ICRA estimates area sold in Pune to decline by 0-3% YoY in FY2027; project launches up by 7–10%. Overall years-to-sell (YTS) is expected to remain comfortable below 1.0 years as of March 2027.

• Pune is estimated to be the fifth-largest residential real estate market among India’s top seven cities*, accounting for 16-17% of total area sold in FY2026. After registering a healthy CAGR of 17% during FY2021– FY2024, area sold in Pune declined by 8% to 119 million square feet (msf) in FY2025 due to lower launches amid delayed approvals and a high base effect. The trend continued in 9M FY2026, with area sold declining 17% YoY to 74 msf. ICRA projects area sold to contract by 10–12% in FY2026, driven by elevated selling prices resulting in lower sales velocity in the mid and affordable segment, while FY2027 is expected to remain largely flat with a marginal de-growth of 0–3%.
• Residential launches in Pune had declined by 17% to 103 msf in FY2025 due to delayed approvals and a high base effect following a strong CAGR of 32% to 124 msf during FY2021–FY2024. In 9M FY2026, with launches decreasing 10% YoY to 69 msf, ICRA expects launches to contract by 9–11% in FY2026. This is expected to be followed by a recovery of 7–10% in FY2027, supported by spillover of launches, comfortable inventory levels (YTS below 1.0 times) and infrastructure improvements.

Exhibit: Trend in area sold for top 7 cities vis-à-vis Pune (in msf)

Source: ICRA Research and Propequity; data excluding stalled projects; Est. – Estimate, Proj. – Projection