Pune Real Estate 2023: A Year of Growth and Shifting Trends

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    Surge in Property Registrations in Pune in 2023

    Property registrations in Pune witnessed a remarkable surge, reaching a total of 152,323 for the period from January to December 2023. This marked a substantial 9.6% increase compared to the previous peak year, showcasing a robust real estate market. According to the insightful analysis by Knight Frank India, the total amount collected in stamp duty for 2023 amounted to ₹5,352 crores, reflecting a noteworthy 10.5% year-on-year (YoY) growth.

    December 2023 Records Notable Growth in Property Sales and Revenue

    In December 2023 alone, 14,725 property sales were registered, contributing a significant ₹560 crores to the State Government’s revenue. The data reveals a commendable 10% rise in registrations YoY, with stamp duty revenue experiencing an even more impressive 12% increase compared to the same period in the previous year.

    Upsurge in Purchases of Properties Exceeding ₹1 Crore in December 2023

    The month of December 2023 saw a notable trend in the real estate landscape, with residential units priced between ₹50 lakh and ₹1 crore dominating the market, comprising 34% of all housing transactions. Additionally, the share of properties priced between ₹25 lakh and ₹50 lakhs stood at 31%, closely following the ₹50 lakhs to ₹1 crore category. The higher value segment, encompassing properties priced at ₹1 crore and above, experienced substantial growth in market share, rising from 9% in December 2022 to an impressive 12% in December 2023. This shift indicates an evolving buyer preference for properties in this elevated price range.

    Central Pune Maintains Dominance in Residential Transactions

    Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions in December 2023, maintaining a significant share at 75%. While still dominant, this share has slightly declined compared to the same period in the previous year, as new supply in other parts of the city increasingly caters to the contemporary needs of Pune homebuyers, as per the insightful analysis.

    Sustained Demand for Larger Apartments in December 2023

    In December 2023, apartments within the range of 500 to 800 sq ft claimed a substantial 40% share, indicating a sustained demand for larger living spaces. Apartments with an area under 500 sq ft also garnered significant attention, comprising 35% of transactions in December 2023, solidifying their position as the second most preferred apartment size in the market.

    Also read: Luxury Real Estate Trends in 2023 and Outlook for 2024

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