Pune Property Prices Hit Record High Amid Slowing Sales

The latest report from Gera Developments reveals that Pune's residential property prices soared to Rs 6,590 per square foot in 2024, marking an 11% rise. Despite this increase, sales dropped 5% to 90,127 units. The trend reflects a classic boom cycle with an urge for cautious optimism.

Pune's residential property market has witnessed a significant 11% surge in average rates, hitting a new high of Rs 6,590 per square foot in 2024, according to a Gera Developments report. Despite rising prices, the sector experienced a 5% decline in sales, with only 90,127 units sold.

In a classic boom cycle, Pune's real estate market has seen prices escalate by 40% over five years. However, the tapering sales in recent years highlight a resistance to current price levels, urging industry leaders to adopt a balanced approach towards supply and pricing.

Experts link this phenomenon to the demand for bigger homes, escalating raw material costs, and increased corporate activity fueling housing demand. Affordability coupled with expansive infrastructure development are key factors influencing buyer decisions in Pune.

(With inputs from agencies.)