Pune real estate market records 52% YoY surge in property registrations in March 2024

Maharashtra government's stamp duty collections in Pune for March 2024 marked a 30% YoY increase at ₹804 crore from ₹621 crore in March 2023

As many as 21,744 properties were registered in Pune in March 2024, resulting in a 52% increase compared to 14,309 in the previous year. Stamp duty collections during this period totaled ₹804 crore, marking a 30% year-on-year (YoY) rise, according to Maharashtra government’s department of Registrations and Stamps (IGR).

As many as 21,744 properties were registered in Pune in March 2024, resulting in a 52% increase compared to the 14,309 in the previous year. (REPRESENTATIVE PHOTO)

Stamp duty collections recorded in March 2023 stood at ₹621 crore.

Increase in purchase of properties worth more than ₹1 crore in March 2024

In March 2024, registration of residential units priced between ₹50 lakh and ₹1 crore constituted the highest proportion, accounting for 33% of all housing transactions. Similarly, properties priced between ₹25 lakh and ₹50 lakh represented 32% of the market share. The share of properties under ₹25 lakh has also witnessed a notable increase from 16% in March 2023 to 21% in March 2024, an analysis by Knight Frank showed.

The higher value segment, comprising properties priced ₹1 crore and above, witnessed an increase in its market share. This category's share rose from 10% in March 2023 to 13% in March 2024, indicating a growing preference for properties in this price range, it showed.

Higher demand for larger apartments

In March 2024, apartments ranging from 500 to 800 sq ft commanded a significant market share of 40%. Similarly, apartments with an area under 500 sq ft also attracted considerable interest, comprising 35% of transactions in March 2024, positioning it as the second most preferred apartment size. The market share of larger apartments, exceeding 1000 sq ft, remained stable at 13% during this period, it showed.

“Pune's real estate market continues its upward ascent, fuelled by strong demand for homes, affordable prices, and favorable conditions. March 2024 witnessed a remarkable 52% surge in registrations compared to the previous year, setting an optimistic tone for the quarter ahead,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

52% 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 52% share. Those under the age of 30 accounted for 24% of the market share, while homebuyers aged between 45 and 60 years represented 18% of the market.

There is also a notable presence of professionals in the market, particularly within the 30–45 years age bracket, which constitutes the largest segment, the analysis showed.