The Pune real estate market witnessed a remarkable 52 percent year-on-year increase in property registrations in March 2024, with 21,744 properties registered compared to 14,309 in the previous year, as reported by the Maharashtra government’s Department of Registrations and Stamps.
In February 2024, the district saw 17,575 property units being registered, resulting in a stamp duty collection of Rs 620 crore.
Stamp duty collections in March 2024 soared to Rs 804 crore from Rs 621 crore in March 2023.
Throughout FY24, Pune registered a total of 146,924 properties, generating a stamp duty collection of Rs 5,785 crore, according to Knight Frank India, a leading real estate consultancy firm.
In March 2024, residential units priced between Rs 50 lakh and Rs 1 crore comprised the largest share of housing transactions at 33 percent. Similarly, properties priced between Rs 25 lakh and Rs 50 lakh accounted for 32 percent of the market share. The segment of properties priced under Rs 25 lakh also witnessed a notable increase from 16 percent in March 2023 to 21 percent in March 2024, as per Knight Frank India.
Shishir Baijal, chairman and managing director of Knight Frank India, emphasized Pune’s real estate market’s upward trajectory fueled by robust demand, competitive prices, and favorable conditions. He highlighted ongoing infrastructure developments and robust economic growth as key factors propelling Pune’s residential market towards growth.
In March 2024, apartments ranging from 500 to 800 sq ft held a significant market share of 40 percent. Similarly, apartments under 500 sq ft garnered substantial interest, constituting 35 percent of transactions, positioning it as the second most preferred apartment size. Larger apartments exceeding 1000 sq ft maintained a stable market share of 13 percent during this period.
Analysis by Knight Frank India revealed that the largest buyer segment in the Pune real estate market comprised homebuyers aged between 30 and 45 years, capturing a substantial 52 percent share. Homebuyers under the age of 30 accounted for 24 percent of the market share, while those aged between 45 and 60 years represented 18 percent of the market.