Pune Real Estate Market Reaches New Heights: Gera Report

The latest Gera Pune Residential Realty Report highlights an 8.92% increase in home prices to Rs 6,298 per sq ft in 2024. The report reflects shifts towards larger homes and branded developers, while affordability falls to 3.98x annual income. Despite some market pressures, overall growth persists.

The latest Gera Pune Residential Realty Report shows a significant 8.92% rise in home prices, reaching Rs 6,298 per sq ft in June 2024, the highest ever recorded. Home affordability has consequently decreased to 3.98x annual income, driving buyers towards reputable developers.

Additionally, ongoing projects rose by 9.61% from June 2023, marking a rebound from a historic low. Demand for larger homes continues, with three-bedroom units comprising 27% of new launches. The PremiumPlus segment saw the highest price increase, and overall market inventory surged to Rs 61,849Cr.

Report findings also reveal that yearly new launches grew by 5.8%, primarily driven by PCMC areas. Despite affordability pressures, the market's focus on larger homes and brand reputation remains strong, signaling enduring trends in Pune's real estate landscape.

(Disclaimer: With inputs from agencies.)