Pune's property market is thriving, with a 60% increase in property registrations in June 2024 compared to June 2023, amounting to over 14,230 properties, as reported by Knight Frank India. Stamp duty collections also rose by 90% year-on-year. The first half of 2024 saw 97,294 property registrations, a 44% rise from the previous year. Factors driving this growth include affordability in the mid-range segment and a preference for larger apartments. Central Pune remains the main hub, but areas like West Pune are emerging as new hotspots. The market shows a strong positive trend for the rest of the year.
Pune's property market is experiencing a significant rise, with a growing number of homebuyers and a shift in buying preferences driving the boom.
A recent report by Knight Frank India reveals impressive growth. In June 2024, Pune witnessed a remarkable 60% increase in property registrations compared to June 2023. This translates to over 14,230 properties being registered, reflecting a strong demand for homes in the city.
The positive trend extends to government revenue collection. Stamp duty collections from property registrations have also seen a significant rise of 90% year-on-year for the same period. This trend has continued throughout the first half of 2024, with property registrations exceeding 97,294, a jump of 44% compared to the same period last year.
Several factors are contributing to the boom. Favorable affordability, particularly in the mid-range segment (properties priced between INR 50 lakh and INR 1 crore), is attracting many first-time homebuyers. Additionally, there's a growing preference for larger apartments. Properties with a size of 1,000 square feet and above saw a 15% increase in registrations compared to last year (up from 11% in June 2023), signifying a shift towards more spacious living. Smaller apartments below 800 square feet witnessed a dip of 7% in June 2024 compared to the previous year.
While Central Pune, including Haveli Taluka, PMC (Pune Municipal Corporation), and PCMC (Pimpri Chinchwad Municipal Corporation), continues to be the primary hub for residential transactions with an 80% share, its dominance is slightly decreasing. This suggests that new housing developments in other areas are attracting buyers seeking specific amenities or locations. West Pune, with areas like Mawal, Mulshi, and Velhe, is emerging as the second-largest zone for residential transactions, accounting for 11% of the market share.
The strong performance of Pune's property market in the first half of 2024, with registration averages exceeding those of all of 2023, indicates a positive outlook for the rest of the year. With continued affordability and a wider range of housing options across the city, Pune remains a promising market for both homebuyers and investors.
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