Pune, with its weekend getaways, proximity to the Western Ghats, moderate climate, and relaxed pace of life, has long appealed to homebuyers. Hence, it’s no surprise the city has seen a spike in property demand.
According to Knight Frank India, Pune saw a robust rise in property registrations and stamp duty collections for August 2024. It registered 13,397 properties, marking a 3% increase compared to the same period in 2023. Stamp duty collections for the month reached Rs 592 crore, a 40% year-on-year (YoY) surge.
“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 100,000 registrations,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
Points to note:
* Property registrations in Pune rose by 3% YoY in August 2024.
* Stamp duty collections increased by 40% YoY, reaching Rs 592 crore.
* A total of 127,108 units have been sold since January 2024, generating over Rs 4,736 crore in stamp duty.
* Larger homes (over 800 sq ft) accounted for 32% of total transactions in August 2024, up from 28% in the previous year.
* Central Pune retained 80% of residential transactions, with West Pune accounting for 12%.
Over Rs 4,736 cr collected in stamp duty since January
From January to August 2024, over 127,108 units were sold in Pune, generating Rs 4,736 crore in stamp duty collections. This represents a 47% YoY increase compared to the same period in 2023. Knight Frank’s data indicates that larger homes are increasingly preferred by buyers, with properties valued at Rs 1 crore and above seeing increased demand in August.
Demand for mid-range and luxury properties grows
Key points:
Properties under Rs 25 lakh: Share decreased from 23% in August 2023 to 19% in August 2024.
Properties between Rs 25 lakh and 50 lakh: Share dropped from 34% in August 2023 to 32% in August 2024.
Properties between Rs 50 lakh and 1 crore: Share increased from 32% in August 2023 to 34% in August 2024.
Properties between Rs 1 crore and 2.5 crore: Share rose from 10% in August 2023 to 14% in August 2024.
Properties between Rs 2.5 crore and 5 crore: Share increased from 1% in August 2023 to 2% in August 2024.
Properties over 5 crore: Share remained steady at less than or equal to 1% in both years.
Homes priced between Rs 50 lakh and 1 crore accounted for the largest share of sales in August 2024. This segment saw a rise in registrations, reflecting buyers’ preference for larger and more premium homes. The luxury segment, comprising properties priced at Rs 1 crore and above, also witnessed an increase in demand, indicating a trend towards more high-end housing.
Shift towards larger apartments
Another noticeable trend in Pune’s property market is the shift towards larger apartments. Properties over 800 sq ft now account for 32% of total transactions, up from 28% in August 2023. This post-pandemic trend of buyers opting for bigger living spaces has sustained, with demand for homes above 1,000 sq ft also growing.
Central Pune remains the hub for residential transactions
Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the focal point for residential transactions in August 2024, accounting for 80% of total sales. However, West Pune has also seen a rise, capturing 12% of the total market. Areas such as Mawal, Mulshi, and Velhe have contributed to this growth, as more buyers explore new options beyond central areas.
Micro markets in North, South, and East Pune accounted for 7% of the total residential transactions in August 2024, reflecting more limited activity compared to the central and western parts of the city.
First Published: Sep 20 2024 | 5:46 PM IST
