In December 2023, property sales registration grew by 10% to 14,725, contributing Rs 560 crore to the Maharashtra state government’s revenue.
Property registration in Pune during 2023 rose by 9.6% from its previous peak last year and reached a total of 1,52,323 registrations. According to Knight Frank India, the upsurge has led to a rise in total stamp duty collection, which was Rs 5,352 crore in 2023, up 10.5% year-on-year.
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In December 2023, property sales registration grew by 10% to 14,725, contributing Rs 560 crore to the Maharashtra state government’s revenue, which was an increase of 12%. There is an increase in purchases of higher value segments (above Rs 1 crore) in December 2023. The share of properties valued over Rs 1 crore increased from 9% in December 2022 to 12% in December 2023. Residential units priced between Rs 50 lakh and Rs 1 crore were the most sought-after, comprising 34% of all housing transactions.
The city continues to a rise in demand for larger apartments. According to Knight Frank India, there was a significant shift towards larger apartments, with those exceeding 1,000 sq ft experiencing an increase in market share from 11% in December 2022 to 14% in December 2023. In December 2023, apartments in the 500 to 800 sq ft range had a substantial 40% share.
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Shishir Baijal, chairman and managing director, Knight Frank India, said that the notable surge in both property registrations and stamp duty collections throughout 2023 was because of the the strong desire for home ownership and the appealing affordability factor within the city.
The growing preference for larger properties highlights the dynamism of Pune’s realty market. “With ongoing enhancements in infrastructure and a rise in economic activity, the residential market in Pune is solidifying its sturdy base, paving the way for a flourishing real estate sector,” Baijal said.
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Central Pune continued to dominate residential transactions and accounted for 75% of total residential transactions in December 2023.
Knight Frank said Pune had a robust end-user market, where individuals often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market, particularly in the 30 – 45 years age bracket, which is the largest segment. Around 52% of homebuyers in Pune were in the 30- 45 years age group. Those under the age of 30 accounted for 25% of the market share.
