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Pune property registrations jump 46% YoY in Jan, apartments priced Rs 50 lakh to Rs 1 crore bestsellers

The real estate scene in Pune, a city in India, saw a big increase in property buying in January 2024 compared to the same time last year. The Maharashtra government’s Department of Registrations and Stamps noted a 46 percent jump, with 17,700 units registered, up from 12,166 in January 2023. Stamp duty collections also went up, from Rs 441 crore in January 2023 to Rs 589 crore in January 2024. In December 2023, 14,725 properties were registered, bringing in Rs 560 crore in stamp duty. Throughout 2023, Pune saw 152,323 property registrations, collecting Rs 5,351 crore in stamp duty, according to Knight Frank India, a real estate consulting firm.

In January 2024, most registered homes were priced between Rs 50 lakh and Rs 1 crore, making up 32 percent of transactions. Properties priced between Rs 25 lakh and Rs 50 lakh followed closely, accounting for 31 percent of the market. Homes worth Rs 1 crore and above saw their market share grow from 10 percent in January 2023 to 14 percent in January 2024, showing a trend toward higher-priced properties.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on Pune’s real estate growth, citing a 46 percent year-on-year increase in registrations in January 2024. He highlighted the city’s strong desire for homeownership and its affordability. Baijal mentioned ongoing improvements in infrastructure and economic growth as factors contributing to Pune’s real estate expansion.

In terms of property sizes, apartments ranging from 500 to 800 square feet were the most popular, capturing 41 percent of the market in January 2024. Smaller apartments under 500 square feet accounted for 33 percent of transactions, while larger ones over 1,000 square feet saw their market share rise from 12 percent in January 2023 to 14 percent in January 2024.

Homebuyers between 30 and 45 years old made up the largest segment, comprising 54 percent of buyers. Those under 30 years accounted for 24 percent, while buyers aged 45-60 represented 16 percent of the market.

Disclaimer: The information provided by A2 Digital is for general informational purposes only.

Source: MoneyControl

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