Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Pune's property market saw high growth in the year 2024, with 1,38,412 registrations during the first nine months, up 29% year-on-year (YoY). Stamp duty collections surged by 38%, exceeding INR 5,253 crores. However, September 2024 witnessed a 33% drop in property registrations due to the inauspicious 'Shraadh' period, leading to a 13% decline in stamp duty collections to INR 508 crores. Luxury properties worth INR 1 crore and above rose to 14%, while demand for larger homes continued. Central Pune dominated with 80% of transactions, though West Pune's share grew to 12%, reflecting the city's evolving residential preferences.
Knight Frank India's latest report highlights a significant rise in Pune's residential sector for the first nine months of 2024. During this period, the city registered 1,38,412 property sales, reflecting a 29% increase compared to the same timeframe in 2023. This surge in property transactions also led to a sharp rise in stamp duty collections, which surpassed INR 5,253 crores, marking a substantial 38% year-on-year (YoY) growth. Advertisement
Despite the overall performance, September 2024 saw a noticeable dip in property transactions. Only 11,056 properties were registered during the month, representing a 33% decrease from the same month in 2023. The decline in registrations was accompanied by a 13% YoY reduction in stamp duty collections, amounting to INR 508 crores. This drop is largely attributed to the 'Shraadh' period, considered an inauspicious time for making large purchases or financial commitments in India. The 12-day 'Shraadh' phase in September 2024 likely deterred potential homebuyers, as it traditionally discourages high-value transactions. For comparison, in 2023, the 'Shraadh' period fell between 29th September and 14th October.
The report also emphasised notable trends in Pune's housing market, particularly the rising demand for higher-end properties. In the luxury segment, homes priced at INR 1 crore and above saw a significant increase in sales volume and market share, growing from 11% in September 2023 to 14% in September 2024. Properties in the INR 50 lakh to INR 1 crore range accounted for the largest market share, underscoring the growing preference for more premium and spacious homes.
Another important shift observed in the market was the increased demand for larger apartments. The share of residential units exceeding 800 square feet grew from 28% in September 2023 to 30% in September 2024. This trend points to the sustained preference for bigger living spaces, a shift that began during the pandemic as more people sought spacious homes to accommodate remote work and lifestyle changes.
Geographically, Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the most active area for residential transactions, accounting for 80% of the city's market share in September 2024. However, this dominance saw a slight decline compared to the previous year, as other regions in Pune started attracting homebuyers. Notably, West Pune, encompassing areas such as Mawal, Mulshi, and Velhe, emerged as the second-largest contributor to property transactions, securing 12% of the market in September 2024. This shift suggests that new supply in areas outside central Pune is increasingly appealing to buyers seeking homes that meet evolving lifestyle and space requirements.
Overall, Pune's property market shows a dynamic blend of strong growth, fluctuating demand due to seasonal factors, and changing preferences for luxury and larger homes.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
