Buyers Upset Over Rising Home Prices

Real Estate Trends In Pune & Mumbai : After a surge in housing demand post-Covid, the real estate market is beginning to show signs of slowdown. Home sales in nine major cities across India have dropped by 9% in 2024 compared to 2023, with Mumbai and Pune—two of the country’s largest cities—being significantly affected. However, a surprising trend has emerged in Navi Mumbai, where home sales have seen substantial growth. This insight comes from a report by PropEquity.

Follow the Pune Updates channel on WhatsApp:
https://whatsapp.com/channel/0029Vb2Z6498F2pHMwM9YA1S

In 2023, 524,000 homes were sold, but that number has dropped to 470,000 in 2024, a decrease of nearly 50,000 homes sold.

Factors Contributing to the Decline in Home Sales in Mumbai and Pune:
– Increased Prices: One of the primary reasons for the drop in sales is the rise in property prices in Mumbai and Pune. Higher costs have priced out many potential buyers.
– Shift Toward Suburbs: As property prices in major cities become unaffordable, more buyers are opting for homes in the suburbs surrounding Mumbai and Pune, where housing costs are comparatively lower.

Navi Mumbai’s Real Estate Surge Due to Airport Development:
In contrast to the downturn in other parts of Mumbai and Pune, Navi Mumbai is seeing a surge in both home demand and sales. The upcoming airport in Navi Mumbai has contributed significantly to this increase, as the area is expected to see significant development and infrastructure improvements.

While the real estate market in major cities is facing a decline, Navi Mumbai stands out with a rise in home sales, driven by increasing prices and a growing demand for homes in the suburbs. These trends highlight the shifting dynamics of the Indian real estate market in 2024. (Real Estate Trends In Pune & Mumbai)