Festive Season Drives Surge in Property Registrations and Stamp Duty Collections

Pune, November 28, 2024: Pune’s real estate market witnessed a remarkable surge in property registrations during October 2024, with a total of 20,894 properties registered, marking a significant 39% year-on-year (YoY) increase. The festive season, spanning from Navratri to Diwali, was a key factor behind this growth, as homebuyers traditionally consider this period auspicious for property purchases. Alongside the rise in registrations, the city also saw a substantial increase in stamp duty collections, which soared to INR 751 crore, reflecting a 52% YoY growth.

Strong Growth in Property Registrations

October 2024’s performance marked the second-best month of the year for property registrations in Pune. Compared to October 2023, when 14,983 properties were registered, this year saw a substantial increase. This growth can also be attributed to a favorable shift in the timing of the Shradh period, which traditionally curbs investment activity. In 2023, the first half of October was affected by the Shradh, whereas in 2024, the period ended by October 2, leaving the entire month more favorable for property transactions.

A Look at 2024’s Year-to-Date Performance

Pune’s property market showed impressive growth in the first ten months of 2024. A total of 159,306 properties were registered, marking a 30% YoY increase from 122,610 registrations in the same period last year. Stamp duty collections reached INR 6,004 crore, up by 39% from the previous year, highlighting the city’s sustained demand for real estate despite market challenges.

Surge in Demand for High-Value Properties

The demand for luxury homes priced above INR 1 crore saw a notable rise, accounting for 14% of the market share in October 2024, up from 11% in October 2023. Homes priced between INR 50 lakh and 1 crore remained the most popular choice for buyers, reflecting the continued preference for mid-range properties in Pune.

Continued Preference for Larger Apartments

Reflecting post-pandemic trends, there was an increased demand for larger apartments, with properties over 800 sq ft making up 32% of the registrations in October 2024, up from 28% in the same month last year. This shift demonstrates a sustained preference for spacious homes, with more buyers opting for bigger living spaces as remote work continues to influence housing choices.

Central Pune Dominates the Market

In October 2024, Central Pune remained the dominant hub for residential transactions, accounting for 80% of the total market share. This area, which includes key locations like Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to be the most sought-after zone for homebuyers. However, there was a slight shift, with West Pune also gaining traction, contributing 12% of transactions during the same period.

Positive Outlook for Pune’s Real Estate Market

Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized that the city’s residential market is showing exceptional momentum, especially with the 39% YoY rise in stamp duty collections. He attributed this growth to a combination of factors, including rising incomes, accessible financing, and favorable infrastructure developments. Baijal also highlighted the growing preference for premium homes, stable interest rates, and optimistic buyer sentiment as key drivers behind Pune’s booming real estate market.

As 2024 draws to a close, Pune’s real estate sector continues to showcase remarkable resilience, positioning the city as one of the most promising real estate markets in India. With its growing infrastructure, affordability, and cultural affinity towards homeownership, Pune’s property market looks set to maintain its upward trajectory well into the future.