March 21, 2024: Real estate registrations in Pune hit a noteworthy total of 17,570, signalling a 23% increase in February 2024 compared to the previous year, according to the latest report by Knight Frank India. Stamp duty collections in the month totaled Rs 620 crore, marking a 20% YoY rise. This surge in transactions underscores the confidence among homebuyers in Pune, propelled by favourable affordability and a positive outlook on property ownership, the report said.
| Property registrations and stamp duty collection in Pune in February | ||
| February | Total registration | Stamp duty collection (in Rs cr) |
| 2023 | 14,284 | 517 |
| 2024 | 17,570 | 620 |
| YoY Change | 23% | 20% |
| Property registrations and stamp duty collection in Pune in a year | |||
| Year | Month | Total registrations | Stamp duty collection (in Rs
cr) |
| 2023 | February | 14,284 | 517 |
| 2023 | March | 14,309 | 621 |
| 2023 | April | 8,758 | 319 |
| 2023 | May | 8,958 | 283 |
| 2023 | June | 8,913 | 278 |
| 2023 | July | 10,614 | 344 |
| 2023 | August | 13,021 | 423 |
| 2023 | September | 16,604 | 585 |
| 2023 | October | 14,983 | 495 |
| 2023 | November | 14,988 | 485 |
| 2023 | December | 14,725 | 560 |
| 2024 | January | 17,785 | 589 |
| 2024 | February | 17,570 | 620 |
Ticket size-wise Pune property registrations in February 2024
In February 2024, the registration of residential units priced between Rs 50 lakh and Rs 1 crore constituted the highest proportion, accounting for 32% of all housing transactions, while properties priced between Rs 25 lakhs and Rs 50 lakh represented 30% of the properties registered in February 2024. The share of properties under Rs 25 lakhs has also witnessed a notable increase from 16% in February 2023 to 22% in February 2024. Notably, the higher value segment, comprising properties priced at Rs 1 crore and above, witnessed an increase in its market share. This category’s share rose from 10% in February 2023 to 14% in February 2024, indicating a growing preference for properties in this price range.
| Share of ticket size for residential property transactions | ||
| Ticket size | Share in February 2023 | Share in February 2024 |
| Under Rs 25 lakh | 16% | 22% |
| Rs 25-50 lakh | 38% | 30% |
| Rs 50 lakh-1 crore | 35% | 32% |
| Rs 1-2.5 crore | 10% | 14% |
| Rs 2.5-5 crore | 1% | 1% |
| Over Rs 5 crore | <=1% | <=1% |
Apartment size-wise Pune property registrations in February 2024
In February 2024, apartments ranging from 500-800 square foot (msf) in size commanded a significant 40% of total properties registered while, apartments with an area under 500 sqft also attracted considerable interest, comprising 35% of transactions in February 2024. However, the market share of larger apartments, exceeding 1,000 sqft, remained stable at 13% during this period.
| Share of area for residential property transactions | ||
| Apartment size (in sq ft) | Share in February 2023 | Share in February 2024 |
| Under 500 | 23% | 35% |
| 500-800 | 50% | 40% |
| 800-1,000 | 13% | 11% |
| 1,000- 2,000 | 12% | 12% |
| Over 2,000 | 1% | 1% |
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Pune’s real estate market continues to thrive fuelled by a strong demand for homeownership, favourable affordability and a supportive business landscape. February 2024 witnessed a robust 23% year-on-year increase in registrations, signalling a promising start to the year. 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”.
Area-wise Pune property registrations in February 2024
In February 2024, Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 78%. Although still dominant, this share has slightly decreased compared to the same period in the previous year, as new supplies in other parts of the city increasingly cater to the evolving needs of Pune’s homebuyers. West Pune, encompassing areas like Mawal, Mulshi and Velhe, secured the second-largest share of residential transactions, accounting for 12% of the total in February 2024. Conversely, North, South and East Pune collectively held a smaller portion of residential transactions, making up 11% of the total in February 2024.
| Share of micro markets for residential property transactions | ||
| Micro market | Share in February 2023 | Share in February 2024 |
| North | 5% | 5% |
| South | 1% | 4% |
| East | 1% | 2% |
| West | 10% | 12% |
| Central | 83% | 78% |
Homebuyer age-wise Pune property registrations in February 2024
The largest buyer segment in the Pune market consisted of homebuyers aged between 30 and 45 years, holding a substantial 53% share. Those under the age of 30 accounted for 24% of the market share, while homebuyers aged between 45 and 60 years represented 17% of the market. This distribution reflects Pune’s status as a robust end-user market, where individuals frequently rely on bank financing to facilitate their home purchases. Consequently, there is a notable presence of professionals in the market, particularly within the 30-45 years age bracket, which constitutes the largest segment.
| Age | Share in February 2023 | Share in February 2024 |
| 30 and under | 21% | 24% |
| 30 – 45 | 56% | 53% |
| 45 – 60 | 17% | 17% |
| Over 60 | 5% | 6% |
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com
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