Pune Tops In Primary Housing Sales Among The Top 7 Metro Cities In India

Pune, 29th February 2024: Coming ahead as the most preferred yet affordable and the fastest-growing real-estate destination in India, Pune remains the highest selling in primary housing sales among the top 7 metro cities in the country, as per the latest Pune Housing Report released by CREDAI Pune Metro. The report was presented at the recently held Members Assistance Meeting at Ramkumar Rathi Auditorium at the CREDAI Pune Metro office at Nucleus Mall in Camp. The meeting threw light upon Pune’s rapid growth in the real estate market in India for CY 2023.

The report was presented by Abhishek Kiran Gupta – CEO, of CRE Matrix and Rahul Ajmera – Data Analyst, released by Ashwin Trimal – Secretary, Kapil Gandhi – Convener PR, and Dr. D K Abhyankar- Director General. Punit Oswal, Abhishek Bhatewara and Kapil Trimal were the managing committee members present amongst an audience of more than 100 developer members of the CREDAI Pune Metro.

Ranjit Naiknavare, President of CREDAI Pune Metro said, “We at CREDAI Pune along with CRE Matrix are glad to present yet another Pune’s real estate housing report. This report is an in-depth analysis from authentic sources like MahaRERA and IGR, and the actual site data is verified by a team of experts from CREDAI Pune and CRE Matrix. These reports would greatly help our members make informed product mixes in their projects and accurately meet the growing market demand.”

“Pune District has solidified its position as the largest market for new launches and sales, reflecting the dynamic nature of our real estate industry. The recent inauguration of Metro Lines and the ongoing development of the Ring Road are set to revolutionize the real estate landscape in Pune, providing an additional boost to the industry. The collaborative efforts of industry stakeholders, Government authorities, and the community, is why I am optimistic about the thriving future of real estate in Pune,” he further added.

Highlighting the fact that Pune is preferred by young homebuyers as compared to other metro cities in the country, Ranjit Naiknavare said, “Education, automotive industry, and the IT sector are benefiting the real estate industry in Pune. Along with this, the social infrastructure, various job opportunities, educational institutions, culture, entertainment, and pleasant climate in Pune are attracting the young home buyers.”

Speaking on the occasion, Abhishek Kiran Gupta said, “Pune has sold the highest number of primary housing units (89,347 units) across all the Indian metros. Finally, the Pune housing market growth story has begun. I foresee that Pune shall soon break the magical primary and under construction 1 lakh housing unit sales annually.”

Key findings of the Pune Housing Report are –

1. Compared to the other metros in India, Pune has sold the highest number of primary/ under construction housing units, i.e. 89,347 units having a value of 57,412 crore in the CY 2023. Therefore, the Pune housing market has doubled in 5 years from 29,000 crores in 2019 to 57,412 crores in 2023.

2. The Housing Sales (in value terms) of units priced above 1Cr have multiplied 4 times in the last 5 years.

3. More than 45% of homebuyers are between the age group of 25 to 35 years, indicating that first-time new home buyers especially youngsters prefer Pune as their home.

4. The average value of a flat sold in Pune for CY 2023 was Rs 64 lakhs.

5. Despite the growth in average values, Pune remains the most affordable metro city.

6. Pune and PCMC together contribute to 20% of the total sales happening in top cities in India.

7. Pune and PCMC sold about 89,347 units in CY 2023, whereas the sales for other cities have been as follows – Thane + KDMC + Palghar – 85,000 units, Bangalore – 63,980 units, Delhi + NCR – 65,625 units, Hyderabad – 61,715 units, Mumbai City – 44,005 units and Chennai – 21,630 units.

8. PCMC & Northwest Pune contribute to 60% of the market (in value terms) where maximum growth is between 70 Lakhs to 1Cr, showing that the value of apartments has multiplied by 5 times in 5 years. The 1Cr+ value apartments have multiplied by 5 times too.