Pune’s real estate sector experiences a significant surge in property registrations, with insights into market trends and buyer demographics.
Surge in Property Registrations in Pune
Recent data from the Maharashtra government’s department of Registrations and Stamps (IGR) reveals a notable increase in property registrations in Pune for March 2024 compared to the previous year.
Record Increase in Registrations and Stamp Duty Collections
In March 2024, Pune recorded a remarkable 52% year-on-year surge in property registrations, with 21,744 properties registered, reflecting a vibrant real estate market. Stamp duty collections during this period totaled ₹804 crore, marking a significant 30% increase from March 2023.
Market Trends and Analysis
Analysis by Knight Frank sheds light on the evolving trends within Pune’s real estate market.
Shift in Property Price Segments
In March 2024, the registration of residential units priced between ₹50 lakh and ₹1 crore constituted the highest proportion, accounting for 33% of all housing transactions. Additionally, properties priced between ₹25 lakh and ₹50 lakh represented 32% of the market share. Notably, the share of properties priced under ₹25 lakh increased from 16% in March 2023 to 21% in March 2024, indicating broader affordability.
Rise in Demand for Higher Value Properties
Properties valued at ₹1 crore and above witnessed a surge in market share, rising from 10% in March 2023 to 13% in March 2024. This trend suggests a growing preference for higher-value properties among buyers.
Preference for Apartment Sizes
In March 2024, apartments ranging from 500 to 800 sq ft dominated the market, commanding a significant 40% share. Meanwhile, apartments under 500 sq ft accounted for 35% of transactions, emerging as the second most preferred category. Larger apartments exceeding 1000 sq ft maintained a stable 13% market share.
Demographic Insights: Buyer Segmentation
The largest buyer segment in Pune comprises individuals aged between 30 and 45 years, representing 52% of the market share. Those under 30 account for 24%, while buyers aged 45 to 60 represent 18% of the market. Notably, professionals within the 30–45 age bracket form a substantial presence in the market.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, acknowledges Pune’s real estate market’s robust performance, attributing it to strong demand, affordability, and favorable conditions. The surge in registrations in March 2024 sets an optimistic tone for the future of the sector.
The data reflects a dynamic real estate landscape in Pune, with evolving buyer preferences and market dynamics shaping the industry’s trajectory.
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