Knight Frank India, in its latest assessment noted that 17,785 properties were registered in Pune in January 2024 indicating a substantial rise of 46% compared to same month last year. Stamp duty collections during this period amounted to INR 589 crores, marking a notable 34% year-on-year increase for the month of January. Of the total transactions registered 70% were for residential purchases, reflecting the confidence among homebuyers in Pune, driven by favorable affordability and a positive outlook on property ownership.
Pune has seen a steady increase in property acquisition and with January 2024 recording the second-best monthly performance in the last 24 months.
Increase in purchase of Higher Value Segment (above INR 1 crore) in January 2024
In January 2024, registration of residential units priced between INR 50 lakhs and INR 1 crore was the highest, comprising of 32% of all housing transactions in the month. Similarly, the share of properties priced between INR 25 lakhs and INR 50 lakhs stood at 31% of the market share, a close second. Interestingly, the higher value segment, comprising properties priced at INR 1 crore and above, experienced growth in its market share. This segment's share increased from 10% in January 2023 to 14% in January 2024, indicating a rising preference for properties in this price range.
In January 2024, apartments within the range of 500 to 800 sq ft, had a substantial 41% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 33% of transactions in January 2024, 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 12% in January 2023 to 14% in January 2024.
In January 2024, 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 supply 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 January 2024.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the total in January 2024, albeit their shares have seen marginal rise over same time last year.
Homebuyers in the age group of 30 – 45 years constituted the largest buyer segment, holding a substantial 54% share of the market. Those under the age of 30 accounted for 24% of the market share, while homebuyers in the 45 – 60 years age category represented 16% 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.
