Pune’s property registrations rise 7% YoY, crossed 14,600 units in November 2023: Knight Frank India

Pune, 10th December 2023: Knight Frank India, in its latest assessment noted a steady year-on-year (YoY) growth in property registrations in Pune. In November 2023 property registrations increased by 6.7% compared to the same period last year. During the month, a total of 14,607 units were registered, up from 13,694 registrations in November 2022. Stamp duty collections for November 2023 stood at INR 473 crores. Additionally, the combined value of registered properties in November 2023 amounted to INR 13,342 crores.

Table: Property registrations, Value of property and Stamp duty collection

Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India

On a year-to-date (YTD) basis, the city recorded total registrations of 137,217 properties, reflecting a 9.2% growth compared to 125,702 registrations in the same period last year. Stamp duty collections have also increased by 10%, reaching INR 4,779 crores in November 2023 as compared to same time last year. Concurrently, the overall value of registered properties in Pune has exhibited significant growth, surging by 38.5% year-on-year to reach INR 106,562 crores during the same period.

Table: Property registrations, Value of property and Stamp duty collection

Increase in purchase of Higher Value Segment (above INR 1 crore) in November 2023

In November 2023, residential units priced between INR 25 lakhs and INR 50 lakhs were most sought-after, comprising of 33% of all housing transactions. Similarly, the share of properties priced between INR 50 lakhs and INR 1 crore stood at 32% of the market share, a close second to the INR 25 lakhs and INR 50 lakhs category.

Interestingly, the higher value segment, comprising properties priced at INR 1 crore and above, experienced growth in its market share. This segment’s share increased from 9% in November 2022 to 13% in November 2023, indicating a rising preference for properties in this price range.

Share of ticket size for residential property transactions

Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India

Higher demand for larger apartments sustains.

In November 2023, there was a strong demand for apartments within the range of 500 to 800 sq ft, constituting a substantial 45% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 27% of transactions in November 2023, making it the second most preferred apartment size.

Notably, there was a significant shift towards larger apartments, with those exceeding 800 sq ft experiencing an increase in market share from 23% in November 2022 to 29% in November 2023.

Share of area for residential property transactions

Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India India

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “The enduring strength of Pune’s real estate market is a testament to the positive aspiration for homeownership and an attractive affordability setting within the city. The increasing demand for larger format properties underscores the vibrancy of Pune’s realty landscape. As the infrastructure improves and economic activity increases, the Pune residential market continues to fortify its robust foundation for a thriving residential market.”

Central Pune accounted for 77% of total residential transactions in November 2023

In November 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 77%. While dominant, this share has declined somewhat compared to the same period in the previous year. West Pune, covering regions like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 12% of the total in November 2023.

Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the total in November 2023.

Share of micro markets for residential property transactions

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India

52% of homebuyers in 30- 45 years age group

Homebuyers in the age group of 30 – 45 years constituted the largest buyer segment, holding a substantial 52% share of the market. Those under the age of 30 accounted for 26% of the market share, while homebuyers in the 45 – 60 years age category represented 17% of the market.

This distribution can be attributed to Pune’s status as a robust end-user market, where individuals often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market, particularly in the 30 – 45 years age bracket, which is the largest segment.

Table: Share of age of buyers

Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India