Special Correspondent
Pune,: Knight Frank India, in its latest report highlights the robust growth in Pune’s property registrations. The total number of property registrations in Pune for 2024 reached 190,025 registering a rise of 25% (year-on-year) YoY while revenue generated from property registrations for the year stood at INR 7,098 Crores (cr), rising by 33% YoY. In December 2024, Pune recorded 17,348 property registrations, generating INR 620 cr. in revenue for the state exchequer. Compared to the same period last year, property registrations noted a strong rise of 18%, while stamp duty collections increased by a robust 11% YoY. On a sequential basis (month-on-month), property registrations in December 2024 rose 30% YoY while stamp duty collection from property registrations increased by 31% in the same period.
Pune’s housing market saw a rise in demand for properties priced at INR 1 cr and above. The share of this segment grew from 12% in December 2023 to 15% in December 2024. Meanwhile, homes in the range of INR 50 lakh – 1 cr remained the most popular amongst home buyers.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The Pune residential market has demonstrated remarkable growth over the past few quarters, driven primarily by end-user purchases. The city’s residential sector has been bolstered by its increasing economic activities, which have further strengthened demand. Additionally, the return to office by companies has generated an upswing in housing requirements. Notably, the market has witnessed a trend of premiumization, with homes priced above INR 1 crore gaining a higher share, reflecting the long-term confidence of both buyers and developers in the city’s economic stability and growth. Improved financial standing among buyers, supported by rising income levels and stable home loan rates, has enhanced affordability even amid a marginal rise in property prices. On the supply side, developers are aligning with evolving lifestyle preferences, focusing on delivering higher-value homes that cater to the growing aspirations of homebuyers, thereby contributing to this upward momentum in the premium housing segment.”
Share of apartments larger than 800 sq ft increased from 28% in December 2023 to 30% in December 2024, reflecting the sustained demand for larger homes following the pandemic experience.
In December 2024, Central Pune—including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)— continued to dominate residential transactions, contributing 82% of the market. However, this marked a slight decline from the previous year, as new developments in other parts of the city began addressing Pune’s evolving homebuyer preferences. West Pune, encompassing Mawal, Mulshi, and Velhe, held the second-largest share at 11%, while North, South, and East Pune collectively accounted for 7% of transactions during the same period.
