Property registrations in Pune for the period of January to December 2023 reached a total of 152,323 marking a 9.6% increase compared to the previous peak year. The total amount collected in stamp duty for 2023 was ₹5,352 crores, exhibiting a 10.5% year-on-year (YoY) increase, according to an analysis by Knight Frank India.
In December 2023, 14,725 property sales were registered contributing ₹560 crores to the State Government’s revenue. While registrations witnessed a 10% rise YoY, revenue from stamp duty increased by 12% compared to the same time the previous year.
Increase in purchase of properties more than ₹1 crore in December 2023
In December 2023, residential units priced between ₹50 lakh and ₹1 crore were the most sought-after, comprising 34% of all housing transactions. Similarly, the share of properties priced between ₹25 lakh and ₹50 lakhs stood at 31% of the market share, a close second to the ₹50 lakhs and ₹1 crore category.
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The higher value segment, comprising properties priced at ₹1 crore and above, experienced growth in market share. This segment’s share increased from 9% in December 2022 to 12% in December 2023, indicating a rising buyer preference for properties in this price range.
Central Pune accounted for 75% of total residential transactions in December 2023
In December 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 75%. While dominant, this share has declined somewhat compared to the same period in the previous year as new supply in the rest of the city increasingly meets the contemporary needs of the Pune homebuyer, said the analysis.
Higher demand for larger apartments sustains
In December 2023, apartments within the range of 500 to 800 sq ft, had a substantial 40% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 35% of transactions in December 2023, making it the second most preferred apartment size.
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Notably, there was a significant shift towards larger apartments, with those exceeding 1000 sq ft experiencing an increase in market share from 11% in December 2022 to 14% in December 2023.
“Pune’s real estate market’s growth underscores the strong desire for homeownership and the appealing affordability factor within the city. This trend is evident in the notable surge in both property registrations and stamp duty collections throughout 2023, said Shishir Baijal, Chairman and Managing Director, Knight Frank India.