Pune: Pune’s property market continues to showcase resilience, recording 13,371 property registrations in November 2024 and generating ₹475 crores in stamp duty revenue, as reported by Knight Frank India. This performance reflects a slight decline compared to November 2023, with registrations dropping by 11% and revenue by 2%.
The slight dip in stamp duty collections is attributed to a shift in buyer preferences toward high-value properties. The share of properties priced at ₹1 crore and above increased from 12% in November 2023 to 16% in November 2024. However, the month-on-month comparison showed a sharper decline, with registrations down by 36% and revenue by 37%, due to the festive season surge in October.
Pune's property market demonstrated strong performance in 2024, with 1,72,677 registrations recorded between January and November—a 25% year-on-year growth. Stamp duty collections during this period surged by 35%, reaching ₹6,479 crores. Experts attribute this growth to Pune’s ongoing infrastructure development, affordability, and cultural inclination toward homeownership.
Changing Buyer Preferences
Demand for premium homes witnessed a significant rise, with transactions in the ₹1 crore–₹2.5 crore range growing from 11% in November 2023 to 14% in November 2024. Similarly, the share of properties priced between ₹2.5 crore–₹5 crore doubled from 1% to 2%.
Demand for Spacious Homes Persists
Buyers showed continued preference for larger apartments, with homes over 800 sq. ft. accounting for 32% of the transactions in November 2024, up from 28% the previous year.
Regional Market Trends
Central Pune, encompassing areas under PMC and PCMC, retained its dominance, contributing 81% of residential transactions in November 2024. West Pune, including areas like Mulshi and Mawal, showed growth, increasing its share to 12% from 9% in 2023.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, “Pune’s year-to-date performance reflects steady growth in residential demand, supported by rising incomes, stable financing, and infrastructure advancements. The shift toward premium homes and larger apartments further highlights changing buyer priorities.”