Pune real estate market saw a 46 percent year-on-year (YoY) jump in property registrations in January 2024 at 17,700 units compared to 12,166 in January 2023, according to Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
About 14,725 property units were registered in the district in December 2023, with a stamp duty collection of Rs 560 crore.
Further, stamp duty collections in January 2024 also witnessed substantial growth to Rs 589 crore from Rs 441 crore in January 2023.
In 2023, overall, 152,323 properties were registered in Pune district and stamp duty collection stood at Rs 5,351 crore, according to Knight Frank India, a real estate consultancy firm.
What price range sells the most?
In January 2024, registration of residential units priced between Rs 50 lakh and Rs 1 crore was the highest, comprising 32 percent of all housing transactions in the month, an analysis of Knight Frank India said.
Similarly, the share of properties priced between Rs 25 lakh and Rs 50 lakh stood at 31 percent of the market share, a close second. Further, the higher value segment, comprising properties priced at Rs 1 crore and above, experienced growth in its market share. This segment's share increased from 10 percent in January 2023 to 14 percent in January 2024, indicating a rising preference for properties in this price range, Knight Frank India analysis further said.
“Pune's real estate market continues to demonstrate growth, buoyed by a strong desire for homeownership, an attractive affordability level. January 2024 saw a robust 46 percent YoY increase in registrations, signalling a promising start to the year. With ongoing infrastructure improvements and economic growth, Pune's residential market is consolidating its strong foundation, laying the groundwork for a thriving real estate sector,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Is the Pune real estate market going the Mumbai way?
What are homebuyers purchasing?
According to the data, in January 2024, apartments within the range of 500 to 800 sq ft, had a substantial 41 percent share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 33 percent of transactions in January 2024, making it the second most preferred apartment size. In the case of larger apartments, with those exceeding 1,000 sq ft, the market share rose from 12 percent in January 2023 to 14 percent in January 2024.
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Meanwhile, homebuyers aged 30-45 years constituted the largest buyer segment, holding a substantial 54 percent share of the market. Those under 30 years accounted for 24 percent of the market share, while homebuyers in the 45-60 years category represented 16 percent of the market.
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