Pune real estate market sees 23% YoY increase in registrations in February 2024

The largest buyer segment in the Pune real esate market consisted of homebuyers aged between 30 and 45 years, holding a substantial 53 percent share.

Pune real estate market saw a 23 percent year-on-year (YoY) jump in property registrations in February 2024 at 17,570 units compared to 14,284 in February 2023, according to Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

About 17,700 property units were registered in the district in January 2024, with a stamp duty collection of Rs 589 crore.

Further, stamp duty collections in February 2024 also witnessed substantial growth to Rs 620 crore from Rs 517 crore in February 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 sells the most?

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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In February 2024, registration of residential units priced between Rs 50 lakh and Rs 1 crore was the highest, comprising 32 percent of all housing transactions, transactions priced between Rs 25 lakh and Rs 50 lakh stood at 30 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 February 2023 to 14 percent in January 2024, indicating a rising preference for properties in this price range, Knight Frank India analysis said.

Also read: Is the Pune real estate market going the Mumbai way?

“Pune real estate market continues to thrive fueled by a strong demand for homeownership, favourable affordability, and a supportive business landscape. The growing preference for larger properties underscores the dynamic nature of Pune's real estate market. With ongoing infrastructure enhancements and economic development, Pune's residential market is strengthening its foundation, setting the stage for a flourishing real estate sector," said Shishir Baijal, Chairman and Managing Director, Knight Frank India said.

Size

In February 2024, apartments ranging from 500 - 800 sq ft in size commanded a significant 40 percent of total properties registered while, apartments with an area under 500 sq ft also attracted considerable interest, comprising 35 percent of transactions in February 2024. However, the market share of larger apartments, exceeding 1000 sq ft, remained stable at 13 percent during this period, the data said.

Also read: Pune real estate: Prestige Group to enter residential market in 2024

Meanwhile, the largest buyer segment in the Pune market consisted of homebuyers aged between 30 and 45 years, holding a substantial 53 percent share. Those under the age of 30 accounted for 24 percent of the market share, while homebuyers aged between 45 and 60 years represented 17 percent of the market.