The Rise of Pune Housing Market
February 21st, 2019
Pune is the second largest city in Maharashtra and is considered the cultural capital of the state. The city is a major manufacturing hub in the state and boasts of over 800 premier educational institutes. No wonder, it has developed into an important IT/ITES destination over the years. As a result, the city has witnessed many students and professionals moving to the city and making it their home. This, in turn, has fuelled rapid real estate development in Pune with several new housing projects in the recent years. In fact, Pune had emerged as the most liveable city of India among 11 cities that were surveyed, according to the Ease of Living Index 2018 by the Ministry of Housing and Urban Affairs.
With a population of over 3.5 million, the housing market in Pune is driven by the end-users and NRIs, who prefer ready-to-move residential apartments. The city offers a mix of affordable, mid-range and luxury housing projects. According to a report by Liases Foras, 2 BHK homes are most preferred, followed by 1 BHK in Pune. Together, these have contributed up to 85% of yearly sales in the calendar year 2018-19. Overall, the housing sales in Pune have increased by 18% during this period.
In terms of infrastructure, the city is well connected to Mumbai, the financial capital of India, through the Mumbai-Pune Expressway. Further, the work on metro network in the city is also underway, which will improve the connectivity within the city.
Some of the key housing pockets in the city include Kondhwa, Hinjewadi, Wakad, Wagholi, Talegaon, Moshi, Pimpri – Chinchwad, Chakan, Kharadi, Dhanori, Bibwewadi, Baner-Sus, Bavdhan and Viman Nagar. The report highlights that Pimpri – Chinchwad and Chakan account for the highest sales in Pune with 47%. Additionally, Hinjewadi, Wakad, Wagholi, Talegaon and Moshi have emerged as top performing micro-markets, contributing 30% of yearly sales.
Given the fast-paced infrastructure development in the city, Pune will continue to develop into a major housing market of India.
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