Pune Housing Market Surges in 2024: Affordability Meets Aspiration

The Pune real estate market has emerged as India’s top-performing housing destination in 2024, surpassing even metro heavyweights like Mumbai, Bengaluru, and Delhi NCR in total unit sales. According to the CRE Matrix and CREDAI Pune Metro’s latest report, Pune sold nearly 90,000 housing units in 2024, setting a new benchmark for the city.

Unmatched Growth Over 5 Years

In a span of just five years, Pune’s housing sales volume grew by 56%, while the total sales value more than doubled, from ₹30,000 crores in 2019 to ₹65,000 crore in 2024. This surge has been fueled by both larger apartment sizes and rising per-square-foot rates, with the average home value now standing at ₹73 lakhs, a 44% jump from 2020.

Rise of Premium Homes

A standout trend is the explosive demand for premium properties. Sales of homes priced above ₹1 crore saw a 5X growth, marking Pune’s shift toward a more affluent and aspirational buyer segment. Specifically, units priced between ₹1-2 crore witnessed the highest value growth. Even ultra-premium homes priced above ₹2 crore recorded 188% growth in value since 2021.

This indicates that not only is Pune becoming wealthier, but homebuyers are also seeking larger, more luxurious residences.

Regional Hotspots Powering Demand

Two regions have been instrumental in driving this boom—North-West Pune and Pimpri-Chinchwad. North-West Pune, encompassing localities like Baner, Balewadi, and Hinjewadi, experienced a 117% rise in sales value from 2020 to 2024, driven largely by homes in the ₹1-2 crore segment.

Meanwhile, Pimpri-Chinchwad topped all micro-markets with nearly 36,000 units sold, a whopping 155% increase in value over five years, making it the most vibrant housing zone in Pune. Here, the affordable housing segment (below ₹45 lakhs) still commands the largest share, balancing Pune’s mix of affordability and upmarket demand.

Micro-Markets Show Varied Dynamics

Each sub-region within Pune tells its own growth story:

• Central Pune has seen a 165% rise in sales value, primarily from high-end homes priced above ₹2 crores.
• South-West Pune showed the highest rise in average unit value at 55%, with buyers flocking to areas like Kothrud and Bavdhan.
• North-East Pune and South-East Pune displayed robust CAGR of 20% and 19% respectively, buoyed by areas like Kharadi, Hadapsar, and Kondhwa.

Pune: India’s Affordable Metro Powerhouse

Despite this remarkable growth, Pune retains its crown as India’s most affordable metro. With an average home cost of ₹73 lakhs—nearly half that of Hyderabad or Bengaluru—it offers exceptional value for money. This unique blend of affordability, premium upgrades, and regional growth makes Pune the undisputed leader in India’s housing landscape.

Looking Ahead

As stated in the report, Pune is on the brink of breaching the 1 lakh annual unit sales milestone. With sustained growth, rising incomes, and developer confidence, the city’s real estate story is just beginning.

As stated in the report, Pune is on the brink of breaching the 1 lakh annual unit sales milestone. With sustained growth, rising incomes, and developer confidence, the city’s real estate story is just beginning. Majestique Landmarks is proud to help shape this story—building homes that define Pune’s rise.