Real Estate of Pune reports 52% rise in property registration in FY24

In March 2024, Pune saw a significant increase in property registrations with a total of 21,744 properties being registered, showing a 52% growth from the previous year's 14,309 registrations. The stamp duty collections for this period amounted to Rs.804 crore, indicating a 30% year-on-year rise, as reported by the Maharashtra government's department of Registrations and Stamps (IGR).

In March 2024, the registration of residential units valued between Rs.50 lakh and Rs.1 crore made up the largest portion, making up 33% of all housing transactions. Likewise, properties priced between Rs.25 lakh and Rs.50 lakh accounted for 32% of the market share. The percentage of properties under Rs.25 lakh has also seen a significant rise from 16% in March 2023 to 21% in March 2024, as per Knight Frank's analysis. 

The market share of the higher value segment, which includes properties priced at Rs.1 crore and above, experienced a rise. The share of this category increased from 10% in March 2023 to 13% in March 2024, demonstrating a growing inclination towards properties within this price range.

In March 2024, apartments between 500 and 800 sq ft held a substantial market share of 40%. Likewise, apartments under 500 sq ft garnered significant attention, making up 35% of transactions in March 2024, establishing it as the second most favored apartment size. The market share of larger apartments, over 1000 sq ft, stayed consistent at 13% during this timeframe. 

Shishir Baijal,Chairman and Managing Director, Knight Frank India explained, “Pune's real estate market continues its upward ascent, fuelled by strong demand for homes, affordable prices, and favorable conditions. March 2024 witnessed a remarkable 52% surge in registrations compared to the previous year, setting an optimistic tone for the quarter ahead.”