Knight Frank India's latest report reveals that Pune registered 13,397 property sales in September 2024, marking a 3% year-on-year increase. Stamp duty collections soared by 40%, reaching INR 592 crores. The residential sector in Pune continues its robust growth, with 127,108 properties registered in the first eight months of 2024, reflecting a 40% rise compared to 2023. Demand for mid-range and luxury homes, particularly in the INR 50 lakh to INR 1 crore segment, has driven this growth. Pune's real estate market remains strong, supported by rising incomes, positive buyer sentiment, and ongoing infrastructure developments.
Knight Frank India's latest assessment shows that Pune recorded 13,397 property registrations in September 2024, reflecting a 3% increase over the same month last year. The city's stamp duty collections for September totalled INR 592 crores, marking an impressive 40% year-on-year rise. This growth signals strong homebuyer confidence, driven by improved affordability and a positive outlook on property ownership.
Pune's residential market experienced robust growth during the first eight months of 2024, registering 127,108 properties, a remarkable 40% increase compared to the same period in 2023. Stamp duty collections from these transactions reached over INR 4,736 crores, reflecting a 47% year-on-year rise. Demand for mid-range and luxury homes, particularly in the INR 50 lakh to INR 1 crore segment, has driven the city's growing appeal. In August 2024, this price range accounted for the largest share of registrations, underscoring the preference for bigger, more premium properties. Homes priced above INR 1 crore also saw a significant increase in both volume and market share. The trend of buying larger homes, which emerged post-pandemic, remains strong. The share of apartments above 800 square feet grew from 28% in August 2023 to 32% in August 2024, highlighting the sustained demand for spacious residential units.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked that Pune's real estate market remains exceptionally robust, with the city witnessing 40% year-on-year growth in property registrations by August 2024. Baijal emphasised that this growth highlights Pune's increasing prominence within the real estate sector. Factors such as rising incomes, positive consumer sentiment, favourable financing options, and ongoing infrastructure development have further strengthened Pune's status as a prime destination for homebuyers.
In August 2024, Central Pune, including areas like Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), maintained its dominance in residential transactions, accounting for 80% of the total. While still the largest hub for residential demand, this share has slightly decreased compared to the previous year, as other regions of Pune are increasingly catering to the evolving needs of homebuyers. West Pune, encompassing areas such as Mawal, Mulshi, and Velhe, claimed the second-largest share of residential transactions, contributing 12% of the total in August 2024. In contrast, North, South, and East Pune collectively accounted for a smaller share, making up 7% of residential transactions. This shift reflects the city's dynamic growth and the increasing diversification of residential demand across different areas.
In conclusion, Pune's real estate market demonstrates remarkable growth and resilience, driven by strong homebuyer confidence and increasing demand for mid-range and luxury homes. The significant rise in property registrations and stamp duty collections highlights the city's growing appeal and prominence in the sector. Ongoing infrastructure development and favourable economic conditions further solidify Pune's status as a prime destination for homebuyers.
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