Record Property Registrations Fuel Market Confidence

Knight Frank India’s latest report reveals that Pune’s property market is thriving, with a staggering INR 592 crore in stamp duty collected in August 2024, marking a 40% year-on-year increase. This growth signals a robust resurgence in buyer confidence, particularly in the mid-range and luxury segments.

Impressive Year-to-Date Performance

From January to August 2024, Pune recorded over 127,108 property registrations, generating more than INR 4,736 crore in stamp duty—a remarkable 47% increase compared to the previous year. This trajectory highlights the city’s rising appeal among homebuyers, supported by favorable economic conditions and infrastructure development.

Luxury Market Gains Traction

The demand for higher-end homes is evident, with properties priced above INR 1 crore seeing significant interest. In August, registrations in this segment rose 9% year-on-year, demonstrating a shift towards larger and more premium residences. The INR 50 lakh to 1 crore segment accounted for the largest share of transactions, reflecting evolving buyer preferences.

Shifting Market Dynamics

Central Pune remains the dominant hub for real estate transactions, representing 80% of total registrations in August. However, West Pune is gaining ground, capturing 12% of the market as new developments cater to diverse buyer needs. This shift indicates a broader distribution of residential growth across the city.

A Positive Outlook Ahead

Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized the resilience of Pune’s real estate market. He noted that increasing incomes, favorable consumer sentiment, and ongoing infrastructure projects are solidifying Pune’s status as a prime destination for homebuyers.

As Pune continues to evolve, its real estate sector shows no signs of slowing down, positioning the city as a key player in India’s property landscape.