Real estate registrations in Pune have touched 17,570, signaling a 23% increase compared to the previous year in February 2024. Stamp duty collections for the month were at ₹620 crore, marking a 20% year-on-year rise, according to data shared by the Maharashtra government’s Department of Registrations and Stamps (IGR).
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Increase in purchase of ₹1 crore plus homes in Pune
In February 2024, the registration of residential units priced between ₹50 lakh and ₹1 crore constituted the highest proportion, accounting for 32% of all housing transactions, while properties priced between ₹25 lakh and ₹50 lakh represented 30% of the properties registered in February 2024. The share of properties under ₹25 lakh also witnessed a notable increase from 16% in February 2023 to 22% in February 2024.
The high value segment, comprising properties priced at ₹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.
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Higher demand for larger apartments sustains
In February 2024, apartments ranging from 500 – 800 sq ft in size commanded a significant 40% of total properties registered while, apartments with an area under 500 sq ft also attracted considerable interest, comprising 35% of transactions in February 2024. However, the market share of larger apartments, exceeding 1000 sq ft, remained stable at 13% during this period, an analysis by Knight Frank noted.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Pune’s real estate market continues to thrive fueled by a strong demand for homeownership, affordability, and a supportive business landscape.”
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53% of homebuyers in 30- 45 years age group
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.
