Pune: The real estate market of the city is in a robust state as the residential demand increased 9.1% Quarter on Quarter (QoQ), starkly contrasted by a 0.2% decrease in supply. This ongoing supply-demand disparity underscores the critical bottlenecks in construction and regulatory processes, which could potentially exacerbate housing shortages if unaddressed, according to Magicbricks’ latest PropIndex Report, between July and September 2024.
According to the report, despite these challenges, Pune’s residential market remains effective, buoyed by favorable economic indicators and a steady Rate Index increase of 8.9%, signaling rising property values.
The report noted that the average residential price in Pune increased from Rs 8085 psf in Q1 (April and June 2024) to Rs 8803 psf in July-September 2024.
Further, with increasing demand, prices of ready-to-move apartments have increased 6.2% QoQ to touch Rs 8492 psf while prices of under-construction apartments have increased 11.1% QoQ to touch Rs 9138 psf.
The report also elaborated that Dhayari-Narhe-Ambegaon BK (INR 7,300 psf), Airport Road (INR 10,500 psf) and Hinjewadi (INR 8100 psf) are the most searched areas of the city.
More Demand For 3 BHK
The demand trends in Pune highlight a clear preference for 3 BHK units, which command a substantial share of 52%. The average price of 3BHK has increased 9.9% QoQ to Rs 9400 psf.
Apart from this, builder floors command an average rate of Rs 5,400 psf, multistorey apartments stand at INR 9,100 psf, residential houses at Rs 10,100 psf, and luxurious villas are available at Rs 11,900 psf on the cover area