Why Investing in Pune’s Residential Real Estate is a Smart Move in 2024?

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Mr. Harshawardhan Agarwal, the Director of Pride Purple Group, envisions a promising future for Pune’s real estate market, driven by the city’s expanding IT operations, business opportunities, and vibrant culture.

Pune (Maharashtra) [India], January 3: Pune, a city famed for its serene climate, esteemed educational institutions, and flourishing IT sector, is rapidly ascending as the prime choice for real estate investment in 2023. According to the recent CRE Matrix Report by CREDAI Pune Metro, Pune is now the most affordable and fastest-growing real estate market among all major metropolitan cities in India. The report’s revelations, based on sales registration and RERA data, have unfolded compelling reasons for investing in Pune’s residential real estate.

Pune’s Remarkable Real Estate Growth in H1-2023

Mr. Harshawardhan Agarwal, the Director of Pride Purple Group, envisions a promising future for Pune’s real estate market, driven by the city’s expanding IT operations, business opportunities, and vibrant culture. According to the CRE Matrix Report rolled out by CREDAI Pune Metro, the city witnessed a staggering 90% growth, with over 45,000 units sold, amounting to a whopping Rs 28,000 crore in the first half of 2023. This remarkable surge underscores Pune’s phenomenal real estate performance over the past four years.

According to a Indian Express, Pune’s average property rates grew by 10.1% over the last two years, maintaining affordability. The average price of housing units sold in Pune during  the first half of 2023 stood at Rs 63 lakh, marking a significant 37 percent increase from 2019. This points to a growing trend in larger and more expensive homes, reflecting the evolving preferences of Pune’s homebuyers. Units priced above Rs 1 crore experienced a staggering 250 percent increase in sales during the first half of  2023 compared to the first half of 2019. 

The sales figures experienced a 40 percent surge compared to the same period in 2019, totaling a record-breaking 45,162 primary housing units sold before July 2023, an all-time high compared to 32,250 units in the first half of 2019, the pre-COVID era. Demand for properties surged with an 8.7% quarter-over-quarter (QoQ) increase in property searches, resulting in a 1.6% QoQ rise in average property rates. Airport Road and Baner emerged as top micro-markets, driven by proximity to IT-BPM hubs, excellent social infrastructure, and connectivity to key areas. 

Pune’s Allure: A Multifaceted Gem

Pune’s appeal extends beyond its prospering  real estate market. The city boasts a tranquil climate, top-rated educational institutions, and is the second-largest IT hub in the country. The premier retail hubs, along with thriving employment centers housing multinational companies, are pivotal factors shaping Pune’s desirability. Excellent transportation infrastructure ensures swift connectivity across the city, enhancing its livability. As Pune’s boundaries expand, the opportunities in newly developed areas with well-planned infrastructure are on the rise, making it an attractive destination for real estate investment. Not many cities can rival Pune in these aspects, making it a prime choice for residents and investors, even managing to attract NRIs.

Pride Purple Group – A Journey of Excellence

Pride Purple Group, a frontrunner in Pune’s real estate sector, boasts an impressive track record of over 50 successful residential projects, spanning an expansive 30+ million square feet. With ongoing projects in strategic areas such as Hinjewadi, Balewadi, and Wakad, Pride Purple Group is strategically positioned to cater to a diverse range of residents and investors. The future prospects of Pride Purple Group shine brightly as their customer-centric approach, coupled with innovative initiatives like the Park Circle referral program, focuses on building strong community ties and enhancing customer relationships. As Pune’s real estate landscape evolves, the group’s dedication to quality and innovation continues to be a driving force in their future endeavors.

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