Pune’s property market thrives with a 38% rise in stamp duty collections in 2024, despite a dip in September due to the ‘Shraadh’ period.
Strong Year for Pune’s Real Estate Market in 2024
Pune’s property sector witnessed substantial growth in the first nine months of 2024, with a total of 1,38,412 property registrations—marking a 29% increase compared to the same period last year. This upswing in property transactions led to a significant rise in stamp duty collections, which soared by 38%, reaching over INR 5,253 crore. However, September 2024 saw a slowdown in activity, primarily due to the traditional ‘Shraadh’ period, which is considered inauspicious for major purchases. This led to a 33% decline in registrations for the month, and stamp duty collections dropped by 13%, totaling INR 508 crore.
September Slump Linked to ‘Shraadh’ Period
The noticeable dip in property transactions in September 2024 was largely attributed to the 12-day ‘Shraadh’ period, an inauspicious phase in the Hindu calendar, where making major purchases or financial commitments is generally avoided. During September 2024, only 11,056 properties were registered, marking a 33% decrease from September 2023. The stamp duty collections followed suit, dropping by 13% to INR 508 crore for the month. For context, in 2023, the ‘Shraadh’ period fell between late September and mid-October, which similarly affected transaction levels.
Growing Demand for Luxury and Larger Homes
Pune’s residential market also displayed changing buyer preferences, particularly in the luxury and spacious homes segment. Properties priced at INR 1 crore and above saw an increase in their market share, rising from 11% in September 2023 to 14% in September 2024. This reflects a heightened interest in higher-end properties. Furthermore, homes between INR 50 lakh and INR 1 crore remained the most popular, highlighting a growing demand for more premium and spacious residences. Additionally, the preference for larger living spaces continued, with properties over 800 square feet accounting for 30% of the market in September 2024, up from 28% the previous year. This trend began during the pandemic as more buyers sought larger homes to accommodate lifestyle changes and remote work.
Central Pune Leads, but West Pune Gains Market Share
In terms of location, Central Pune remained the hub for residential transactions, encompassing key areas such as Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC). These areas held 80% of the market share in September 2024. However, this share saw a minor decline as other areas, especially West Pune, attracted more buyers. West Pune, including regions like Mawal, Mulshi, and Velhe, accounted for 12% of the market, establishing itself as the second-largest contributor to property transactions. This shift indicates a rising appeal for homes outside central Pune, aligning with the city’s evolving residential landscape as buyers look for properties that cater to modern lifestyle needs.
Outlook: Pune’s Dynamic Real Estate Sector
Overall, Pune’s property market in 2024 reflects a robust combination of strong growth, fluctuating demand due to seasonal and cultural factors, and shifting preferences towards luxury and larger homes. As more homebuyers seek premium living spaces, Pune’s residential landscape is likely to continue evolving to meet these changing demands.
Now You Can Follow Our Channel On WhatsApp!