by THO
Pune’s real estate market reported a 25% spike in the total number of property registrations throughout 2024, with 190,025 property registrations compared to 152,323, and a 33% revenue increase to ₹7,098 crore from ₹5,352 crores, according to data from the Maharashtra Maharashtra IGR (Inspector General of Registration).
On a year-on-year (YoY) basis, property registrations increased by 18% to 17,348 property registrations in December 2024 from 14,725 in December 2023. On the revenue collections end, there was an increase of 11% from ₹560 crore in December 2023 to ₹620 crore in December 2024.
Demand for homes priced ₹1 crore and above surged in December 2024
Pune’s housing market saw a rise in demand for properties priced at ₹1 crore and above. The share of this segment grew from 12% in December 2023 to 15% in December 2024. Meanwhile, homes in the ₹50 lakh—1 crore range remained the most popular among home buyers, with a 34% market share, according to the analysis done by Knight Frank India, a real estate consultancy firm.
The share of apartments larger than 800 sq ft increased from 28% in December 2023 to 30% in December 2024, reflecting the sustained demand for larger homes following the pandemic.
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“The Pune residential market has demonstrated remarkable growth over the past few quarters, driven primarily by end-user purchases. The return to office by companies has generated an upswing in housing requirements. Notably, the market has witnessed a trend of premiumization, with homes priced above ₹1 crore gaining a higher share, reflecting the long-term confidence of both buyers and developers in the city’s economic stability and growth,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Central Pune contributed 80% of residential transactions in December 2024
According to the Knight Frank India report, in December 2024, Central Pune—including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)— continued to dominate residential transactions, contributing 82% of the market.
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However, this marked a slight decline from the previous year, as new developments in other parts of the city began addressing Pune’s evolving homebuyer preferences. West Pune, encompassing Mawal, Mulshi, and Velhe, held the second-largest share at 11%, while North, South, and East Pune collectively accounted for 7% of transactions during the same period, the report added.
