Pune Residential Sales Register 8% YoY Decline In Q3 2025: Reports Knight Frank India
Pune Residential Sales Register 8% YoY Decline In Q3 2025: Reports Knight Frank India
Pune, October 13, 2025: Knight Frank India, in its latest report, Q3 2025 – Residential and Office (July-September 2025), highlighted a mixed performance for the Pune market. While the city’s office market registered 2.3 mn sq ft of transactions in Q3 2025, reflecting a 9% YoY decline, it still posted a 7% growth in year-to-date (YTD) activity compared to 2024. On the residential front, sales declined by 8% YoY to 12,118 units in Q3 2025, even as prices grew 5% YoY, demonstrating the city’s continued premiumisation trend.
Pune Residential Market Highlights – Q3 2025
Pune’s residential sales volume in Q3 2025 was 12,118 units, an 8% YoY decline compared to the base period.
Sales (in House Units)
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Mumbai | 24,706 | 24,930 | 22,105 | 24,706 | 2% | 0% |
| Bengaluru | 13,354 | 12,504 | 14,095 | 14,538 | 0% | -2% |
| NCR | 15,680 | 14,248 | 12,547 | 12,955 | 0% | -5% |
| Pune | 14,621 | 14,231 | 10,098 | 12,118 | -8% | -3% |
| Hyderabad | 9,287 | 9,459 | 9,589 | 9,601 | 5% | 3% |
| Ahmedabad | 4,507 | 4,687 | 4,683 | 4,694 | 3% | 1% |
| Chennai | 4,158 | 4,357 | 4,578 | 4,617 | 12% | 12% |
| Kolkata | 3,950 | 3,858 | 4,232 | 4,374 | 2% | -7% |
| Total | 90,263 | 88,274 | 81,927 | 87,603 | 1% | -1% |
Source: Knight Frank Research
Despite the moderation in sales volume, the city’s residential prices saw a steady 5% YoY increase. This was driven by a continued preference for larger and more premium homes, reflecting the overall trend of premiumisation in the market.
Average price change across markets during Q3 2025
| Market | YoY Change | QoQ Change |
| NCR | 19% | 3% |
| Bengaluru | 15% | 4% |
| Hyderabad | 13% | 5% |
| Chennai | 9% | 2% |
| Kolkata | 8% | 1% |
| Mumbai | 7% | 1% |
| Pune | 5% | 1% |
| Ahmedabad | 2% | 0% |
Source: Knight Frank Research
P Vilas, National Director – Occupier Strategy & Solutions, Industrial & Logistics, Capital Markets, and Branch Head (Pune), Knight Frank India, said , “Pune’s residential market is undergoing a phase of recalibration after the strong growth seen in 2024. Premium housing continues to drive momentum, and with supportive policies and infrastructure upgrades, the city’s residential sector is poised for steady performance in the medium term.”
Pune Office Market Highlights – Q3 2025
Despite facing a moderate 9% YoY decline in transaction volumes due to the strong base of Q3 2024, Pune’s office market remained steady in Q3 2025 with 0.22 mn sq m (2.3 mn sq ft) transacted. Importantly, the city’s year-to-date leasing activity registered a 7% growth, highlighting the consistent occupier appetite.
Transactions in mn sq ft
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Bengaluru | 4.3 | 12.7 | 5.5 | 4.2 | -21% | 63% |
| Hyderabad | 3.1 | 4 | 1.9 | 2.9 | 33% | 21% |
| Chennai | 2.5 | 1.8 | 3.2 | 2.8 | 9% | 41% |
| NCR | 3.8 | 2.1 | 5.2 | 2.7 | -15% | 12% |
| Pune | 1 | 3.7 | 1.4 | 2.3 | -9% | 7% |
| Mumbai | 1.9 | 3.5 | 2 | 1.9 | -27% | -12% |
| Kolkata | 0.5 | 0.2 | 1 | 0.5 | 190% | 87% |
| Ahmedabad | 1 | 0.2 | 0.6 | 0.4 | 13% | -41% |
| All cities | 18.2 | 28.2 | 20.7 | 7.8 | -6% | 24% |
Source: Knight Frank Research
On the supply front, 1.1 mn sq ft of new office space was delivered during the quarter, marking a 60% YoY decline. This pullback in supply, along with resilient demand, is reflected in the strong double-digit growth in office rentals seen during the quarter.
New completions in mn sq ft
| Market | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q3 2025 YoY Growth % | YTD Change % |
| Bengaluru | 2.3 | 1.1 | 1 | 5.9 | 140% | -21% |
| Hyderabad | 6.4 | 0 0 | 1.4 | 1.6 | -61% | -67% |
| Mumbai | 0.8 | 0.5 | 1.7 | 1.6 | 94% | -25% |
| NCR | 1.6 | 0.2 | 3.9 | 1.5 | 42% | 40% |
| Pune | 0.6 | 3.5 | 5.3 | 1.1 | -60% | 92% |
| Chennai | 1.2 | 0.2 | 0.8 | 0.4 | 1709% | 79% |
| Ahmedabad | 0.8 | 0 | 0.5 | 0.3 | 4% | -60% |
| Kolkata | 0 | 0 | 0 | 0 | – | -100% |
| All cities | 13.7 | 5.5 | 14.6 | 12.4 | 8% | -11% |
Source: Knight Frank Research
Vilas further added, “Pune’s office market continues to display resilience with YTD growth of 7%. Occupier demand remains healthy, led by global capability centres (GCCs) and flex space operators that see Pune as a cost-effective hub with strong talent availability. With rentals moving upward by 4% YoY, the city continues to cement its position as a preferred occupier market in India.”
