The Real Esate market of Pune City witnessed a sharp growth of 23% year-on-year (YoY) in property registrations. According to Maharashtra government’s Department of Registrations and Stamps, in February 2024, the number of registered property was 17,570 units as compared to 14,284 in February 2023. Nearly, 17,700 property units were registered in the district in January 2024, with a stamp duty collection of Rs 589 crore.
Furthermore, the stamp duty collection in February 2024, has witnessed a significant growth of Rs. 620 crore from Rs. 517 crore in February 2023. According to real estate consultancy firm, Knight Frank India, during the year of 2023, overall, 152,323 properties were registered in Pune district and the stamp duty collection was recorded as Rs 5,351 crore.
In February 2024, registration of residential units priced between Rs. 50 lakh and Rs. 1 crore was the highest, comprising 32% of all housing transactions,and the transactions priced between Rs. 25 lakh and Rs. 50 lakh stood at 30% of the market share. The high value segment where property prices ranges between Rs. 1 crore and above has experienced a sharp growth in the market share. As per the Knight Frank India analysis,the share of the growth of this segment increased from 10% in February 2023 to 14% in January 2024, indicating a rising preference for properties in this price range.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, stated,“Pune real estate market continues to thrive fueled by a strong demand for homeownership, favourable affordability, and a supportive business landscape. The growing preference for larger properties underscores the dynamic nature of Pune's real estate market. With ongoing infrastructure enhancements and economic development, Pune's residential market is strengthening its foundation, setting the stage for a flourishing real estate sector."
In February 2024, the apartments measuring from 500 - 800 sq ft in size exhibited a significant 40% growth of total properties registered while the apartments with area 500 sq ft also attracted a wide audience and grabbed 35% of transactions in February 2024. On the other hand, the market share of larger apartments, exceeding 1000 sq ft, remained stable at 13% during this period.
The largest buyer in the Pune market consists of homebuyers aged between 30 and 45 years, holding a substantial 53% share. The people belong to the age group of under 30 accounted for 24% of the market share, and the buyers aged between 45 and 60 years represented 17% of the market.
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