Pune Real Estate Market Witnesses an Uptick of 46% YoY in Jan 2024

The real estate sector in Pune has witnessed a 46 percent  year-on-year (YoY) jump in property registrations in January 2024 at 17,700 units compared to 12,166 in January 2023, according to Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

By December 2023, about 14,725 property units were registered in the district with a stamp duty collection of Rs. 560 crore.  Furthermore, the stamp duty collection in January 2024, also registered substantial growth to Rs. 589 crore from Rs. 441 crore in January 2023.

According to the report of Knight Frank India, in 2023, overall, 152,323 properties were registered in Pune district and stamp duty collection was recorded at Rs. 5,351 crore. The report states that, in January 2024, registration of residential units ranging between Rs. 50 lakh and Rs. 1 crore was the highest, comprising 32 percent of all housing transactions in the month.

The share of properties priced between Rs. 25 lakh and Rs. 50 lakh stood at 31 percent of the market share, a close second, and the higher value segment, comprising properties priced at Rs. 1 crore and above, experienced growth in its market share. This segment's share increased from 10 percent in January 2023 to 14 percent in January 2024, which demonstrates a rising preference for properties in this price range.

Chairman and Managing Director, Knight Frank India, Shishir Baijal, quoted, “Pune's real estate market continues to demonstrate growth, buoyed by a strong desire for homeownership, an attractive affordability level. January 2024 saw a robust 46 percent YoY increase in registrations, signalling a promising start to the year. With ongoing infrastructure improvements and economic growth, Pune's residential market is consolidating its strong foundation, laying the groundwork for a thriving real estate sector.”

According to the real estate market report, in January 2024, apartments within the range of 500 to 800 sq ft, had a substantial 41 percent share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 33 percent of transactions in January 2024, making it the second most preferred apartment size. In the case of larger apartments, with those exceeding 1,000 sq ft, the market share rose from 12 percent in January 2023 to 14 percent in January 2024. It also stated that, majority of the homebuyers in Pune aged between 30-45 years.