Almost 90% growth in real estate business compared to 2019
PUNE: Everyone is eager to welcome the new year with new hopes. Nonetheless, 2023 is reflected to be quite fruitful for the real estate sector, especially in Pune. According to CREDAI Pune Metro, Pune has emerged as the most affordable and preferable real estate market in 2023 compared to other metro cities in India. While being recovered from the post-Covid phase, the real estate market is all set for the near future too.
While providing more information about the same, CREDAI Pune Metro’s President Ranjit Naiknavare said, “Pune is rising as the fastest-growing metropolitan with pleasant living conditions. Statistically, Pune is also one of the major cities counted under the sales of residential and commercial projects because it has emerged as the fastest-growing and most affordable real estate market compared to other metro cities in India. Pune’s unsold stock is less than 15%, which is the healthiest in the country. Sales-wise, Pune district is the highest in India, annually selling about 80,000 to 90,000 new units excluding the resale ones. With competitive pricing, ease of living, and a growing emphasis on infrastructure, Pune is counted as one of the most preferred and super affordable cities for a permanent home.”
“Pune Housing Market in the first half of 2023 has clocked sales of more than 45,000 Units over Rs 20,000 crore highlighting an overall growth of 90% compared to 2019. The average price of a housing unit sold in Pune in 2023 was Rs 63 Lakhs, which is almost 37% higher than the corresponding number in 2019. Also, more than 45,162 houses were sold in H1 of 2023, clocking a growth of 40% compared to 2019. With this, Pune remains the most preferred yet most affordable housing market in the country, suggesting that not only are the average sizes and prices of homes increasing, but the Pune market is also maturing with increasing preferences towards higher-priced units. This graph also highlights a phenomenal growth in Pune’s real estate market over the last four years,” Naiknavare further added.
“It is predicted that this rush in the real estate business will continue in the coming new year. Although insistence on large-sized homes will continue as anticipated since the pandemic, mid-sized and affordable homes have been coming back in demand over the past few months and will continue in 2024 as well. Projects with state-of-the-art amenities are preferred by the customers,” he informed.
Naiknavare also highlighted that the regulated real estate sector is attracting investments from NRIs, OCIs, FDIs, and other avenues of financing such as AIFs, fractional investments, etc. Investments in verticals like co-working, co-living, warehousing, plotting, second homes, etc. are expected to increase as customers have improved their confidence in the real estate sector in the past few years. The metro projects in the city are accelerating the redevelopment projects in the city-centric and metro-route regions. Therefore, it is estimated that the sale of 90,000 to 1,00,000 homes will continue in Pune’s future.
Glancing across Pune city, North-West Pune has come up as the most promising macro-market with more than 10,750 primary housing units sold in 2023 with a 41% spike over 2019. Growth in North-West Pune can be attributed not only to budget-friendly homes but also to units priced above Rs 1 Crore.
2023 was remarkable for Pimpri-Chinchwad, while it emerged as the most consistent and promising macro-markets in Pune, witnessing more than 113% growth in value and a substantial 60% increase in number of units sold in 2023 as compared to 2019.