As we head into 2023, the real estate market in Pune is looking promising with a steady increase in property registrations and stamp duty collections. In December 2023, there were 14,725 property registrations with a stamp duty collection of 560 INR crores. Fast forward to December 2024, and we see a significant jump in both registrations and stamp duty collection, with 17,348 registrations and 620 INR crores collected.
The demand for homes priced at 1 crore and above saw a surge in December 2024, indicating a growing interest in premium properties in Pune. The share of properties in this price range increased from 12% in December 2023 to 15% in December 2024. However, homes in the range of 50 lakhs to 1 crore remained the most popular among home buyers.
The ticket size for residential property transactions also saw some interesting trends. In October 2023, properties under 25 lakhs held a 22% share, while in October 2024, this decreased to 20%. On the other hand, properties in the 1 crore to 2.5 crore range saw an increase from 11% to 13%, reflecting a shift towards higher-priced properties.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the growth of the Pune residential market, attributing it to increasing economic activities and the return of companies to offices. Baijal highlighted the trend of premiumization in the market, with homes priced above 1 crore gaining popularity due to rising income levels and stable home loan rates.
The demand for larger apartments also sustained in December 2024, with apartments larger than 800 sq ft seeing an increase from 28% to 30%. Central Pune continued to dominate residential transactions, contributing 82% of the market in December 2024. However, other parts of the city, such as West Pune, saw an increase in developments to cater to evolving homebuyer preferences.
Overall, the real estate market in Pune is showing positive growth trends, with a focus on premium properties and larger apartments. As the city continues to evolve, developers are aligning with changing lifestyle preferences to meet the demands of homebuyers.
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