The city of Pune, including Pimpri-Chinchwad, has reported a strong surge in registered home sales value for the July-September quarter of 2024, according to the latest report from Square Yards. Based on IGR data analysed by Square Yards, the city's home sales value saw a 19% year-on-year (YoY) increase, reaching Rs 13,865 crore.
In the September 2024 quarter, 18,806 residential transactions were registered across Pune. While there was a slight 1% YoY decline in the number of registered transactions during the period, the total registered home sales value grew by 19%. This trend pushed the average registered sales value to a record-high of Rs 74 lakh, 20% higher than the same period last year.
Statement Of Sachin Vyas, Principal Partner & CSO, Square Yards
Sachin Vyas, Principal Partner & CSO, Square Yards said, “Pune remains one of the strongest residential in India, second only to Mumbai MMR. We are observing a distinct trend toward higher-end properties. Currently, Pimpri-Chinchwad and the western suburbs are at the forefront of residential activity in Pune, driven by excellent connectivity and their strategic location near IT hubs. Looking ahead, we are very optimistic about the market's potential. With the festive season underway and developers offering attractive incentives, we anticipate a surge in buyer interest and demand in the coming months.”
In the September 2024 quarter, the share of properties priced above Rs. 1 crore increased to 18%, up from 13% in the same period last year, with homes in the Rs 1 to Rs 2 crore range accounting for the largest share at 15%. This rise came at the expense of the lower-to-mid price segments. The share of homes priced below Rs 50 lakh and between Rs 50 lakh and Rs 1 crore dropped from 87% to 82% compared to the same period last year.
About The Rise In Premium Segment
The rise in the premium segment coincides with a noticeable shift towards properties with larger areas and configurations. Properties sized between 1,000–1,500 sq ft now account for 11% of transactions, up from 8%, reflecting a growing preference for spacious apartments. However, it is to be noted that units in the 500–1,000 sq ft. range continue to dominate the market, representing 62% of all registered transactions.
Pimpri Chinchwad remained Pune’s most active residential market in the September 2024 quarter, capturing a 46% share of overall residential transactions and 34% of total sales value. Western and eastern suburbs followed closely, collectively accounting for 38% of registered transaction volume. Together, these three micro-markets contributed to 84% of Pune’s overall registered home sales value during the quarter.