Pune Sees 6% Drop in Home Sales as New Supply Declines
Home sales in Pune dropped by 6% in 2024, with 81,090 units sold compared to 86,680 in 2023, according to data from real estate consultancy Anarock. This decline aligns with a nationwide trend, as home sales across the top seven metro cities fell by 4% to 4.6 lakh units. While cities like Chennai and Kolkata experienced sharper declines of 11% and 20%, Mumbai Metropolitan Region (MMR) and Bengaluru showed marginal growth of 1% and 2%, respectively. Experts attribute the dip in sales to rising home prices and market saturation, with affordability constraints becoming a major concern in the latter part of 2024.
The supply of new homes in Pune also declined significantly, falling by 28% to 60,540 units in 2024 from 83,625 units in 2023. This shortage is expected to impact the market in 2025, potentially leading to higher property prices if construction permissions continue to lag. However, industry leaders remain optimistic about demand, citing strong commercial leasing activity in 2024 and favorable policy measures like affordable housing redefinitions and potential tax benefits. The right balance of supply and quality is expected to play a critical role in shaping the real estate market in 2025.
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