Author: Neel Achary

Pune & PCMC Housing Markets – 2025 and 2026

By Akash Pharande, Managing Director – Pharande Spaces

The Pune residential real estate market in 2025 tells a mixed story, as below the city’s strong fundamentals was a lot of stress. The city went from a period of rapid growth to a more stable, selective market, with affordability and changing buyer demographics becoming more defining characteristics in the year.

The Highs: Strong registration in the face of uncertainty

At first glance, 2025 saw many transactions. Pune had its best property registration run in four years, with over 1.70 lakh transactions from January to November, only slightly higher than in the same time period in 2024. The holiday season was critical because in September alone, registrations jumped by over 22% from the previous year. By November, the city had been going strong with over 14,200 registrations.

But despite the overall strength, there was a big decline in actual unit sales. According to property consultants ANAROCK, Pune’s housing sales for the whole year of 2025 fell 20% from 81,090 units in 2024 to 65,135 units. This was the second-largest drop among major cities, after Mumbai’s 18% drop.

This difference between registration volumes and unit sales shows what really happened – the market moved more towards luxury, with higher-value transactions making up most of registrations. Buyers in Pune’s affordable segment either put off buying or got off the market for now. For a market which was once defined by rational, affordable housing prices, this is worrisome.

Central Pune and PCMC

Central Pune, which includes PMC, PCMC, and Haveli Taluka in terms of municipal boundaries, remained the city’s real estate engine and contributed over 60% of all housing transactions in 2025. This is mainly due to this corridor’s proximity to the city’s IT job hubs and well-established social infrastructure.

Pimpri Chinchwad Municipal Corporation (PCMC) specifically benefited from micro-market tailwinds. Prices in the area rose over 10% in Q1 2025 compared to Q1 2024. This increase was slightly faster than Pune Municipal Corporation (PMC)’s 8.7% growth, which was driven by new corridors in Moshi, Punawale, and Wakad.
The rental yields of PCMC remained powerful, and Ravet currently had the highest annual returns of 4.3% among emerging zones, which is much higher than Mumbai’s 2.5% benchmark.

This rental performance continues to pull yield-focused investors who see PCMC as the right bet to earn excellent risk-adjusted returns. Properties in Ravet and Nigdi are currently priced in the Rs. 6,500–9,000 per square foot range, making them attractive for first-time and mid-range end-users who cannot afford western corridors like Baner (priced between Rs. 9,000–13,000/sqft) and Kharadi (Rs. 9,500–14,500/sqft).

The Lows: High Property Prices = More Unsold Inventory

In 2025, there was a significant decline in affordability in Pune. To illustrate – a 60 lakh flat that cost 40 lakh in 2020 now costs Rs. 12,000–18,000 more per month in EMI, even with small rate cuts.

Sales in the under-Rs. 50 lakh range fell sharply, with some areas seeing drops of 5–30% year-on-year. The problem of unsold inventory got worse – by the middle of 2025, Pune had more than 75,000 unsold units, and the inventory overhang was well over 10 months (the longest since 2020). By the end of the year, there were over 77,800 units lying unsold in the primary market.

This excess supply has tied up developer capital and threatens to impact pricing negatively in 2026.

Sectoral & Geopolitical Challenges

Even though India’s economy was mostly protected from global commodity shocks and financial instability, 2025 was still a tough year for sectors that depend on jobs. The technology industry, which is Pune’s main source of demand, saw significant layoffs and hiring freezes, especially in the second and third quarters.
Geopolitical tensions affected supply chains and investor sentiment, and tariff uncertainties unsettled NRI investment flows. It is worth noting that NRI demand has historically helped Pune’s real estate market – and its overall economy – during downturns.

The combined effect resulted in homebuyers becoming increasingly hesitant in the middle segment, which is precisely where most developers had concentrated their supply. Luxury did well, but it still accounts for less than 20% of Pune’s annual housing sales. In other words, 80% of the market requires stronger demand signals in 2026.

2026 Outlook: Good for End-users, Neutral for Investors

All leading real estate consultants agree that the housing industry’s future currently looks more like stabilisation than recovery. Prices are expected to rise at a slower rate of 5–10% per year. This is healthy by historical standards of inflation, but it also means that in most areas, investors will not see the kind of 10-15% appreciation seen from 2020 to 2024.

This is not a bad thing. It will help increase affordability as people’s salaries and investment growth catch up with housing prices, something that has been overdue for the last 2–3 years. However, if slower price increases become the norm in 2026 and possibly beyond, there will be exceptions. Infrastructure delivery will be the major differentiator for areas and projects.

For example, the delayed completion of the Pune Metro Phase 1 is expected to happen in mid-to-late 2026. This can cause prices in 500-meter corridors to go up by 15–20%. The Ring Road will open up areas on the outskirts, so impacted areas will see prices appreciate by 20–25% as redevelopment nodes form at important intersections. Likewise, the Purandar Airport project will transform the southern corridor of Pune.

As of the end of 2025, affordability is definitely still a problem in Pune. The market movement towards the mid-premium and luxury housing segments is driving many buyers either to the outskirts or off the market. Developers need to change the supply mix in their projects and make sure that “price discovery” remains rational and aligned with actual demand.

Manappuram Group Appoints Mr Buvanesh Tharashankar as Group Chief Financial Officer

Valapad, Kerala, Dec 29: Manappuram Group announced the appointment of Mr Buvanesh Tharashankar as Group Chief Financial Officer (Group CFO). He will provide strategic financial leadership across all Manappuram Group companies and work closely with the Board and senior management to strengthen financial governance, capital efficiency, and long-term value creation.

The appointment underscores Manappuram Group’s continued focus on building a strong, future-ready leadership team to support its Manappuram 2.0 strategy and sustained growth ambitions.

Mr Tharashankar is a Chartered Accountant with over three decades of experience across leading banking and financial services institutions in India and overseas. He is widely recognised for his expertise in financial strategy and planning, capital and balance sheet management, regulatory interface, governance, investor engagement, and business analytics.

Prior to joining Manappuram Group, Mr Tharashankar served as Chief Financial Officer at RBL Bank Ltd, where he headed the core finance function, including regulatory reporting, statutory audits, taxation, procurement, and payables. Before that, he was Chief Financial Officer at Jana Small Finance Bank, leading capital planning, investor relations, regulatory reporting, and statutory audits, along with oversight of treasury back-office and governance functions.

Earlier in his career, he held several senior leadership roles at Citibank in India and the Middle East, including Cluster Controller for the India Subcontinent and Lead CFO roles overseas. His work at Citi spanned capital management, ICAAP, balance sheet optimisation, SOX 404 compliance, Basel II implementation, financial planning and analysis, and large-scale re-engineering initiatives that delivered significant cost efficiencies and improved returns on equity.

Across his career, Mr Tharashankar has been known for partnering closely with business teams to drive disciplined growth, strengthen internal controls, enhance organisational resilience, and align financial strategy with long-term business objectives.

In his role as Group CFO, Mr Tharashankar will oversee the Group’s finance function, including financial strategy, accounting, treasury, taxation, regulatory engagement, and investor relations. He will play a key role in supporting Manappuram Group’s strategic priorities while ensuring robust financial discipline, governance, and compliance standards.

Leadership Remarks

Commenting on the appointment, Mr V. P. Nandakumar, Chairman and Managing Director, Manappuram Finance Ltd, said:
“I am pleased to welcome Mr Buvanesh Tharashankar as our new Group Chief Financial Officer. Buvanesh brings with him deep and diverse experience across leading banking and financial services institutions, along with strong capabilities in financial strategy, capital management, governance, and regulatory engagement. As we progress on our Manappuram 2.0 strategy, his leadership will be critical in strengthening financial governance, enhancing capital efficiency, and enabling sustainable value creation across the Group. I look forward to working closely with him as we pursue our long-term vision.”

Hafele expands its appliances footprint in Bengaluru with the launch of Appliances Studio Amro Interio

Hafele, a global leader in interior solutions, has expanded its presence in Bengaluru with the launch of Appliances Studio Amro Interio, marking its third Exclusive Hafele Appliances Studio in the city. Located in the Bommasandra Industrial Area, the new studio brings Hafele’s complete range of kitchen and home appliances closer to a fast-growing residential and commercial catchment, offering customers a dedicated space to explore the brand’s appliance ecosystem.

Envisioned as a focused appliance destination, the studio caters to homeowners as well as architects and interior professionals seeking reliable, well-designed appliance solutions. Its strategic location addresses a gap in direct brand access in this part of the city, making Hafele’s appliance portfolio more easily accessible to the local market.

The studio was inaugurated in the presence of the Hafele team along with its partner Mr. Anjinath Reddy and his associates, valued guests, existing channel partners, and family members. The occasion was graced by Mr. Balakrishnan Pillai, Vice President Appliances & E-commerce, Hafele India, who attended the launch as the Chief Guest.

Spread across approximately 1,200 sq. ft., Appliances Studio Amro Interio has been designed to create a comfortable and intuitive customer journey. The space opens into a welcoming reception area and transitions seamlessly into a live kitchen setup, where appliances are displayed in real-life usage scenarios. From hobs, hoods, and cooking and baking appliances to washing machines, dishwashers, and small domestic appliances, the studio allows customers to visualize how each product fits into a complete kitchen environment.

The studio showcases Hafele’s full range of freestanding appliances, built-in appliances, and small domestic appliances, addressing the needs of customers across varied budget segments while maintaining the brand’s emphasis on quality, performance, and contemporary design.

The launch followed a traditional ceremony, beginning with a ribbon cutting and lamp lighting by the Chief Guest, Mr. Pillai, and other dignitaries. Guests were then taken through a detailed walkthrough of the studio, accompanied by product demonstrations and concept briefings that highlighted Hafele’s approach to appliance design and everyday functionality.

With all products displayed in live, functional applications, the studio offers a hands-on, touch-and-feel experience that enables customers to engage with the appliances in a practical and meaningful way. With the launch of Appliances Studio Amro Interio, Hafele continues to strengthen its appliance network in India, reinforcing its commitment to making thoughtfully designed, reliable, and experience-driven appliance solutions more accessible across key urban markets.

Department of Tourism Signs MoU with Gomantak Ayurved Mahavidyalaya to strengthen wellness tourism in Goa

Panaji; Dec 27: In a significant step towards positioning Goa as a premium Wellness Tourism Hub, the Department of Tourism, Government of Goa, today signed a Memorandum of Understanding (MoU) with Gomantak Ayurved Mahavidyalaya and Research Centre (GAMRC), Shiroda–Goa.

The MoU was signed at Paryatan Bhavan, Patto, in the presence of Hon’ble Minister for Tourism, Shri Rohan A. Khaunte, along with Shri Kedar Ashok Naik (GCS), Director, Department of Tourism; Dr. Neelesh Pramod Korde, Principal, Gomantak Ayurved Mahavidyalaya and Research Centre; Dr Sneha Bhagwat, President Goa council of Ayurvedic and other allied Indian systems of medicine; ⁠Dr Minal Joshi, Deputy Director( AYUSH) DHS Govt of Goa; ⁠Dr Dharmendra Desai, Vice President; and ⁠Dr Joy Periera- Officiating Registrar .

Under the MoU, both parties will collaborate to promote Ayurveda- and Yoga-based wellness tourism in Goa through the development of customised wellness packages and coordinated marketing initiatives across digital platforms and national and international forums. The collaboration also envisages the development of wellness tourism infrastructure, including Ayurveda and Yoga centres at tourism properties, creation of AYUSH information cells, development of promotional materials, and capacity-building through training, research, and knowledge exchange.

Speaking about the partnership, Hon’ble Minister for Tourism, Government of Goa, Shri Rohan Ashok Khaunte, said, “Wellness tourism is an important pillar of Goa’s evolving tourism narrative. This collaboration brings together traditional knowledge systems and structured tourism development, enabling Goa to offer authentic, high-quality wellness experiences while creating long-term value for local institutions and communities.”

Director of Tourism, Government of Goa, Shri Kedar Ashok Naik, said, “The signing of this MoU provides a structured framework for collaboration in the area of wellness tourism. It will enable coordinated efforts in promotion, training, and knowledge exchange, while supporting the development of wellness-related initiatives aligned with the State’s tourism objectives.”

The Memorandum of Understanding provides a broad framework for collaboration and will facilitate coordinated efforts in the promotion and development of wellness tourism in Goa. The partnership is expected to support knowledge exchange, capacity building, and the creation of structured wellness offerings aligned with the State’s tourism objectives.

Farmland Emerges as a Lifestyle-Aligned Investment Choice in India

In India, the conversation around land is changing. People are no longer looking at ownership purely through a returns-driven lens. Families are thinking about their children’s future, elderly buyers are seeking open and peaceful environments, and working professionals want spaces where they can step away from the pace of city life.

Farmland is increasingly fulfilling all these needs. What stands out is the balance it offers, real ownership without daily operational complexity, along with the flexibility to engage as much or as little as one chooses. This makes it especially relevant for modern buyers who want land to add value to their lives, not responsibility.

We’re also seeing strong interest in and around Bangalore, where infrastructure, cultural inclusivity, and long-term economic opportunities come together. The region supports both active careers and future retirement planning, making it a natural choice for farmland ownership.

Interestingly, a growing number of buyers are under 30 and even first-time investors. Coming from families that already own multiple urban properties, they are consciously choosing farmland as a more meaningful, calming, and future-ready asset. As we look toward 2026, farmland is clearly evolving into a resilient and lifestyle-aligned investment class.

Ashis Chattopadhyay Named Cluster Director of Finance at JW Marriott Mumbai Sahar

Mumbai, Dec 26:  JW Marriott Mumbai Sahar announces the appointment of Ashis Chattopadhyay as Cluster Director of Finance. In this role, Ashis will lead the finance function for eight Marriott hotels under Chalet Hotels Limited, overseeing financial strategy, governance, compliance, and performance across the cluster. With over two decades of experience, he brings strong financial stewardship and a disciplined, outcome-oriented approach to multi-property operations. 

Ashis began his career with Deloitte, gaining extensive experience in audit and advisory services. His professional journey includes senior finance roles with global hospitality brands such as Four Seasons, Hyatt, COMO Group, and Marriott International, where he has successfully driven financial transformation, strengthened internal controls, and enhanced operational efficiencies. Prior to this appointment, he served as Multi-Property Director of Finance for Sheraton Grand Bangalore Hotel at Brigade Gateway and Four Points Kochi, Infopark. 

Ashis’ leadership has been recognised through several regional and market-level accolades, including awards for finance transformation and technology adoption in South Asia, reflecting his focus on modernising finance operations while maintaining robust governance. 

Driven by a strong belief in disciplined leadership and continuous improvement, Ashis is passionate about developing high-performing teams and future-focused finance functions. His appointment reinforces JW Marriott Mumbai Sahar’s commitment to excellence, governance, and long-term value creation across the cluster.