Knight Frank India’s latest report reveals a significant surge in property registrations in the Pune district during August 2023. Compared to August 2022, there was a remarkable 99% year-on-year increase, with a total of 13,021 properties registered, up from 6,544.
in August 2023, stamp duty collections also displayed robust growth, rising by an impressive 82% YoY to reach INR 423 Crores. Moreover, the cumulative value of August 2023’s registered properties amounted to INR 10,613 Crores.
On a year-to-date basis, Pune had a total registration of around 91,023 properties, indicating a 1 percent growth compared to the last year. However, stamp duty collections saw a more substantial increase, growing by 6.6% to INR 3,226 crores.
The overall value of the registered properties had surged by 25% YoY to Rs. 69,015 Cr during the same period. Notably, properties priced above INR 2.5 Crores experienced a remarkable increase of over 99% in August 2023, demonstrating strong market confidence.
In August 2023, the residential units in the price range of Rs, 25L to Rs. 50L was the most looked-after, accounting for 34% of overall housing transactions. Similarly, properties priced around Rs. 50L and Rs. 1 Cr constituted 32 percent of the market share, establishing itself as the 2nd preferred category.
Additionally, the higher-value segment, with properties priced at Rs. 1 crore and above, showed growth, increasing its market share from 9% in August 2022 to 11% in August 2023. This indicates a rising preference for properties in this price range, reflecting economic confidence.
The demand for larger apartments also grew, with those exceeding 800 square feet having an rise in market share from 26% in August 2022 to 29% in August 2023, indicating a preference for spacious living spaces.
Central Pune is still dominating residential transactions in August 2023, maintaining a significant 72% share, while West Pune had the 2nd largest share at 16%. Conversely, North, South & East Pune collectively had a smaller share of 12 percent of residential transactions.
Homebuyers in the 30 – 45 years age group constituted the largest segment at 55%, reflecting the robust end-user market of Pune with a strong presence of professionals in this age bracket.
