Pune Real Estate Market Overview

The much-awaited Q2 2022 has exhibited strength in the Indian residential real estate market with pan India residential demand (searches) rising by 16.9% as per Magicbricks’ latest PropIndex Report for Q2, 2022. The rise in residential demand across 13 Indian cities is reflective of economic recovery and income stabilization after the disruption of the pandemic. Pune a growing metropolis is bullish on growth and continues with its stellar show in the market when compared to other cities. 

Pune Commercial Real Estate Market

The real estate market in Pune is experiencing a variety of changes driven by new government policies, an increasing IT/ITES population, and faster digital connectivity. The sector continues to expand and several housing and commercial area projects are coming up in prime areas.

The new supply of housing units improved by around 50 percent in the quarter against Oct-Dec 2021 with over 140 projects in the city registered under MahaRERA in Jan-Mar 2022. Maximum new additions recorded in the quarter were by Grade A developers like Lodha Group, Kalpataru Group, Pride Group, and K Raheja Corp in the affordable and luxury segments. With the central areas of Pune like Kothrud, Viman Nagar, and Kalyani Nagar having hardly any space for development, the growth has propelled over to Wagholi, Sus Road Baner- Balewadi, Hinjawadi, Pimpri-Chinchwad and to the west of Pune. 

Pune Real Estate Market Forecast 2023

Pune has become one of the top 100 cities in India for its Real Estate sector, making it one of the few towns in the country to grow steadily. Pune’s real estate market has changed significantly over the past five years and has been impacted by many variables.

Demonetization and the introduction of the GST are the two main factors that among them caused a major commotion in the Indian real estate industry. Pune’s real estate, on the other hand, has always been seen as solid, thus it balanced it out and emerged as the obvious winner even in this precarious situation. Due to such factors, it is believed that the Pune real estate market will develop and flourish during the next ten years.

Pune Real Estate Market Trends

The innovative business strategy used by Pune’s developers and builders is the key cause of this. The developers have now changed their business strategy as a result of the Indian government’s execution of rigorous rules and regulations and the passage of the RERA Act in 2017. The new approach prioritizes prompt project completion, provision of promised facilities, and high-quality building.

Similar to other locations, Pune has seen a surge in the number of developers and builders teaming up with well-known national and international companies to raise money and reduce risks. Therefore, it is expected to provide good transparency and would ultimately result in the recovery of buyer’s confidence in the industry.

Future Of Real Estate Market In Pune

According to research; there has been a 5% increase in housing prices in Pune during the April-June quarter and housing prices for residences with two bedrooms will continue to grow by a maximum of 5% YoY, showing strong demand in this market. While all areas have shown growth; the highest YoY increase in home prices has been in the Kothrud and Baner areas at 9–10%.

Around 2 million square feet of leasing activity has taken place in the commercial sector alone in the last quarter. Malls in Pune comprising F&B, fashion, and entertainment had a leasing activity of 1,00,000 sq. ft. in Q22022. While leading and established players like Shobha and Godrej properties are continuing on their expansion plan; Global iconic companies like Google have announced their arrival in Pune. The future seems to be of vast promise. 

Property Rates and Price Trends In Pune In 2022

The price of residential properties is on rising in Pune.

5 Reasons To Invest In Pune Real Estate

There are many reasons for Pune’s high potential growth in the real estate market. The Raichandani Group with presence across multiple cities like Hyderabad, Pune, and Indore.

The is invested heavily in the Pune market. Developing new residential projects in Kothrud, Karve Nagar, these NIBM area, and Wagholi; the group is developing both residential and commercial projects across the city. The group has already developed over 15 completed sites and there are more than 20 ongoing projects spread across the length and breadth of the city. 

1. Pune is one of the fastest-growing cities in India

The city offers an eclectic combination of an automobile, IT, and manufacturing companies, as well as private and government sector research institutes . The second-largest IT hub of the country with most IT companies having registered offices at Hinjewadi, Yerwada, and other suburbs of Pune

2. The real estate market is booming with new projects and investments

Home to several large and small automobile and engineering companies . The second-largest city in the state of Maharashtra after Mumbai. Among the top five FDI investment destinations of India, it has bagged maximum domestic and FDI investments under “Magnetic Maharashtra” and “Make in Maharashtra”

3. Pune offers a wide variety of properties to suit everyone’s needs

The seventh-richest city in India with an estimated GDP of $60M. The most popular start-up destinations in India, hosting over 400 start-ups. Investors from Mumbai are getting a good deal in Pune. Given that Pune-Mumbai has good connectivity, investors are eyeing Pune;

4. The city is well-connected to other parts of India via road, rail, and air

Another major factor driving demand is the IT/ITeS sector which besides Bengaluru sees Pune as the best alternative. More than Mumbai, Pune has emerged as the best alternative for many of these IT/ITeS companies. The city also has the advantage of good weather;

5. Pune has a rich cultural heritage which attracts tourists from all over the world

Within Pune, peripheries are also seeing high demand because they are well-developed or have upcoming infra development. The city also has the presence of many leading national developers. Hence, the outlook looks good. There are also talks of an increase in FSI and if that happens then more development may take place.

Pune Real Estate FAQS

Q1. Will Property Prices Fall In Pune In 2022?

The Pune real estate market is anticipated to experience growth on the residential front, exceeding the average of all residential sales during the previous five years.

Q2. Is It Good Time To Invest In Real Estate In Pune?

This is the best time to invest in Pune’s Real Estate Market.

Q3. Is Pune A Good Real Estate Market?

Pune’s real estate market is India’s fastest-growing residential market. Investing in Pune’s real estate market will give lucrative returns.

Q4. What Is The Future Of Real Estate In Pune?

A promising future with a plethora of options and opportunities.

The Bottom Line

When you take a deep dive into the residential outlook of Pune you will come to know that over the past 10 years the market is only growing and will be continued to do so in the future. Finding the right place to stay or invest in Pune will be the most mindful decision that you will ever make. 

Let’s Find Your Dream Home

Now the picture is cleared let’s find your dream home In Pune – One of the key players in the real estate industry; Raichandani Group started from Hyderabad and is now rapidly expanding its footprint across Pune, Goa, Indore, Bhopal, and Karimnagar. Set up by a team of professionals; the Group is engaged in a broad spectrum of projects ranging from residential and commercial to retail and shopping areas. 

The company’s USP lies in an innovative approach, high engineering capability, high-quality services, and enduring sustainability. The company has many distinctions to its credit like impeccable execution standards and an on-time delivery track record. Each of the company’s construction becomes a landmark area because of the careful thought given to the location. The success of Raichandani group depends on leveraging high-class construction materials and keeping high service standards.

Here is a list of projects offered by Raichandani Group

1. Swarna Vatika
2. Pentagon Towers
3. The Shwet
4. Sunman
5. Kesar