Knight Frank India, in its latest assessment stated that Pune witnessed property sale registration of 13,397 properties in September 2024, marking a 3% increase compared to the same period previous year. Stamp duty collections for the month totaled to Rs 592 crores, reflecting a 40% year-on-year (YoY) rise in August 2024. This surge underscores the growing confidence of homebuyers in Pune, fueled by improved affordability and positive outlook towards property ownership.
In the first eight months of 2024, Pune's residential sector saw strong property registration growth. The city recorded 127,108 property registrations, reflecting a substantial 40% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw a remarkable rise, exceeding INR 4,736 crores, representing a 47% YoY growth.
Homes valued INR 1 crore and above saw increased demand in August 2024. Pune’s housing market witnessed a strong surge in August 2024, with a 9% YoY rise in registrations, driven by demand for mid-range and luxury properties. Rs 50 lakhs - 1 Cr segment accounted for the largest share, reflecting a preference for bigger and more premium homes. The luxury segment- INR 1cr and above, also experienced a notable rise in both volume and share.
Share of apartments above 800 sq ft grew from 28% in August 2023 to 32% in August 2024 as the trend to buy bigger apartments has sustained post the pandemic experience.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Pune’s real estate market remains robust, with the city witnessing significant registrations and revenue growth in August. Year-to-date property registrations in Pune have surged by 40% YoY. This trend is evident as the city records its fastest year to surpass 1 lakh registrations, highlighting Pune’s increasing appeal in the real estate sector. Factors such as rising incomes, positive consumer sentiment, supportive financing options, and ongoing infrastructure development is cementing Pune’s status as a prime destination for homebuyers.”
In August 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 12% of the total in August 2024.
Conversely, North, South, and East Pune collectively held a smaller portion of residential transactions, making up 7% of the total in August 2024.
