Pune Real Estate Sees Surge in Property Registrations
The Pune real estate market experienced a boost in January 2024, as property registrations increased by 46% year-over-year, according to the Maharashtra government’s Department of Registrations and Stamps, also known as the Inspector General of Registration and Controller of Stamps (IGR). These figures highlight a notable expansion within the region's property sector.
Increase in Property Unit Registrations
Data indicates a substantial rise in property registrations during January 2024. A total of 17,700 units were registered, marking a significant increase compared to the 12,166 units registered during the same period last year. This surge illustrates growing enthusiasm toward investment opportunities within the city's real estate landscape.
Stamp Duty Revenue Growth
In December 2023, the district witnessed registration of 14,725 properties, resulting in stamp duty revenue of ₹560 crore. January 2024 saw an upswing in stamp duty receipts, with collections totaling ₹589 crore, a notable increase from the ₹441 crore collected in January 2023.
Knight Frank India's Analysis
Real estate consultancy Knight Frank India reports that Pune district recorded 152,323 property registrations in 2023. The total stamp duty collected amounted to ₹5,351 crore, demonstrating the robust nature of the region's property market.
Trends in Residential Unit Registrations
According to an analysis by Knight Frank India, residential units priced between ₹50 lakh and ₹1 crore dominated registrations in January 2024, accounting for 32% of all housing transactions. Properties priced between ₹25 lakh and ₹50 lakh followed closely, holding a 31% market share. There was also an increase in market share for higher-value properties, priced at ₹1 crore and above, rising from 10% in January 2023 to 14% in January 2024. This indicates a growing acceptance among buyers for properties in this price range.
Apartment Size Preferences
As of January 2024, apartments ranging from 500 to 800 square feet comprised 41% of the market. Apartments smaller than 500 square feet were also popular, accounting for 33% of transactions. Furthermore, the market share of apartments larger than 1,000 square feet increased from 12% in January 2023 to 14% in January 2024.
Buyer Demographics
Demographically, the majority of buyers, representing 54% of the market, were between 30 and 45 years old. Buyers aged 45 to 60 accounted for 16%, while consumers under 30 made up 24% of the market.