Pune Real Estate Sees Surge in Demand for Larger Homes, Driving 11% Increase in Average Flat Size
In Pune, the demand for larger residential units has driven an 11% increase in the average flat size to 1,086 sq ft in the past year, up from 980 sq ft in 2022, despite the upward trend in real estate prices. Over the last five years, the city has seen a 19% rise in the average flat size, reflecting a changing trend in preferences. Developers attribute this shift to the declining share of flats below Rs 50 lakh, indicating a slowdown in the affordable housing segment, while the share of units priced above Rs 1 crore has almost doubled. The Pune real estate sector is seeking a revision in the definition of affordable housing, including an increase in the carpet area without a cost cap, and tax benefits to incentivize developers to focus on affordable housing.
The real estate landscape in Pune is experiencing significant changes, with a 12-15% increase in home prices in the past year. Despite the rise, the demand for mid and luxury segments remains robust, especially in areas like Kharadi, Wakad, and Hinjewadi. The industry anticipates further growth in housing demand in 2024, particularly in the low-cost housing segment, while the luxury segment might see a slight moderation in sales due to price increases. The shifting preferences towards larger homes, dedicated workspaces, and gated communities with amenities and green spaces underscore the evolving dynamics of the Pune real estate market.
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