Pune’s Property Market Snapshot by Skyline Sales: May 2024
Pune’s real estate market is progressing with increased property demand, relative cash accessibility, and ideal living conditions. The March 2024 data shows an increase of 52% in registered properties in the city as compared to the previous year.
What's Driving the Growth?
Experts pointed out several key factors driving this growth.
Pune's Economic Power
Many IT firms and new businesses like software development companies have started to bloom again in Pune. Homeownership is encouraged since the area is not prone to disasters such as flooding and earthquakes.
Affordability and loans
An increase in quality credit and the availability of affordable home loans enables many people to own houses because of the favorable interest rates.
Building a Better Future
Some of the under-construction core infrastructural developments carried out by the city administration will make living better, thus making it a suitable place for investment.
Who's Buying?
The data paints a clear picture: this property feudalism, or property frenzy the young working professionals have occupied the central place in the buying process of the properties in Pune.
Young Professionals Lead
This statistic indicates that 52% of the buyers fall between 30 – 45 years of age. Young working professionals in the IT and other sectors are in search of better prospects and living standards.
Millennials on the Rise
Young people not exceeding 30 years are a quarter of the market meaning the young generation is now realizing the importance of participating in the real estate business.
Established Professionals
While the lion’s share is not within this age group, in 45–60 years old, it is still a good share and makes up 18 percent.
Apartment Preferences: Functionality over Extravagance
Interestingly, the most popular apartments prioritize functionality over expansive living space
- Mid-Sized Reigns Supreme: Properties between 500 and 800 sq ft hold the largest market share at 40%, followed closely by apartments under 500 sq ft, capturing 35% of transactions. This suggests a focus on affordability and practicality.
- Larger Options Still Available: Bigger apartments exceeding 1,000 sq ft maintain a consistent market share of 13%, catering to a niche demand for spacious living.
A Promising Future for Pune's Real Estate
Pune’s real estate market offers a compelling investment proposal for potential property buyers, particularly young professionals and those seeking budget-friendly options. With strong economic growth, a growing focus is on luxury and affordability, and a demographic shift is towards young buyers. Pune is a city on the rise, offering exciting opportunities for those seeking a vibrant and affordable place to call home.
If you are a real estate developer, looking to market your mega property complex or apartment to the right target market in Pune, then look no further than SkylineSales. We are Pune’s leading sole-selling agency. We have worked with top builders and developers in the city and helped them sell their properties with no hassles, profitability, and customer satisfaction.
Reach out to us today! [+91 7387199919, info@skylinesales.in]
