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Pune’s real estate market has witnessed a remarkable surge in property registrations, with the number reaching 17,570 in February 2024. This marks a substantial 23% increase compared to the previous year, according to data released by the Maharashtra government’s Department of Registrations and Stamps (IGR). Alongside this surge, stamp duty collections soared to ₹620 crore for the month, reflecting a robust 20% year-on-year rise.
A notable trend observed in February 2024 was the rise in registrations of residential units priced between ₹50 lakh and ₹1 crore, constituting the highest proportion of transactions at 32%. Properties priced between ₹25 lakh and ₹50 lakh also accounted for a significant share, representing 30% of the registered properties. Interestingly, there was a noteworthy increase in properties priced under ₹25 lakh, with their share rising from 16% in February 2023 to 22% in February 2024.
The high-value segment, including properties priced at ₹1 crore and above, saw a surge in market share from 10% in February 2023 to 14% in February 2024, indicating a growing preference for premium properties in Pune.
Analyzing the property sizes, apartments ranging from 500 to 800 sq ft captured 40% of the total registrations in February 2024. Similarly, apartments under 500 sq ft also garnered considerable interest, constituting 35% of the transactions. Larger apartments exceeding 1000 sq ft maintained a stable market share of 13% during this period.
Commenting on these trends, Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, “Pune’s real estate market continues to thrive fueled by strong demand for homeownership, affordability, and a supportive business landscape.”
Demographically, the largest buyer segment in Pune’s real estate market comprised individuals aged between 30 and 45 years, holding a substantial 53% share. Buyers under the age of 30 accounted for 24% of the market, while those between 45 and 60 years represented 17% of the market share.
These trends in property registrations, stamp duty collections, pricing preferences, and buyer demographics collectively reflect a buoyant and dynamic real estate market in Pune, underpinned by diverse consumer preferences and robust economic factors.
Sources By Agencies
