Pune’s property market experienced an exceptional surge in October 2024, driven by the festive season, as 20,894 property registrations were recorded, marking a 39% year-on-year (YoY) increase.
Stamp duty collections also reached ₹751 crores, a 52% YoY growth, as per the latest Knight Frank India report.
The auspicious festive period, spanning Navratri and Diwali, significantly boosted registrations, with consumer sentiment further buoyed by stable interest rates and a preference for premium housing.
Compared to October 2023, where the first 14 days were impacted by the Shradh period, this year’s October had minimal interruptions, further contributing to the high numbers.
Pune’s Real Estate by the Numbers (October 2024):
Registrations: 20,894 units (39% YoY growth)
Stamp Duty Collections: ₹751 crores (52% YoY growth)
From January to October 2024, Pune recorded over 1.59 lakh property registrations—a 30% YoY rise. Stamp duty collections for the same period crossed ₹6,004 crores, reflecting a 39% growth compared to the previous year.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked, “Pune’s residential market has demonstrated exceptional resilience and growth, driven by ongoing infrastructure advancements, rising incomes, and optimistic buyer sentiment. October’s strong performance underscores the city’s position as a key real estate destination.”
Key Market Trends:
Increased Demand for Luxury Properties: Transactions for homes priced above ₹1 crore grew from 11% in October 2023 to 14% in October 2024.
Preference for Larger Apartments: Demand for homes above 800 sq. ft. rose from 28% in 2023 to 32% in 2024, reflecting the post-pandemic shift toward spacious living.
Regional Contributions: Central Pune, including Haveli Taluka and PMC/PCMC areas, accounted for 80% of October’s transactions, while West Pune regions like Mawal and Mulshi gained traction with a 12% market share.
