Knight Frank India, in its latest assessment stated that in June 2024 Pune witnessed registration of 14,230 properties, a 60% increase from same time previous year. Stamp duty collections during this period totaled INR 528 crores, reflecting a 90% year-on-year (YoY) rise in June 2024. This surge highlights the growing confidence among homebuyers in Pune, driven by favorable affordability and positive outlook towards property ownership.
Pune's residential sector experienced robust growth in the first half of 2024, with property sale registrations exceeding 97,294, a significant 44% YoY increase compared to H1 2023. Stamp duty collections from property registrations in the first half of the year surpassed INR 3,644 crores, marking a 48% YoY growth over January to Jun 2023.
The average registrations for the first six months of 2024 are higher by 28% than the twelve-month registration average of 2023. Additionally, the average government revenue collection in the first six months of 2024, amounting to INR 607 crore, was 36% higher than the average of INR 446 crores witnessed in CY 2023. The rise in revenue can be credited to several contributing factors, such as the higher volume and value of properties being registered.
In June 2024, the registration of residential units priced between INR 50 lakhs and INR 1 crore constituted the highest proportion, accounting for 33% of all housing transactions. Properties valued at INR 1 cr and above witnessed a 15% cumulative growth in June 2024.
Share of apartments from 1,000 sq ft and above saw a growth of 15% in June 2024 from 11% in June 2023. Conversely, apartments below 800 sq ft witnessed a dip of 7% in June 2024 as compared to the previous year.
In June 2024, Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 80%. Although still dominant, this share has slightly decreased compared to the same period in the previous year, as new supplies in other parts of the city increasingly cater to the evolving needs of Pune's homebuyers. West Pune, encompassing areas like Mawal, Mulshi, and Velhe, secured the second-largest share of residential transactions, accounting for 11% of the total in June 2024.
Conversely, North, South, and East Pune collectively held a smaller portion of residential transactions, making up 10% of the total in June 2024.
