Pune’s real estate market is witnessing a major boom, with the city recording a historic surge in warehouse and office space sales during the first half of 2024.
This remarkable growth in commercial real estate is seen as a major milestone for Pune's construction industry, and the ripple effect is expected to fuel job creation and further enhance the city's already thriving housing market.
The findings were detailed in the "Pune Housing Report - September 2024," unveiled at the CREDAI Pune Metro office in Camp.
At the report's release, CREDAI Pune Metro President Ranjit Naiknavare shared the key insights, alongside notable industry leaders such as Abhishek Gupta, CEO of CRE Matrix, and over 100 members from the real estate fraternity.
A Surge in Demand for Larger Homes
The report highlighted an impressive 36% increase in housing sales compared to the first half of 2019, signaling strong demand for residential properties in Pune.
According to Naiknavare, homebuyers are increasingly favoring spacious properties, with the average unit sold in the first half of 2024 priced at ₹71 lakh. This marks a significant 39% increase compared to the first half of 2020, showcasing a steady rise in property values.
Despite this growth, Pune continues to be an attractive option for homebuyers due to its relative affordability. Compared to other metro cities like Mumbai and Bengaluru, Pune's housing prices remain competitive, making it a preferred destination for professionals and families alike.
A Bright Future for Jobs and Infrastructure
In addition to its residential sector growth, Pune is rapidly emerging as a key player in the global commercial real estate market. Abhishek Gupta, CEO of CRE Matrix, noted that Pune is the second-fastest growing city in India, trailing only behind Mumbai in terms of growth speed.
While residential sales are strong, the city is also gaining prominence in the sale of warehouses and office spaces, contributing significantly to its expanding infrastructure and employment potential.
Pune’s Path to Becoming a Commercial Powerhouse
The "Pune Housing Report" revealed that the city sold approximately 44,000 homes valued at ₹31,000 crore in the first half of 2024. This achievement solidifies Pune’s position as a leader in both housing and commercial property sales, underscoring its importance on the national and global stage.