Knight Frank India, in its latest assessment noted that in April 2024 real estate transactions recorded in Pune stood at 13,734 units, signaling a 57% increase compared to same time previous year. Stamp duty collections during this period totaled INR 547 crores, marking a 72% year-on-year (YoY) rise. This surge in transactions underscores the confidence among homebuyers in Pune, propelled by favourable affordability and a positive outlook on property ownership.
In April 2024, most home registrations were for houses costing between INR 50 lakhs and INR 1 crore, making up 34% of all transactions. Properties priced between INR 25 lakhs and INR 50 lakhs represented 30% of the market share.
Properties valued at INR 1 crore and beyond, experienced a surge in its market share. The proportion of this segment's market share escalated from 10% in April 2023 to 15% in April 2024, indicating a growing preference for properties in this price range.
In April 2024, there was a noticeable uptick in the proportion of apartments measuring under 500 sq ft, with their share increasing from 34% in April 2023 to 39% in April 2024. Conversely, the share of apartments ranging between 500-800 sq ft experienced a decrease to 40% in April 2024, down from 45% the previous year. Additionally, the market share of apartments exceeding 1000 sq ft remained stable at 10% during this period.
Central Pune accounted for 79% of total residential transactions in April 2024. Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 78%. 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 12% of the total in April 2024.
Conversely, North, South, and East Pune collectively held a smaller portion of residential transactions, making up 10% of the total in April 2024.
Most property buyers were millennials i.e. individuals aged 28-43 years, accounting for 58% of the total share. Following the millennials were individuals from Gen X or those aged 44-59 years, constituting 23% of the buyers.
This distribution reflects Pune's status as a robust end-user market, where individuals rely on bank financing to facilitate their home purchases. Consequently, there is a notable presence of professionals in the market, particularly within the 28–59 years age bracket, which constitutes the largest segment.
