Pune records over 190,000 property registrations in 2024, up 25% YoY: Reports Knight Frank India

Pune, January 21, 2025: 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.

Property registrations, Value of property and Stamp duty collection

Period(Jan-Dec)	Total registration	Stamp duty collection. (INR cr)
2022	139,032	4,843
2023	152,323	5,352
2024	190,025	7,098
2024 YoY	25%	33%

 Property registration and Stamp duty collection

Period	Registrations (Units)	Stamp duty collection (INR cr)
Dec-23	14,725	560
Dec-24	17,348	620
YoY Change	18%	11%

Property registrations, Value of property and Stamp duty collection

Year	Month	Total Registration	Stamp Duty Collection(INR Cr)
2023	December	14,725	560
2024	January	17,786	589
2024	February	18,791	662
2024	March	22,189	822
2024	April	14,244	566
2024	May	12,280	440
2024	June	14,690	545
2024	July	13,731	521
2024	August	13,645	599
2024	September	11,056	508
2024	October	20,894	751
2024	November	13,371	475
2024	December	17,348	620

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

Demand for homes priced INR 1 cr and above surged in December 2024

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.  

          Share of ticket size for residential property transactions

Ticket size	Share in Oct 2023	Share in Oct 2024
Under INR 25 lakhs	22%	20%
INR 25 – 50 lakhs	32%	31%
INR 50 lakhs – 1 Cr	34%	34%
INR 1 Cr – 2.5 Cr	11%	13%
INR 2.5 Cr – 5 Cr	1%	2%
Over 5 Cr	<=1%	<=1%

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

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.”

Higher demand for larger apartments sustains

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.

Share of area for residential property transactions

Area in sq ft	Share in Dec 2023	Share in Dec 2024
Under 500	25%	23%
500-800	47%	47%
800-1000	14%	14%
1000- 2000	12%	13%
Over 2000	2%	3%

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

Central Pune contributed 80% of residential transactions in December 2024

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.

Share of micro markets for residential property transactions

Micro market	Share in December 2023	Share in December 2024
North	5%	5%
South	3%	1%
East	1%	1%
West	8%	11%
Central	83%	82%

Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR

Micro Markets
Zone	Taluka
North	Junnar, Ambegaon, Khed
South	Bhor, Purandhar, Baramati, Indapur
East	Shirur, Daund
West	Mawal, Mulshi, Velhe
Central	Haveli, Pune city (Pune Municipal corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC))