” Pune Property Registrations Soar by 46% YoY in January 2024, Apartments Priced Between Rs 50 Lakh to Rs 1 Crore Are Top Sellers “
The Pune real estate market witnessed a significant increase of 46% in property registrations in January 2024 compared to January 2023, totaling 17,700 units, according to the Maharashtra government’s Department of Registrations and Stamps.
In December 2023, the district saw 14,725 property units registered, with stamp duty collections amounting to Rs 560 crore. Additionally, stamp duty collections in January 2024 surged to Rs 589 crore from Rs 441 crore in January 2023.
Throughout 2023, Pune district recorded a total of 152,323 registered properties, with stamp duty collections reaching Rs 5,351 crore, as reported by Knight Frank India, a real estate consultancy firm.
Which Price Range is Most Popular?
In January 2024, residential units priced between Rs 50 lakh and Rs 1 crore accounted for the highest share, representing 32% of all housing transactions for the month. Properties priced between Rs 25 lakh and Rs 50 lakh closely followed, capturing 31% of the market share.
Moreover, the higher value segment, comprising properties priced at Rs 1 crore and above, witnessed an increase in market share from 10% in January 2023 to 14% in January 2024, indicating a growing preference for properties in this price range.
What Are Homebuyers Purchasing?
Data reveals that in January 2024, apartments ranging between 500 to 800 sq ft constituted a significant 41% share of transactions. Apartments under 500 sq ft also garnered attention, comprising 33% of transactions, making it the second most preferred size. Larger apartments exceeding 1,000 sq ft saw their market share increase from 12% in January 2023 to 14% in January 2024.
Furthermore, homebuyers aged 30-45 years formed the largest buyer segment, holding a substantial 54% share of the market. Those under 30 years accounted for 24% of the market share, while homebuyers in the 45-60 years category represented 16% of the market.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “Pune’s real estate market continues to grow, driven by a strong desire for homeownership and attractive affordability levels. The robust 46% YoY increase in registrations in January 2024 signals a promising start to the year. With ongoing infrastructure developments and economic growth, Pune’s residential market is establishing a solid foundation for a thriving real estate sector.”
(Credits: Money control)