Pune has witnessed remarkable growth and transformation over the years, evolving into a dynamic hub for real estate investment. Known for its booming IT and educational sectors, Pune has attracted a steady influx of professionals and students, fueling the demand for housing options.
Impressive supply growth
In Q2 2023, the residential real estate market in Pune showcased a remarkable surge in new supply, reflecting an impressive 99 percent year-on-year growth.
This surge was even more pronounced in the first half of the year, with new supply recording a substantial 114 percent growth on a semi-annual basis. The robust expansion of new supply is indicative of the dynamic nature of Pune’s real estate sector, driven by factors such as increased demand, favourable market conditions, and extensive urbanization. Developers are capitalizing on these trends to meet the diverse needs of homebuyers, offering a range of housing options catering to different budgets and preferences.
Where are the new housing units coming up in Pune?
Currently, Pune’s residential market presents a mix of ready-to-move-in properties and under-construction projects, catering to different buyer preferences. The city’s skyline showcases an array of high-rise apartments, gated communities, and luxury villas, each catering to a distinct demographic profile. The western and eastern suburbs of Pune have witnessed particularly rapid development, offering a range of housing options for families, working professionals, and students alike.
The Pune real estate landscape witnessed a significant influx of new residential units in Q2 2023, with key focus on localities like Charholi Budruk, Hadapsar, and Punawale. These areas emerged as hotspots for real estate development, experiencing the maximum number of new unit launches.
Connectivity and infrastructure spurring new supply
Charholi Budruk, once a lesser-known suburb on the outskirts of Pune, has rapidly emerged as a promising residential destination, capturing the attention of homebuyers and real estate developers alike. Its strategic location, situated in proximity to the city’s airport and its easy accessibility to prominent healthcare facilities and educational institutions, has made it an attractive choice for home buyers. Charholi Budruk’s residential options are observed to be within a fair budget range for potential homebuyers, the prices being quoted in the range of INR 5,600-5,800/sqft.
Meanwhile, Hadapsar, a well-established neighbourhood, continue to evolve as a preferred destination due to its connectivity and commercial growth. With a range of entertainment, shopping, and healthcare facilities, Hadapsar encapsulates the essence of modern living while retaining its community charm. This has made it a much sought-after destination, appealing to professionals and families, with the housing price options here ranging from INR 6,300-6,500/sqft.
Another location that has seen the launch of a substantial number of housing units is the north-western suburb of Punawale, its strategic location near the IT hub of Hinjewadi making it viable to professionals seeking convenient commutes. Development in the area has led to the establishment of modern housing projects, catering to various preferences and budgets. Currently, housing prices here are quoted between INR 5,600-5,800/sqft.
The concentration of new unit launches in these localities underscores the industry's adaptability to changing buyer preferences and the growing demand for well-connected, well-equipped residential spaces, leading developers to focus on such neighbourhoods for their projects. As Pune's real estate market expands, these areas are shaping up to be pivotal players in the city's urban growth narrative.
