May 16, 2024: Real estate transactions recorded in Pune in April 2024 stood at 13,734 units, signalling a 57% increase compared to the same time previous year, according to the latest report by Knight Frank India. Stamp duty collections during this period totaled Rs 547 crore, marking a 72% year-on-year (YoY) rise. This surge in transactions underscores the confidence among homebuyers in Pune, propelled by favourable affordability and a positive outlook on property ownership.
| Property registrations in Pune in April | ||
| April | Total registrations | Stamp duty collection (in Rs) |
| 2023 | 8,758 | 319 cr |
| 2024 | 13,734 | 547 cr |
| YoY Change | 57% | 72% |
| Monthly property registrations in Pune from April 2023 to April 2024 | |||
| Year | Month | Total registrations | Stamp duty collection (in Rs) |
| 2023 | April | 8,758 | 319 cr |
| 2023 | May | 8,958 | 283 cr |
| 2023 | June | 8,913 | 278 cr |
| 2023 | July | 10,614 | 344 cr |
| 2023 | August | 13,021 | 423 cr |
| 2023 | September | 16,604 | 585 cr |
| 2023 | October | 14,983 | 495 cr |
| 2023 | November | 14,988 | 485 cr |
| 2023 | December | 14,725 | 560 cr |
| 2024 | January | 17,785 | 589 cr |
| 2024 | February | 17,575 | 620 cr |
| 2024 | March | 21,745 | 804 cr |
| 2024 | April | 13,734 | 547 cr |
In April 2024, most home registrations were for houses costing between Rs 50 lakh and Rs 1 crore, making up 34% of all transactions. Properties priced between Rs 25 lakh and Rs 50 lakh represented 30% of the market share. Properties valued at Rs 1 crore and beyond, experienced a surge in its market share. The proportion of this segment’s market share escalated from 10% in April 2023 to 15% in April 2024, indicating a growing preference for properties in this price range.
| Share of ticket size for residential property transactions in Pune | ||
| Ticket size | Share in April 2023 | Share in April 2024 |
| Under Rs 25 lakh | 23% | 21% |
| Rs 25 – 50 lakh | 34% | 30% |
| Rs 50 lakh – 1 crore | 31% | 34% |
| Rs 1 – 2.5 crore | 9% | 14% |
| Rs 2.5 – 5 crore | 1% | 1% |
| Over Rs 5 crore | <=1% | <=1% |
In April 2024, there was a noticeable uptick in the proportion of apartments measuring under 500 square foot (sqft), with their share increasing from 34% in April 2023 to 39% in April 2024. Conversely, the share of apartments ranging between 500-800 sqft experienced a decrease to 40% in April 2024, down from 45% the previous year. Additionally, the market share of apartments exceeding 1,000 sqft remained stable at 10% during this period.
| Share of area for residential property transactions in Pune | ||
| Area (in sqft) | Share in April 2023 | Share in April 2024 |
| Under 500 | 34% | 39% |
| 500-800 | 45% | 40% |
| 800-1,000 | 12% | 11% |
| 1,000- 2,000 | 8% | 9% |
| Over 2,000 | 1% | <1% |
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Pune’s residential sector persists in its upward momentum, buoyed by strong home buyer sentiment, supportive affordability, and a conducive business climate. April 2024 witnessed a remarkable 57% year-on-year surge in registrations. The growing inclination towards higher value properties underscores the dynamic character of Pune’s real estate landscape. With ongoing infrastructure enhancements and economic growth, Pune’s residential segment is strengthening its footing, laying the groundwork for a vibrant real estate market”.
In April 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 April 2024. Conversely, North, South, and East Pune collectively held a smaller portion of residential transactions, making up 10% of the total in April 2024.
| Share of micro markets for residential property transactions in Pune | ||
| Micro market | Share in April 2023 | Share in April 2024 |
| North | 5% | 5% |
| South | 3% | 4% |
| East | 1% | 1% |
| West | 11% | 12% |
| Central | 79% | 78% |
Most property buyers were millennials i.e. individuals aged 28-43 years, accounting for 58% of the total share. Following the millennials were individuals from Gen X or those aged 44-59 years, constituting 23% of the buyers. This distribution reflects Pune’s status as a robust end-user market, where individuals rely on bank financing to facilitate their home purchases. Consequently, there is a notable presence of professionals in the market, particularly within the 28–59 years age bracket, which constitutes the largest segment.
| Age of homebuyers | ||
| Age of Home buyers | Share in April 2023 | Share in April 2024 |
| Below 28 years | 18% | 12% |
| 28- 43 years | 56% | 58% |
| 44- 59 years | 20% | 23% |
| 60- 78 years | 5% | 7% |
| 79- 96 years | <1% | <1% |
| Over 96 years | <1% | <1% |
| 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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