Kolte Patil Developers Lead the Market; Mahindra Lifespaces Joins the Top-10 List

Pune, Maharashtra – October 22, 2024: Pune’s residential real estate market is experiencing a significant upswing, with the registered home sales value growing by 19% year-on-year (YoY) in the July-September 2024 quarter, according to a new report by Square Yards. The total value of registered home sales reached an impressive ₹13,865 crore, despite a slight 1% decline in the number of transactions compared to the same period last year.

Strong Market Performance Amid Declining Transactions

A total of 18,806 residential transactions were registered in Pune and Pimpri-Chinchwad during Q3 2024, marking a minor 1% YoY drop. However, the total home sales value rose sharply, setting a new record for the average registered home sales value at ₹74 lakh, an impressive 20% increase from the previous year.

This trend reflects a shift towards high-end properties, with the western suburbs, including Pimpri-Chinchwad, driving a significant portion of the market activity, fueled by excellent connectivity and proximity to IT hubs.

Residential Sales Snapshot – July-September 2024:

Total Transactions: 18,806 units (-1% YoY)

Total Sales Value: ₹13,865 crore (+19% YoY)

Average Sales Value: ₹74 lakh (+20% YoY)

Top Developers: Kolte Patil Leads, Mahindra Lifespaces Debuts in Top-10

Kolte Patil Developers secured the top spot in Pune’s residential real estate market, leading in both the number of registered transactions and sales value. Their flagship project, Life Republic in Hinjewadi, emerged as the best performer. Pristine Properties followed closely, driven by the success of their O2 World project in Kharadi. Mahindra Lifespaces made its first appearance in the top-10 developers’ list, with its project Codename Crown standing out for both sales volume and value.

Top Developers by Home Sales Value (Q3 2024):

1. Kolte Patil Developers: ₹425 crore
2. Mahindra Lifespaces: ₹312 crore
3. Pristine Properties: ₹305 crore

Premium Segment on the Rise: Surge in ₹1–2 Crore Properties

There has been a noticeable shift towards premium properties in Pune, with homes priced above ₹1 crore accounting for 18% of total transactions, up from 13% last year. Properties in the ₹1–2 crore range dominated the high-end segment, while the share of lower-priced homes (below ₹50 lakh) dropped from 48% to 46%.

Additionally, the demand for larger homes is growing, with units sized between 1,000–1,500 sq.ft. making up 11% of total sales, compared to 8% in the same period last year.

Area-wise Residential Transactions (Q3 2024 vs Q3 2023):

Below 500 sq.ft.: 23% (down from 26%)

500–1,000 sq.ft.: 62% (steady)

1,000–1,500 sq.ft.: 11% (up from 8%)

Micromarket Insights: Pimpri Chinchwad Dominates

Pimpri Chinchwad remained the most active residential micromarket, accounting for 46% of overall transactions and 34% of total sales value. Pune’s western suburbs followed with the highest average transaction value of ₹1.07 crore, surpassing even the central suburbs. This premium market is driven by high-end projects near the Mumbai-Pune Expressway and IT hubs.

Top Micromarkets by Residential Sales Value:

Pimpri Chinchwad: ₹4,738 crore (Average value: ₹55 lakh)

Pune West: ₹3,971 crore (Average value: ₹1.07 crore)

Pune East: ₹2,939 crore (Average value: ₹86 lakh)

Outlook: Festive Season to Boost Market Further

As Pune continues to expand, both local and national developers are expected to maintain a strong pipeline of projects, bolstered by major infrastructure developments such as metro expansion and the ring road. Square Yards anticipates a further surge in residential activity during the ongoing festive season, with developers offering attractive incentives to buyers.

In the coming months, Pune’s residential market is expected to maintain its upward trajectory, fueled by robust demand for premium properties and improved connectivity in suburban areas.

Source: IGR, Square Yards