Boom to Pune Real Estate : Rs 50 Lakh – Rs 1 Crore price homes see 46% jump in registrations

The Maharashtra government’s Department of Registrations and Stamps, also known as the Inspector General of Registration and Controller of Stamp (IGR), reported a 46% year-over-year increase in property registrations in January 2024, which was a boost to the Pune real estate market.

According to the data, there were 17,700 registered property units in January 2024 as opposed to 12,166 units in the same month the year before. This spike suggests that interest in city real estate investments is rising.

In December 2023, 14,725 property units were registered in the district, generating Rs 560 crore in stamp duty revenue. In addition, stamp duty receipts increased significantly from Rs 441 crore in January 2023 to Rs 589 crore in January 2024.

According to real estate consultancy Knight Frank India, there were 152,323 property registrations in the Pune district in 2023, and stamp duty collections totalled Rs 5,351 crore.

According to a Knight Frank India analysis, 32% of all housing transactions in January 2024 were residential units priced between Rs 50 lakh and Rs 1 crore, which accounted for the largest number of registrations. In close pursuit, properties priced between Rs 25 lakh and Rs 50 lakh accounted for 31% of the market share. Furthermore, the market share of properties in the higher value segment, which includes those priced at Rs 1 crore and above, increased from 10% in January 2023 to 14% in January 2024, suggesting that buyers are becoming more accustomed to choosing properties in this price range.

The information also showed that, as of January 2024, apartments with 500–800 square feet of living space represented a sizable 41% of the market. Less than 500 square feet also attracted interest, accounting for 33% of transactions and ranking as the second most popular apartment size. The market share of larger apartments, those larger than 1,000 square feet, increased from 12% in January 2023 to 14% in January 2024.

When it came to buyer demographics, those who purchased a home between the ages of thirty and forty-five made up the largest group, accounting for a substantial fifty-four percent of the market. Twenty-four percent of buyers were under thirty years old, and sixteen percent of buyers were between the ages of forty and sixty.