The Indian real estate market is witnessing a resurgence of property sales, with two major cities taking center stage. Mumbai and Pune have emerged as the dynamic duo driving the market, each achieving a remarkable 26 percent yearly growth in property sales during the first half of 2023, fastest amongst the top eight cities of India.
The market dynamics have propelled Mumbai and Pune to the forefront, where they have collectively accounted for a remarkable 61 percent share of the total property sales across the top eight Indian cities during the first half of 2023. The demand for properties, particularly in the peripheral areas of these cities, has been a pivotal factor in driving this exceptional growth.
Delving deeper into the specifics of these cities’ property markets reveals a nuanced trend across various localities, each catering to diverse budget ranges.
Mumbai takes highest share in property sales in H1 2023
The financial capital of the country, Mumbai, has witnessed a remarkable YoY growth of 26 percent in H1 2023. This surge propelled property sales to reach a total of 62,628 units, up from 49,512 units in H1 2022. This impressive growth underscores Mumbai’s position as a dynamic real estate hub and a substantial contributor to the national property market.
The city’s growth story was fueled by a combination of localities, each offering opportunities across different budget segments. Noteworthy localities like Thane West, Dombivli and Panvel played crucial roles in driving Mumbai’s property sales surge. Thane West, for instance, emerged as a premier destination with a price range of INR 10,900 to Rs 11,100 per square foot. Similarly, Panvel, priced between Rs 6,200 and Rs 6,400 per square foot, demonstrated remarkable promise within the property market.
Pune property sales reach a decadal high
Paralleling Mumbai’s trajectory, Pune recorded an equally striking 26 percent YoY increase in property sales during H1 2023. The city’s sales surged to a decadal high with an impressive 37,758 units sold in H1 2023. This growth solidifies Pune’s prominence as a thriving real estate destination with immense potential.
Pune’s property market trajectory suggests that localities such as Hadapsar, Charholi Budruk, and Tathawade are gaining prominence. Hadapsar, with prices spanning INR 6,300-6,500 per square foot, underlined the city’s growing IT sector’s influence. Charholi Budruk, within the range of INR 5,600-5,800 per square foot, emerged as a sought-after destination promising modern living.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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