PropIndex | Magicbricks Pune

JAN-MAR 2024

Residential Market Insights Market Dynamics

Pune market bounces back to a flourishing demand supply dynamics Parameters India Pune
In Q1 2024, the residential market in Pune saw 6.6% QoQ increase in demand, as reflected in search activity. Demand+ 6.9% 6.6%
Additionally, there was 6.7% QoQ growth in residential listings. Prices of residential properties showed a modest 0.9% Supply++ 0.9% 6.7%
QoQ increase.
Rate Index+++ 2.9% 0.9%
After experiencing a period of reduced activity, the Pune residential real estate market has rebounded with renewed
vigor, showcasing a robust interplay between demand and supply. This resurgence follows a phase of relative Notes:
dormancy, marking a notable shift towards a more vibrant and active marketplace. Pune, with its exceptional climate Above parameters represent QoQ change in Q1 2024 at
India and cit y level
and picturesque surroundings, has witnessed a significant improvement in the standard of living. Its favorable + change in volume of propert y searches
weather and natural beauty contribute to a desirable lifestyle. Over the years, the city has emerged as a promising ++ change in volume of act ive list ings
+++ change in t he average rat e of under-const ruct ion
destination with ample opportunities for future growth. Notably, Pune hosts prestigious educational institutions and (UC) and ready-to-move (RM) properties
serves as a prominent IT hub, driving robust developments in the real estate sector. This convergence of factors S ource: M agicbricks Research
positions Pune as a city with promising prospects for both personal and professional advancement.

Key developers based on active

RM Rate Change
listings
8,000 Developer

Kolte Patil Developers Ltd.

7,800
Nyati Group
Average Rate (INR psf)

7,600
Godrej Properties
" RM segment Rohan Builders & Developers Pvt. Ltd.
recorded QoQ price Mantra Properties
7,400
growth of 1.5%." Shapoorji Pallonji Real Estate
7,200 Majestique Landmarks
Paranjape Schemes Construction Ltd.
7,000 Puranik Builders Ltd.
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Kumar Properties
Note: The above table represents the top
UC Rate Change developers by the share of active listings on
Magicbricks website in Q1 2024.

Key Projects and Localities

8,000

Project Locality
7,800
Average Rate (INR psf)

Life Republic Aros Hinjawadi

7,600 “ UC segment
Godrej Horizon Undri
recorded QoQ price
Life Republic Hinjawadi
7,400
growth of 0.5%."
Golfland Lavale
7,200 Puranik Abitante Bavdhan

Green City Satav Nagar

7,000
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Mi Casa Hadapsar
Godrej Prana Undri
Gemini Grand Bay Manjari BK
Notes: Royal Enrich Sector 150
1. RM rate index represents the weighted average rate of completed properties on the Magicbricks website as of March 2024.
2. UC rate index represents the weighted average rate of under-construction properties on the Magicbricks website as of March 2024. Note: Above table lists the most searched projects on
3. The graph represents the average rate of the dominant asset class in each locality of the city. Magicbricks website in Q1 2024
Source: Magicbricks Research Source: Magicbricks Research

Supply change of RM vs UC properties In the News

1. According to CREDAI Pune Metro, Pune
16.0% 14.5% emerged as the most affordable and
14.0% preferable real estate market in 2023
" B o t h RM & UC
QoQ change in supply

12.0% among Indian metro cities, boasting a

robust recovery from the post-Covid
10.0% segment recorded a phase. Pune's unsold stock is below
8.0% QoQ increase of 15%, the lowest in the country, with

6.0% 2.5% and 14.5% annual sales of 80,000 to 90,000 new

units.
4.0% 2.5% respectively in 2. In 2023, Pune's real estate market
2.0% supply.” surged, with property registrations
reaching 1,52,323, a 9.6% increase from
0.0%
the previous peak year, driven by robust
RM UC
demand for both housing and
commercial properties.
Note:
1. Above table represents the rate changes for RM and UC properties for dominant asset classes in each locality under various rate buckets (INR psf) as of March 2024

Source: Magicbricks Research

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Source: Magicbricks Research

 Demand-Supply Analysis Pune|JAN-MAR 2024

2 BHKs dominate Demand by BHK Supply by BHK

demand as well as 4% 6%

supply trends 30%

15% 1 BHK 29% 16%
1 BHK
2 BHK 2 BHK

The demand trends in Pune underscore a 3 BHK 3 BHK

distinct favour for 2 BHK units, commanding Above 3 BHK 49%
Above 3 BHK
a substantial share of 51%, followed by 3
51%
BHK units at 30% share.

Furthermore, almost half of the homebuyers

in Pune prefer properties within the cover
area range of 750-1,250 sf, emerging as the Compact units were in favour as homes ranging from 750 to 1,250 sf
most sought-after categories, claiming a
market share of 46%.
witnessed highest traction
Demand by Size Supply by Size
2% 1% 2% 1%
In Pune, people 5%
14% Below 500
7%
Below 500
15%
searched for compact 500-750 500-750
32% 750-1,250 28% 750-1,250
and affordable units 1,250-2,000 1,250-2,000
2,000-3,000 2,000-3,000
46% 46% Above 3,000
Above 3,000
The real estate market in Pune exhibits a
clear preference for properties that are priced Area in sf Area in sf
at or below INR 7,500 psf. This trend
indicates a significant demand from
individuals seeking affordable housing
options in the city. The pricing pattern Affordability is the key growth driver as demand and supply for
suggests that there is a substantial portion of
the population in Pune looking for housing
properties priced below INR 7,500 psf gained highest traction
within this price range. This could be due to Demand by Rates Supply by Rates
various factors such as income levels,
preferences, and the availability of financing
11% 13%
options. As a result, developers and real
estate investors in Pune are increasingly <7,500 <7,500
focusing on catering to this segment by
offering properties that align with their 7,500-10,000 30% 7,500-10,000
34%
budgetary constraints.
55% >10,000 >10,000
57%
Rate in INR psf Rate in INR psf

BHK wise Average Rate Change (INR psf)

8.9%

7.6%

5.3%

3.6%
2.9%
2.4%
1.8%
1.4%

1 BHK 2 BHK 3 BHK Above 3 BHK

QoQ YoY

Analyzing the quarterly trends, it becomes evident that every type of housing configuration experienced an increase in price psf (INR psf).
Particularly, properties with three bedrooms or more exhibited the most significant surge, both in comparison to the previous quarter (QoQ) and the
same period last year (YoY). Notably, when compared to residences with one or two bedrooms, larger units displayed a more substantial rise in their
price psf, which backs the reason why people are shifting towards more compact units over the quarter.
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Source: Magicbricks Research

Rate Analysis Pune|JAN-MAR 2024

QoQ Change In Average Rate (INR psf)

8,000 7,919
7,852
7797
7,800
7,612
7,600 7,480 7,495
7,324 7,368
7,400

7,136
Rate (INR psf)

7,200

7,000

6,800

6,600

6,400

6,200

6,000
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Over the last two years, there has been a notable 11% increase in the average residential property rates in Pune. This indicates a significant
upward trend in property values over this period. What's particularly striking is the consistency of this upward trajectory quarter-over-quarter
(QoQ), suggesting a sustained growth pattern. Notably, the first quarter of 2024 has witnessed a particularly noteworthy surge in property
rates, underscoring the continued momentum in the market. This trend reflects a robust demand for residential properties in Pune, potentially
influenced by various factors such as economic growth, demographic shifts, and market dynamics.

Average Rates (Property Type)

Builder Floor Multistorey Apartment Residential House Villa

5,200 8,200 9,400 11,700

In Pune, the real estate market has diverse pricing as builder floors command an average rate of INR 5,200 psf, multistorey
apartments stand at INR 8,200 psf, residential houses at INR 9,400 psf, and luxurious villas are available at INR 11,700 psf on
the cover area.

Average rates (BHK wise)

1 BHK 2 BHK 3 BHK Above 3 BHK

5,800 7,100 8,600 9,900

In Pune, residential properties exhibit a diverse pricing spectrum, ranging from INR 4,000 to 15,000 psf, encompassing
various configurations and building typologies. The average rate for 1 BHK residences stands at INR 5,800 psf, while luxury
segments, particularly 3 BHK and above, command an average rate of INR 9,900 psf on the cover area.

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Source: Magicbricks Research

Micro-Market Statistics Pune|JAN-MAR 2024

Top Micro-markets in the City

Wakad
Hinjewadi

Baner
Airport Rd

Hadapsar

Paud Rd
Kondhwa-Wanwadi

Undri-Pisoli

Note: This map is not to scale.

Inference
In general, there is considerable enthusiasm among homebuyers for properties located in the outer regions of both the western and
eastern sides of Pune. These peripheral areas are garnering significant attention and traction from individuals looking to purchase
homes. This heightened interest could be attributed to various factors such as affordability, availability of larger spaces, potential for
development, and perhaps even a desire for a quieter or more spacious living environment away from the bustling city center.
Additionally, infrastructure development and improved connectivity to these areas might be contributing to their attractiveness to
prospective homebuyers. Thus, it can be observed that the real estate market in the peripheral regions of Pune, both in the west and
east, is currently experiencing robust demand from buyers seeking residential properties.
Note: Map above represents the top preferred micro-markets in the city in Q1 2024. Source: Magicbricks Research

Micro-Markets with Highest Demand Micro-Markets with Highest Supply

Micro-market Avg. Rate Rank Q1-24 Rank Q4-23 Micro-market Avg. Rate Rank Q1-24 Rank Q4-23

Airport Road 9,100 1 2

Baner 9,100 1 1

Baner 9,100 2 1
Undri-Pisoli 5,700 2 2

Airport Road 9,100 3 7 Hadapsar 7,300 3 5

Undri-Pisoli 5,700 4 4
Paud Road 9,200 4 5
Kondhwa-Wanwadi 7,200 5 7
Hadapsar 7,300 5 4
Wakad 7,400 6 3
Hinjewadi 6,600 6 3
Paud Road 9,200 7 6
Wakad 7,400 7 -

Kondhwa-Wanwadi 7,200 8 6 Hinjewadi 6,600 8 8

Notes: Notes:
1. Top micro-markets ranked by number of searches on Magicbricks in Q1 2024. 1. Top micro-markets ranked by their active listings on Magicbricks in Q1 2024.
2. Average rate in the micro-market in INR psf. 2.Average rate in the micro-market in INR psf.

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Source: Magicbricks Research