Pune’s real estate market continued to show resilience in 2025, with annual stamp duty collections reaching Rs. 7,119 crore, the highest in four years, according to Knight Frank India. Over 185,500 properties were registered in the city, reflecting stable demand across segments despite a modest 2.3% year-on-year dip in total registrations.
The increase in revenue, even amid fewer transactions, highlights the strong demand for higher ticket-size properties, which compensated for the slight decline in overall registrations.
December 2025 Sees Normalisation in Activity
While the city saw 185,657 registrations for the full year, December 2025 recorded a sharper dip of 30% in monthly property registrations compared to the same month in 2024, totaling 12,079 units. Stamp duty collections also fell by 28% during the same period.
Experts note that the steep YoY decline is largely due to the elevated base in December 2024. Comparing December 2025 with the six-month average of 13,406 units suggests a normalisation of transactions rather than a slowdown in demand.
Mid and Affordable Housing Continue to Dominate
Homes priced up to Rs. 1 crore continued to dominate the market, accounting for 85% of transactions in December 2025. Higher-end properties over Rs. 1 crore held a 15% share, demonstrating steady demand at both mid-market and premium segments.
Breaking it down further, properties under Rs. 25 lakh constituted 27%, Rs. 25–50 lakh homes made up 29%, Rs. 50 lakh–1 crore accounted for 29%, Rs. 1–2.5 crore properties remained at 13%, Rs. 2.5–5 crore homes 2%, and ultra-luxury homes over Rs. 5 crore stayed below 1%.
Demand for Larger Apartments Grows Marginally
Pune homebuyers continue to prefer larger units, reflecting lifestyle upgrades and evolving preferences. Units under 500 sq. ft saw a slight dip from 25% to 24%, while 500–800 sq. ft homes remained steady at 46%. Apartments above 800 sq. ft rose marginally from 29% to 30%, indicating continued interest in spacious residences.
Central Pune Leads Residential Transactions
Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), dominated residential transactions in December 2025, accounting for 67% of all registrations. West Pune, including Mawal, Mulshi, and Velhe, held 15%, while North, South, and East Pune collectively contributed 18% of transactions.
This concentration highlights the enduring attractiveness of central locations with established infrastructure, connectivity, and urban amenities.
Market Outlook: Steady and Balanced
Shishir Baijal, Chairman and Managing Director of Knight Frank India, observed, “Pune’s residential market remained structurally stable through 2025, with annual stamp duty collections touching Rs. 7,119 crore, the highest in the last four years. While overall registrations saw modest moderation, higher ticket-size transactions supported revenue growth, reflecting depth in end-user demand. The moderation at year-end appears more like a normalisation from last year’s peak rather than a structural slowdown.”
He added that the city’s transaction activity is well-distributed across price segments, apartment sizes, and micro-markets, indicating a balanced housing market.
Revenue Supported by High-Value Transactions
The rise in stamp duty collections demonstrates that high-value transactions increasingly contribute to market revenue. Despite fewer mid-segment registrations, demand for larger, more expensive properties helped maintain collections at record levels.
Steady Demand Across Size Segments
Home sizes up to 800 sq. ft accounted for 70% of transactions, while larger homes over 800 sq. ft contributed 30%. This indicates that buyers are diversifying their preferences, balancing affordability with a desire for larger, lifestyle-oriented spaces.
Pune’s real estate market in 2025 reflects resilience, stability, and growing revenue potential. While transaction numbers moderated slightly at year-end, strong collections, sustained demand across price ranges, and increasing preference for larger homes highlight the city’s healthy housing ecosystem.
Analysts suggest continued monitoring of micro-market trends and ticket-size preferences to assess whether this momentum can be sustained into 2026. For now, Pune’s residential market continues to offer a balanced mix of affordability, premium offerings, and high-value transactions, making it one of India’s most stable urban property markets.
