Property unit registrations in Maharashtra's tech hub -- Pune district -- almost doubled to 13,021 units in August 2023, compared to 6,544 units during the same period last year -- registering a 99 percent year-on-year (YoY) growth.
It also means a month-on-month (MoM) growth of 22 percent, as July 2023 reported 10,614 units being registered, according to the data of Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
Further, revenue collection from stamp duty in August 2023 stood at Rs 423 crore – a rise of 82 percent YoY, from Rs 233 crore in August 2022. MoM, the revenue collection increased by 22 percent, from Rs 344 crore in July 2023, according to the data of Maharashtra IGR, collated by Knight Frank India, a real-estate consultancy.
High-value transactions
In August 2023, residential units priced between Rs 25 lakh and Rs 50 lakh, comprising 34 percent of all housing transactions, were the most sought-after.
This ticket size range dominated housing demand during the month. Similarly, in August 2023, properties priced between Rs 50 lakh and Rs 1 crore accounted for 32 percent of the market share, establishing itself as the second-preferred ticket size, Knight Frank India said in a report.
The higher-value segment, comprising properties priced at Rs 1 crore and above, also rose in its market share. This segment's share increased from 9 percent in August 2022 to 11 percent in August 2023, indicating a rising preference for properties in this price range, Knight Frank India added.
Size demand
In August 2023, there was a strong demand for apartments within the range of 500 to 800 sq ft, constituting close to half of all property transactions registered in the month, accounting for a substantial 47 percent share.
Apartments with an area under 500 sq ft also garnered significant attention, comprising 25 percent of transactions in August 2023, making it the second- most preferred apartment size, Knight Frank India said in the report.
It added that there was a visible shift towards larger apartments, with those exceeding 800 sq ft seeing an increase in market share from 26 percent in August 2022 to 29 percent in August 2023.
Also read: Is the Pune real estate market going the Mumbai way?
The preference for even larger properties was evident, as the share of apartments sized over 2,000 sq ft grew from a mere 1 percent in August 2022 to a notable 4 percent in August 2023.
This suggests a growing inclination among homebuyers for spacious and larger living spaces, the report added.
“The Pune residential market continues to thrive, driven by a persistent aspiration for home ownership and a favourable affordability landscape within the city. Moreover, the growing preference among homebuyers for spacious properties further enhances the dynamism of Pune's real estate sector. Additionally, ongoing infrastructure developments and increasing economic activities consistently bolster the resilience of Pune's housing market," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Also read: Pune techies prefer 1 BHK apartments as affordability hit, shows data
Meanwhile, in August 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri-Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 72 percent. This percentage remained largely unchanged, compared to the same period in the previous year, said the report.
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