Pune Home Prices Surge by 28%
Pune: Pune, along with other major Indian cities, has witnessed a significant surge in home prices (Pune Home Prices Surge by 28%). In the first half of the financial year 2024, Pune recorded a 28% increase. This steep rise has led to a consistent decline in property sales, including in cities like Pune, New Delhi, and Mumbai. A recent report by real estate consultancy Anarock revealed a 3% decrease in overall unit sales compared to property sales in 2023.
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The report highlighted the real estate trends of the top seven cities. This includes Mumbai Metropolitan Region, Delhi and National Capital Region, Bengaluru, Pune, Chennai, Hyderabad, and Kolkata. Delhi-NCR recorded the highest increase. Here, average home prices rose from ₹93 lakh to ₹1.45 crore. Kolkata saw the slowest growth, increasing from ₹53 lakh to ₹61 lakh between the first half of FY2024 and FY2025.(Pune Home Prices Surge by 28%)
The substantial price hike has forced many Pune residents to seek affordable housing in the outskirts. The average home price in the city has soared from ₹66 lakh to ₹85 lakh, further straining the already fragile financial situation of many individuals and families.
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People believe that the increasing presence of IT companies in areas like Magarpatta, Kharadi, Kalyani Nagar, and Hinjawadi is driving up home prices. Under the Smart City development plan, Pune Municipal Corporation has allocated approximately ₹100 crore for infrastructure projects, including road projects and riverfront development. Pune Metropolitan Region Development Authority, a division of the Maharashtra Housing and Area Development Authority, has also announced the sale of 6,294 houses across the city. The prices of the houses range from ₹10 lakh to ₹1 crore. 2,340 houses can be booked under the first-come-first-served basis. 418 flats come under the Pradhan Mantri Awas Yojana.
Pune has also witnessed a rapid increase in population, with nearly 2,00,000 new residents added last year alone. Migration and urban expansion have fueled a massive demand in the real estate sector, driving up market prices.
Areas in Pune with the highest increase in home prices –
Hinjawadi – 3% (market value); 2% (rental value)
Talegaon Dabhade – 2% (market value), 4% (rental value)
Undri – 2% (market value); 3% (rental value)
Wakad – 2% (market value); 2% (rental value)
Wagholi – 2% (market value); 2% (rental value)
Alternative areas preferred by people –
Mahalunge
Pirangut
Bavdhan
Mulshi
Chakan
