Pune Real Estate: In October 2023, there was a strong demand for apartments within the range of 500 to 800 sq ft, constituting a substantial 47% share.
Pune Real Estate: Knight Frank India, in its latest assessment noted that property registrations in Pune experienced a significant increase in October 2023, surging by 27% compared to the previous year. During the month, a total of 14,983 units were registered, up from 11,842 registrations in October 2022.
Stamp duty collections for October 2023 also showed substantial growth, rising by an impressive 11% year-on-year, totaling Rs 495 crores. Additionally, the combined value of registered properties in October 2023 amounted to Rs 11,808 crores.
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On a year-to-date (YTD) basis, the city has recorded a total registration of 122,610 properties, reflecting a 10% growth compared to 112,008 registrations in the same period last year. Stamp duty collections have also increased by 12.5%, reaching Rs 4,306 crores. Concurrently, the overall value of registered properties in Pune has exhibited significant growth, surging by 36% year-on-year to reach Rs 93,219 crores during the same period.
Increase in purchase of Higher Value Segment (above Rs 1 crore) in October 2023
In October 2023, residential units priced between Rs 25 lakhs and Rs 50 lakhs were the most sought-after, comprising 35% of all housing transactions. Similarly, the share of properties priced between Rs 50 lakhs and Rs 1 crore stood at 32% of the market share, a close second to the Rs 25 lakhs and Rs 50 lakhs category.
Interestingly, the higher value segment, comprising properties priced at Rs 1 crore and above, experienced growth in its market share. This segment’s share increased from 9% in October 2022 to 12% in October 2023, indicating a rising preference for properties in this price range.
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Higher demand for larger apartments sustains.
In October 2023, there was a strong demand for apartments within the range of 500 to 800 sq ft, constituting a substantial 47% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 25% of transactions in October 2023, making it the second most preferred apartment size.
Notably, there was a significant shift towards larger apartments, with those exceeding 800 sq ft experiencing an increase in market share from 23% in October 2022 to 28% in October 2023.
Shishir Baijal, chairman and MD, Knight Frank India, said, “The real estate market in Pune continues to be strong, driven by a positive sense for homeownership and a favourable affordability landscape in the city. Additionally, the growing preference of homebuyers for larger properties contributes to the vibrancy of Pune’s real estate sector. Furthermore, ongoing improvements in infrastructure and the sustained expansion of economic activities will build a strong foundation for Pune’s housing market in the times to come.”
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Central Pune accounted for 75% of total residential transactions in October 2023
In October 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 75%. This percentage remained largely unchanged compared to the same period in the previous year. West Pune, covering regions like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 13% of the total in October 2023.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 10% of the total in October 2023.
53% of homebuyers in 30- 45 years age group
Homebuyers in the age group of 30 – 45 years constituted the largest buyer segment, holding a substantial 53% share of the market. Those under the age of 30 accounted for 26% of the market share, while homebuyers in the 45 – 60 years age category represented 16% of the market.
This distribution can be attributed to Pune’s status as a robust end-user market, where individuals often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market, particularly in the 30 – 45 years age bracket, which is the largest segment.
