Pune Sees 10% YoY Surge In Annual Property Registration In 2023
Property registrations in Pune for the period of January to December 2023 reached a total of 152,323 marking a 9.6% increase compared to the previous peak year as per Knight Frank India, in its latest assessment. The total amount collected in stamp duty for 2023 was INR 5,352 crores, exhibiting a 10.5% year-on-year (YoY) increase. In December 2023, 14,725 property sales were registered contributing INR 560 crores to the State Government's revenue. While registrations witnessed a 10% rise YoY, revenue from stamp duty increased by 12% compared to same time the previous year. Homebuyers in Pune continue to display confidence in the property market due to supportive affordability and positive sentiment towards home ownership. This confidence has led to a notable upsurge in property registrations within Pune. Increase in purchase of Higher Value Segment (above INR 1 crore) in December 2023 In December 2023, residential units priced between INR 50 lakhs and INR 1 crore were the most sought-after, comprising 34% of all housing transactions. Similarly, the share of properties priced between INR 25 lakhs and INR 50 lakhs stood at 31% of the market share, a close second to the INR 50 lakhs and INR 1 crore category. Interestingly, the higher value segment, comprising of properties priced at INR 1 crore and above, experienced growth in market share. This segment's share increased from 9% in December 2022 to 12% in December 2023, indicating a rising buyer preference for properties in this price range. In December 2023, apartments within the range of 500 to 800 sq ft, had a substantial 40% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 35% of transactions in December 2023, making it the second most preferred apartment size. Notably, there was a significant shift towards larger apartments, with those exceeding 1000 sq ft experiencing an increase in market share from 11% in December 2022 to 14% in December 2023. Central Pune accounted for 75% of total residential transactions in December 2023 In December 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 75%. While dominant, this share has declined somewhat compared to the same period in the previous year as new supplies in the rest of the city increasingly meets the contemporary needs of the Pune homebuyer. West Pune, covering regions like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 15% of the total in December 2023. Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the total in December 2023. Homebuyers in the age group of 30 – 45 years constituted the largest buyer segment, holding a substantial 52% share of the market. Those under the age of 30 accounted for 25% of the market share, while homebuyers in the 45 – 60 years age category represented 18% of the market. This distribution can be attributed to Pune's status as a robust end-user market, where individuals often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market, particularly in the 30 – 45 years age bracket, which is the largest segment.
Tags : Property registrations revenue stamp duty Haveli Taluka Pune Municipal Corporation Pune homebuyer