This research is an attempt to understand changing trends of Real Estate Sector in Pune. Researchers adopted qualitative research approach. Twelve major builders from Pune were selected and in depth interviews were conducted using semi-structured questionnaire. This research was carried out to understand the real estate scenario currently and what is the future of real estate market. The research suggest that the market currently is laggard or there is a slowdown in the real estate sector due to the low demand in the market and also due to the rupee depreciation and the increase in the interest rates by the Reserve Bank of India. Also the findings were that improper governance and the policies by the Pune Municipal Corporation has affected the growth of real estate sector of Pune.