Has Mumbai’s Real Estate Market Influenced Pune’s?
Mumbai’s real estate market- The difficulty of affordability is growing. As a result, Pune’s flat sizes are shrinking. Nevertheless, they are bigger than in Mumbai. Pune, a city that is about four hours’ drive from Mumbai, the nation’s financial capital, is one of the most promising real estate markets in Maharashtra after the Mumbai market.
Though historically Pune has been home to large residences with expansive balconies and terraces, the city’s market has started experiencing the issues seen in the Mumbai market as a result of the increasing real estate costs. Pune real estate developers assert that the flats being built are far larger than those in Mumbai. But Pune’s flat sizes are shrinking as finding affordable housing becomes a bigger difficulty.
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Pune’s prices reached their pinnacle in December 2015, when the city’s average price per square foot was Rs 5,096. At 5.27 times annual income, affordability at this point had reached its lowest level. The maximum size of a home was 981 square feet. After that, the typical home size began to decline, reaching its lowest point in 2018, until the market began to turn in 2019.
Given that the average size of flats in Pune is far greater than in Mumbai, I wouldn’t claim that Pune apartment sizes are following Mumbai’s lead. Apartment sizes in Pune decreased in the years before to Covid-19, 2016, 2017, and 2018. However, the average size of apartments in Pune has increased since COVID-19. People are requesting and purchasing larger homes because affordability is rather robust in the current circumstances. As a result, what is a cosy 2 BHK for one person is a small 3 BHK for another.
The top 10 developers in Pune have an average flat size of roughly 1,000 square feet. While smaller and mid-sized developers have carpet sizes of 850 to 950 square feet. In Mumbai, the typical size is between 600 and 650 square feet. As homeowners desired greater space, the average flat size in both of these markets grew after Covid-19 by 50 to 100 sq ft.
Developers claim that there is a tendency towards smaller flat sizes in emerging neighbourhoods like Kharadi and Wagholi as well as IT hotspots like Hinjewadi and Balewadi. However, the sizes of apartments have remained comparably larger in Pune’s more established neighbourhoods, like Koregaon Park, Camp Area, & Kothrud.
A global phenomenon: are flat sizes shrinking?
I believe that flat sizes are decreasing everywhere, even in Pune & Mumbai. This is due to developers building smaller flats as affordability declines. For instance, we are offering two-bedroom homes in Pune’s New Kalyani Nagar neighbourhood for Rs 1.50 crore. However, the developers around me are offering two-bedroom homes with a 700 square foot carpet for, say, Rs 1.05 crore.
However, with Covid-19, builders in Pune have returned to building 800-1,000 sq ft carpeted two-bedroom homes since there is a market, albeit a smaller one than, say, ten years ago. We are selling one of the largest two-bedroom homes in Pune because we meticulously plan our layouts and minimise waste. Which makes our homes appear larger and more open. As a result, we’ve been able to carve out a place for ourselves in this market.
What then is being built in Pune?
While developers and real estate experts agree that the sizes of apartments being launched in Pune have increased since COVID-19. A number of developers in various micro-markets in Pune have been attempting to design 2 BHK apartments in less than 500 sq ft carpet, a trend that some developers claim is unsustainable
According to Maharashtra RERA’s official data, when comparing the launches in 2022 to 2019. The number of units with an RERA carpet area of 0–645 square feet has decreased by 40% while the number of units with an RERA carpet area of 645–1,291 square feet has increased by 130%, indicating that developers are now constructing larger units.
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