Pune’s real estate market showcased impressive growth in 2024, with over 190,025 property registrations, reflecting a 25% year-on-year (YoY) increase, according to a report by Knight Frank India. Stamp duty collections during the same period surged by 33% YoY, reaching ₹7,098 crore.

In December 2024 alone, Pune recorded 17,348 property registrations, generating ₹620 crore in stamp duty revenue. This marked an 18% YoY rise in registrations and an 11% YoY growth in revenue compared to December 2023. The sequential growth for December 2024 (month-on-month) stood at 30% in property registrations and 31% in stamp duty collections.

Key Figures for Property Registrations and Stamp Duty Collections:

Year: Registrations (Units), Stamp Duty Collections (₹ Cr)

• 2022: 139032, 4843

• 2023: 152323, 5352

• 2024: 190025, 7098

• 2024 YoY Growth: 25%, 33%

Demand for Premium Housing Gains Momentum

The demand for homes priced above ₹1 crore grew significantly in 2024, with their share increasing to 15% in December 2024 from 12% in December 2023. Properties in the ₹50 lakh–1 crore range remained the most popular among buyers, accounting for 34% of total residential transactions.

Price Range Share in Dec 2023 Share in Dec 2024

• Under ₹25 lakh: 22%, 20%

• ₹25–50 lakh: 32%, 31%

• ₹50 lakh–1 crore: 34%, 34%

• ₹1 crore–2.5 crore: 11%, 13%

• ₹2.5 crore–5 crore: 1%, 2%

• Over ₹5 crore: ≤1%, ≤1%

Preference for Larger Apartments Persists

Buyers continued to favor larger homes, with apartments exceeding 800 sq. ft. accounting for 30% of transactions in December 2024, compared to 28% in December 2023.

Apartment Size Share in Dec 2023 Share in Dec 2024

• Under 500 sq. ft.: 25%, 23%

• 500–800 sq. ft.: 47%, 47%

• 800–1,000 sq. ft.: 14%, 14%

• 1,000–2,000 sq. ft.: 12%, 13%

• Over 2,000 sq. ft.: 2%, 3%

Regional Trends

Central Pune, comprising Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), contributed 82% of residential transactions in December 2024. West Pune, which includes Mawal, Mulshi, and Velhe, accounted for 11% of transactions, reflecting growing interest in emerging micro-markets.

Region Share in Dec 2023 Share in Dec 2024

• Central: 83%, 82%

• West: 8%, 11%

• North, South, East: 9%, 7%

Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed Pune’s growth to rising economic activity, the return to office setups, and a preference for premium homes.

“The trend toward premiumization, coupled with stable home loan rates and rising income levels, has bolstered affordability despite marginal price increases,” he added. Developers are aligning offerings with buyer aspirations, further driving momentum in the city’s residential market.