Pune’s real estate market reflected mixed performance in 2024, as residential sales declined by 6% year-on-year, but the city continued to attract demand for premium housing, according to a recent report by ANAROCK.
Approximately 81,090 housing units were sold in Pune in 2024, down from 86,680 units in 2023. Despite the decline in sales volume, the city maintained its position as one of the top-performing real estate markets in the country, ranking second after the Mumbai Metropolitan Region (MMR) in terms of sales.
Shifts in Supply and Demand Dynamics
New housing launches in Pune declined sharply by 28%, with 60,540 units introduced in 2024 compared to 83,625 in 2023. The majority of new supply, over 93%, was concentrated in the sub-₹2.5 crore budget segment, reflecting continued demand for mid-range and luxury housing.
Residential prices in Pune rose by 14% year-on-year, with the average price increasing from ₹6,750 per sq. ft. in Q4 2023 to ₹7,720 per sq. ft. in Q4 2024. The rise was attributed to increased construction costs and sustained demand for quality housing.
The city also saw a sharp reduction in available inventory. Unsold stock declined by 20%, from approximately 1,01,220 units at the end of 2023 to around 80,670 units by the close of 2024. This was the highest annual drop in inventory among the top seven cities, driven by consistent absorption across various budget segments.
Anuj Puri, Chairman, Anarock Group, says, "2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted new housing supply. While sales also saw a marginal decline when compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes."
“Compared to 2023, 2024 saw a 21% rise in the average price in the top 7 cities," says Puri. "2025 is unlikely to match this steep growth, though. Average residential prices hikes will stabilize in the coming year, though there will be steady growth amid increased input costs and high demand. 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up. The elections and slow project approval process had dented the new supply pipeline in 2024.”
