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Rising Registrations Propel Pune Property

Torbit - March 29, 2024 - - 0 |

Riding high on the increasing confidence of homebuyers, propelled by favorable affordability and a positive outlook on property ownership, the Pune property is on an upswing with the surge in realty registrations.

According to the latest assessment by Knight Frank India, real estate registrations in Pune hit a high of 17,570, signaling a 23 percent increase compared to the previous year in February 2024. Stamp duty collections in the month totaled Rs 620 crores, marking a 20 percent year-on-year rise.  

Rising Demand For Higher Value Segment 

The registration of residential units priced between Rs 50 lakhs and Rs 1 crore constituted the highest proportion, accounting for 32 percent of all housing transactions, while properties priced between Rs 25 lakhs and Rs 50 lakhs represented 30 percent of the properties registered in February 2024. The share of properties under Rs 25 lakhs has also witnessed a notable increase from 16 percent in February 2023 to 22 percent in February 2024.

Notably, the higher value segment, comprising of properties priced at Rs 1 crore and above, witnessed an increase in its market share. This category’s share rose from 10 percent in February 2023 to 14 percent in February 2024, indicating a growing preference for properties in this price range. 

Share of Ticket Size For Residential Property Transactions

Share of Ticket Size For Residential Property Transactions

Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India

Sustained High Demand  For Larger Apartments 

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. 

Share of Area For Residential Property Transactions

Share of Area For Residential Property Transactions

Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India

 Central Pune accounted for 78% of total residential transactions 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

Share of micro markets for residential property transactions

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India 

The largest buyer segment in the Pune market consisted of homebuyers aged between 30 and 45 years, holding a substantial 53 percent share. Those under the age of 30 accounted for 24 percent of the market share, while homebuyers aged between 45 and 60 years represented 17 percent 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.

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