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Pune tops as India's affordable metro for real estate

2023-09-08

The story reported that Pune had become the most favoured destination for real estate investment and was considered the most affordable among the Metro cities, according to the CRE Matrix Report recently released by CREDAI Pune Metro. The report had been presented during the Members Assistance Meeting at the CREDAI Pune Metro Auditorium.

It was stated in the report that Pune had emerged as India's most affordable and rapidly growing real estate market among all Metro cities, particularly in terms of the number of units sold during the period of January to June 2023. Ranjit Naiknavare, the president of CREDAI Pune Metro, stated that the Pune Housing Market in the first half of 2023 (excluding re-sales) had achieved sales of more than 45,000 units with a total value exceeding Rs 280 billion. This represented a remarkable 90% increase compared to the first half of the calendar year, indicating significant growth in Pune's real estate market over the past four years.

Abhishek Gupta, the CEO of the CRE Matrix, commented that Pune had capitalized on the favourable conditions it had experienced in sales during the first half of 2023, with a 40% surge in total sales numbers compared to the same period in 2019. In 2023, Pune city recorded an all-time high of 45,162 primary housing unit sales between January and June, compared to 32,250 housing units sold in the same period in 2019, before the COVID-19 pandemic.

Regarding the average price of housing units sold in Pune during the first half of 2023, Gupta mentioned that it stood at Rs 63 lakh, marking a 37% increase compared to the average price in 2019. This suggested a trend of rising average sizes and prices of homes in the city.

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