Pune’s real estate market is buzzing with activity, but not all of it is good news for potential homebuyers. The average housing prices in the city have skyrocketed to a record high of ₹6,590 per square foot, marking an 11% annual increase in 2024. However, this surge in prices has coincided with a decline in sales, with only 90,127 units sold in the same period, a 5% decrease from the previous year.
According to a report by Gera Developments, Pune’s housing prices have been steadily climbing for the past five years, fueled by factors such as increased construction costs, urban expansion, and a stronger post-pandemic economic environment. On the flip side, affordability concerns, high home loan interest rates, and supply constraints have contributed to the drop in sales and new launches.
The report, which surveyed over 3 lakh under-construction units and 2,300+ projects, sheds light on the delicate balance between rising property values and the need to maintain affordability to sustain demand. Developers are faced with the challenge of addressing the affordability crisis while also bridging the supply-demand gap in the market.
Despite these challenges, there are opportunities for growth in Pune’s real estate sector. The expansion of infrastructure in emerging suburbs presents potential for affordable housing development, while the integration of technology in construction could help reduce costs and improve efficiency.
As Pune continues to grow and evolve, it will be crucial for stakeholders to prioritize strategic urban planning and affordable housing solutions to ensure the city’s real estate market remains vibrant and accessible to all.
Thanks For Reading Report of Punepress.com