Pune’s Property Registrations Drop 8% in January, But Stamp Duty Revenue Unchanged as Luxury Housing Demand Rises
Pune's Property Registrations Drop 8% in January, But Stamp Duty Revenue Unchanged as Luxury Housing Demand Rises
Pune’s real estate market saw a slight decrease in property registrations in January 2025, with an 8% year-on-year drop. A total of 16,330 properties were registered in January 2025, compared to 17,786 in the same month the previous year, according to the Maharashtra Inspector General of Registration (IGR). Despite this decline, stamp duty collections remained steady, reaching ₹590 crore, almost the same as the ₹589 crore collected in January 2024. This suggests that while fewer properties were registered, the average value of transactions may have increased. December 2024 saw higher activity with 17,348 property registrations and ₹620 crore in stamp duty collections.
What caused the decrease in property registrations in Pune’s real estate market?
Pune’s real estate market saw a slight dip in property registrations in January 2025, with an 8% year-on-year decline, according to Knight Frank India. This decrease was primarily attributed to a higher volume of property transactions during the festive season and the preceding months. However, despite the drop in registrations, stamp duty collections remained stable, supported by a rise in the share of properties worth ₹1 crore and above.
The demand for luxury homes priced above ₹1 crore has significantly increased, with the share of this segment growing from 13% in January 2024 to 15% in January 2025, indicating a trend towards premiumization in Pune’s housing market. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that while transaction volumes in the lower and mid-segment have been affected by evolving affordability dynamics and market adjustments, a potential reduction in home loan interest rates and strong employment in the city are expected to support the market in the future. Developers are adapting to changing consumer preferences, ensuring a steady supply to meet demand.
Larger apartments are in higher demand, reaching 31% of the market in January 2025.
According to Knight Frank India, the demand for larger apartments is still strong, with the percentage of homes over 800 square feet increasing from 28% in January 2024 to 31% in January 2025. This indicates that people are continuing to choose larger homes, a trend that began during the pandemic.
Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the most popular area for residential transactions in January 2025, accounting for 81% of the market share.
However, this figure represents a slight decrease from the previous year. This is because new housing developments in other parts of the city are starting to meet the changing needs of Pune’s homebuyers. West Pune, which includes Mawal, Mulshi, and Velhe, had the second-highest market share at 12%. North, South, and East Pune combined made up 7% of the transactions during the same period.
