As the year comes to a close, the demand for premium and spacious homes in Pune continues to rise, with properties priced above ₹1 crore gaining traction among buyers. In November 2024, the property market in Pune saw a total of 13,371 property registrations, generating ₹475 crore in stamp duty revenue. While there was a slight decline in registrations and revenue compared to the previous year, the growing interest in premium homes indicates a shift in buyer preferences.
Here are some key highlights from the report by Knight Frank India:
– Revenue and Registrations: Despite a decrease in the number of registrations and a slight drop in stamp duty revenue, the demand for high-value properties remained strong in November 2024.
– Shift Toward Premium Properties: Properties priced at ₹1 crore and above accounted for 16% of total registrations, showing an increase from the previous year. The ₹1 crore–₹2.5 crore range saw significant growth, while properties priced between ₹2.5 crore–₹5 crore doubled their share.
– Larger Homes in Demand: The preference for spacious living spaces continued to grow, with transactions for homes over 800 sq. ft. increasing from 28% to 32% in November 2024.
Looking at the year-to-date performance, Pune’s property market has shown significant growth in 2024:
– 1,72,677 property registrations between January and November, representing a 25% year-on-year increase.
– Stamp duty collections surged by 35% during the same period, totaling ₹6,479 crore.
Regional trends also showcased interesting developments:
– Central Pune, including areas under the Pune Municipal Corporation (PMC) and Pimpri-Chinchwad Municipal Corporation (PCMC), accounted for 81% of residential transactions in November 2024.
– Suburban areas like Mulshi and Mawal saw an increase in activity, with their share rising from 9% in 2023 to 12% in 2024.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, Pune’s steady growth in residential demand can be attributed to rising incomes, stable financing options, and infrastructure advancements. The shift towards premium homes and larger apartments reflects changing buyer priorities.
Several factors are driving these market trends:
– Spacious Living: The post-pandemic era has emphasized the importance of larger homes for comfort and flexibility.
– Infrastructure Advancements: Ongoing development projects in Pune have made suburban and central locations more attractive to buyers.
– Cultural Preference for Homeownership: Pune’s population continues to value homeownership, driven by affordability and cultural norms.
– Premium Housing Growth: Rising incomes and financing options have enabled buyers to explore high-value properties, contributing to the demand for premium homes.
Overall, Pune’s property market seems to be on a positive trajectory, with the demand for premium and spacious homes showing no signs of slowing down.
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