Demand for Real Estate Rises Sharply in Pune

As the real estate industry in India continues to strengthen itself, statistics reveal that the demand for homes and commercial spaces has been rising sharply in Pune. Across 13 cities in India, the demand for properties has been high, which reflects the stabilization of income and the recovery of the industry. After the pandemic, the families have been getting back to their offices in the metro cities. Even though some of the major issues like inflation and the global crisis continue to haunt the industry, the demand for residential properties is increasing in Pune.

Here are some of the facts and figures that reveal that Pune continues to attract homeowners with its growing real estate industry.

The growth in the demand for residential properties in Pune rose to 8.1% in the second quarter in 2022 from 3.9% in the first quarter. There was a rise in the average prices as well. In the previous quarter, it was only 0.5%, while in the second quarter of 2022, it rose to 1.3%. However, when it comes to supply, the trend was reverse. It decreased from 2.2% to -2% in the present quarter from the previous one.

Apart from Pune, some of the major Indian cities also witnessed a rise in the demand for residential properties. In Bengaluru, the overall demand for residential homes was 18.8% QoQ. When you look at the supply, the growth was only 6.7% between the two quarters. Besides, a trend reveals that people prefer larger homes in 3 BHK configurations. This makes up around 49% of the overall demand, while the supply remains at 43%.

Even when you check out the real estate trends in Chennai, you would notice this rise in demand for residential properties. Particularly, the demand for residential real estate is rising around the coastal areas since these places have the major employment hubs and IT corridors. There was a 13% rise in the demand for residential homes between the two quarters. The supply soared only by 5.1% between the first and second quarters this year. The average property prices rose by 1.6%.

Therefore, along with all the major cities in India, the real estate sector in Pune continues to consolidate.