by THO
Pune’s real estate market reported an 11% fall in the total number of property registrations in November 2024, with 13,371 property registrations, and a 2% revenue fall to ₹475 crore from ₹485 crore, according to data from the Maharashtra government.
On a month-on-month (MoM) basis, property registrations decreased by 36% from 20,894 property registrations in October 2024, and revenue collections dropped by 37% from ₹751 crore.
This trend can be attributed to the seasonal surge in October, driven by the festive activities of Diwali 2024 and Navratri 2024. According to a report released by Knight Frank India, a real estate consultancy firm, the more subdued activity in November likely reflects a market adjustment following October’s heightened performance.
However, when compared to the average monthly registrations in FY24 (April-November), excluding the outlier month of Diwali, the average registrations stood at 13,288. By this measure, the report said November remained broadly consistent, with 13,371 property registrations recorded.
Is the Pune real estate market’s performance in 2024 better than in 2023?
According to the report, the Pune real estate market performed better in the first 11 months of 2024 than in the same period of 2023.
In the eleven months of 2024, Pune’s residential sector demonstrated remarkable growth, with property sale registrations nearing 1.75 lakh units—the fastest pace in the last two years. Pune district recorded 172,677 property registrations, marking a 25% increase compared to the same period in 2023.
Stamp duty collections also saw a notable rise, exceeding ₹6,479 crores, reflecting a 35% YoY growth.
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Pune’s ongoing infrastructure development drove this impressive performance, its relative affordability compared to other major cities, and a strong cultural inclination toward homeownership, all of which fueled robust demand throughout 2024, the Knight Frank India report said.
“Pune’s property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions. Pune’s year-to-date (YTD) performance remains strong. This growth underscores the city’s robust residential demand, supported by rising incomes, stable financing options, and ongoing infrastructure advancements. Notably, Pune’s residential market demonstrates increasing preference for premium homes and long-term investments, reinforcing its position as a leading destination for homebuyers in India,” said Shishir Baijal, chairman and managing director of Knight Frank India.
Demand for homes valued at ₹1 crore and above report an increase in registrations in November 2024
Pune’s housing market witnessed a rise in demand for properties priced at ₹1 crore and above. The luxury segment grew from 12% in November 2023 to 16% in November 2024. Meanwhile, the report said homes in the ₹50 lakh ₹1 crore range remained the most popular amongst home buyers.
In November 2024, the data reveals that in Pune district, central Pune areas, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, contributing 81% of the market.
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However, this share saw a slight dip compared to last year, as new developments in other parts of the city cater to Pune’s evolving homebuyer preferences. West Pune, encompassing Mawal, Mulshi, and Velhe, held the second-largest share at 12%, while North, South, and East Pune collectively accounted for 6% of transactions during the same period.
