Pune, the second most populous metro city in Maharashtra after Mumbai, has long been a major educational and cultural centre, thus, earning the moniker the ‘Oxford of the East’. Previously home to traditional industries, Pune has seen a significant change, benefitting from the Maharashtra government’s IT/ ITeS policies. IT parks such as the Rajiv Gandhi Infotech Park and the Hinjewadi IT Park, act as the epicentre of the IT industry in Pune. The city’s proximity to Mumbai and the presence of an international airport, coupled with access to high-quality education and talent pool, have acted as the catalyst to attract several multinational companies to the city, which is also home to more than 400 local start-ups. Pune is now considered to be one of the top IT hubs in India.Along with the IT industry, Pune is also home to many global and domestic automobile companies like Mercedez-Benz, Volkswagen, TATA Motors, Mahindra & Mahindra, etc.
Over the past decade, many infrastructure projects have come up in the city to improve intra-city, regional and international connectivity. The Bus Rapid Transit System (BRTS) corridor, the metro rail and the ring road, are currently proposed to improve the connectivity within the city. Four routes under the BRTS corridor – Aundh-Ravet, Sangamwadi-Vishrantwadi, Nashik Phata-Wakad and Yerwada-Wagholi, are already functional. Several social and physical infrastructure development projects such as road improvement, recreational parks, etc., have also been proposed for Pune, under the Smart City mission. Also, apart from the Expressway connecting Pune and Mumbai, a hyperloop project has also been announced, which will reduce the travel time between the cities, to 25 minutes.
The economic opportunities and well-planned infrastructure have made Pune an attractive commercial and residential real estate destination. The city has been one of the best-performing residential markets in terms of demand, after Mumbai, attracting many prominent developers to this city.
The latest property market trends in the city suggest the following:
- Pune, like its western counterpart Mumbai, has witnessed a positive momentum during the July-September 2022 quarter. The hybrid working model and overall festive momentum have set the residential realty in the city on an upward trajectory. Both the new supply and sales continue to be at par with the quarterly average of the pre-pandemic levels of 2019.
- New supply in the city registered a 30 per cent YoY growth, with a total of 13,027 new units being launched during the July-September 2022 quarter. Maximum (38 per cent) new supply was concentrated in the INR 45-75 lakh price bracket, followed by more than the INR 1 crore price bracket, which accounted for 23 per cent of the overall launches. The developers in Pune focused on a 2 BHK configuration, which took a 54 per cent share in the total new supply in Q3 2022.
- The majority of the new supply in Pune was concentrated in the micro-markets of Kharadi, Hinjewadi, Pirangut, Wagholi, and Moshi, which took the lion’s share of 47 per cent share in overall launches in Q3 2022.
- On the demand side, the sales grew by 55 per cent YoY growth with 15,698 units sold in July-September 2022.
- Maximum sales in Q3 2022 were concentrated in the INR 45-75 lakh price bracket, which took a share of 33 per cent in the overall sales tally, closely followed by the INR 25-45 lakh price bracket, which took a share of 31 per cent in the total demand.
- Homebuyers in Pune continued to prefer units in the 2 BHK configuration, which took a share of 54 per cent in the overall demand in the city in Q3 2022. The micro-markets such as Hinjewadi, Moshi, Ravet, Wagholi and Manjari witnessed maximum demand in July-September 2022.
- The city’s unsold inventory stood at 1,15,314 units at the end of September 2022. It will take 22 months to offload this stock at the current sales velocity, the lowest amongst the top eight cities.
see also about: pune property
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.
Related Posts
Pune residential demand and supply register double-digit growth.
IT hubs of Bengaluru, Hyderabad and Pune to takeover major property markets of India.
2022 ends on a high for India’s property market – demand up by 50% YoY in top cities.
Ahmedabad property sales and new supply back to pre-RERA levels of 2015 in September 2022 quarter.
Ahmedabad residential property sales up by 62%.
Educational institutes boost Pune’s residential market.
