residential properties in Pune has reached a record high of Rs 6,590 per square foot, marking an 11 per cent increase year-on-year in 2024, as reported by Gera Developments.
In its bi-annual analysis of the Pune residential market, Gera Developments Pvt Ltd noted a 5 per cent decline in sales during the 2024 calendar year, totaling 90,127 units.
“The upward trend in property prices has persisted for the fifth consecutive year, with the average price across the city rising by 10.98 per cent to reach Rs 6,590 per square foot, a new record,” the report elaborated.
Sales saw a decrease from 1.03 lakh homes in 2022 to approximately 94,500 homes in 2023, and further down to about 90,000 homes in 2024, according to the report.
New property launches also fell to 91,400 units in 2024, down from 96,350 units in the previous year, while 1.03 lakh new homes were introduced in 2022.
“The real estate market in Pune exemplifies a classic boom cycle that initiated in 2020, with prices steadily increasing by 40 per cent over the last five years. Although the sector remains strong, the decline in sales during 2023 and 2024 suggests a need for measured optimism,” stated Rohit Gera, Managing Director of Gera Developments.
A reduction in home sales indicates a potential resistance at current price levels, he added.
“The decrease in new inventory introduced by developers has maintained market stability. Developers need to adopt a balanced approach regarding supply and pricing to ensure ongoing market stability,” advised Rohit.
Garvit Tiwari, Director & Co-Founder of real estate consulting firm InfraMantra, commented on the report, stating, “The drop in housing sales alongside rising property prices is a trend observed in major cities in 2024, including Pune, attributed to a high base effect. The demand for larger homes and increased raw material costs have contributed to price hikes.”
Pune is emerging as a center for corporate activity, thereby boosting home demand, he noted.
“Factors such as affordability and substantial infrastructure development aimed at enhancing connectivity are influencing home-buying decisions,” Tiwari remarked.
The report by Gera Developments is comprehensive, covering over 3 lakh under-construction units and more than 2,300 projects.
With 14 years of experience and 28 publications, this report delivers detailed insights into Pune’s residential real estate landscape. (PTI)
