Mumbai and Pune’s luxury real estate market is thriving, with growing demand for homes offering long-term value and sustainability. Both cities are witnessing a transformation towards properties that harmoniously combine urban living with extensive amenities, attracting buyers who prioritize comfort and meaningful living, says Vishal Jumani, Joint Managing Director, Supreme Universal.

In an exclusive interview with Sanjeev Sinha, Mr Jumani shares his insights on the growing demand for upscale properties in Mumbai and Pune, highlighting the key factors driving this trend. Excerpts:

What factors are contributing to the increasing demand for luxury real estate in cities like Pune and Mumbai?

The luxury real estate sector in India has grown significantly, driven by economic expansion, rising disposable incomes, and changing buyer preferences.In cities like Mumbai and Pune, the demand for upscale properties is on the rise as buyers seek residences that provide comfort, exclusivity, and a prestigious lifestyle. In Mumbai, the luxury real estate sector is anticipated to witness a 6.5% rise in property prices by 2025, driven by high-net-worth individuals (HNIs) in search of homes that reflect their affluent lifestyles. The increasing demand for ultra-luxury residences in prime locations, coupled with the city’s robust infrastructure advancements, continues to propel this upward trajectory.

Similarly, Pune’s luxury market is experiencing notable expansion, with an impressive annual growth rate of 15%. Prominent areas such as Koregaon Park, Kalyani Nagar, and Baner-Balewadi are witnessing significant price surges, fueled by a preference for well-connected neighborhoods that offer top-tier amenities and proximity to business districts and technology parks. Consequently, these cities are becoming attractive destinations for buyers in pursuit of homes that embody prestige and convenience, positioning luxury real estate markets as prime investment opportunities.

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What impact has the pandemic had on the priorities of luxury homebuyers in these cities?

The pandemic has reshaped homebuyer preferences, driving demand for properties that offer a harmonious blend of workspace, lifestyle amenities, and upscale living experiences. Remote work has become integral to modern life, driving demand for homes that support a healthy work-life balance. Today, homebuyers prioritise properties featuring spacious interiors, dedicated workspaces, and serene outdoor areas, redefining urban living.

Additionally, there is a growing preference for properties emphasising health and well-being, with features like advanced ventilation systems, abundant natural light, and wellness-focused designs. Luxury properties in prime locations like Mumbai and Pune continue to attract urban professionals and entrepreneurs due to their superior connectivity and proximity to key social infrastructure like schools, hospitals, and retail hubs. This shift in priorities underscores the demand for homes that combine comfort, convenience and peaceful living environments.

What role does innovation play in the luxury real estate market today?

Innovation is the cornerstone of modern real estate, shaping how homes are designed, built, and experienced. Today’s discerning homebuyers seek spaces beyond aesthetics to offer unparalleled functionality and comfort. Advanced technologies like home automation, energy-efficient systems, and smart security solutions have become integral, creating homes that are visually appealing but also intuitive and future-ready.

What is fueling Pune’s rising prominence in the luxury real estate market?

Pune’s rising prominence in the luxury real estate market is driven by its thriving IT sector, which has transformed the city into a hub for professionals and entrepreneurs, fueling demand for high-end properties. Additionally, Pune is home to renowned educational institutions, making it an attractive destination for families seeking quality education. Furthermore, the city’s improved infrastructure has enhanced its connectivity and livability, making it an ideal location for luxury real estate investments. These factors have perfectly balanced modernity and tranquillity, propelling Pune’s emergence as a strong luxury real estate market contender.

What is the future of the luxury real estate market in Mumbai and Pune?

Mumbai and Pune’s luxury real estate market is thriving, with growing demand for homes offering long-term value and sustainability. In Mumbai, there is a rising trend for resort-style living that incorporates modern amenities and excellent connectivity. Similarly, Pune’s market is flourishing with the availability of spacious homes set in verdant environments, conveniently located near major business centers and the Mumbai-Pune Expressway. Both cities are witnessing a transformation towards properties that harmoniously combine urban living with extensive amenities, attracting buyers who prioritize comfort and meaningful living.