Pune Real Estate Market Witnesses 23% YoY Increase in Registrations in February 2024

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In a significant development for the Pune real estate sector, February 2024 saw a remarkable surge in property registrations, marking a 23% year-on-year increase compared to the same period in 2023. According to data from the Maharashtra government’s Department of Registrations and Stamps, a total of 17,570 units were registered in February 2024, up from 14,284 units registered in February 2023.

This surge in registrations was accompanied by substantial growth in stamp duty collections, which rose to Rs 620 crore in February 2024 from Rs 517 crore in February 2023. These figures underscore the robust demand and activity within the Pune real estate market.

Residential units priced between Rs 50 lakh and Rs 1 crore emerged as the dominant segment, constituting 32% of all housing transactions in February 2024. Notably, there was a notable uptick in the market share of properties priced at Rs 1 crore and above, signaling a growing preference for higher-value properties.

Analysis from Knight Frank India revealed that apartments ranging from 500 to 800 sq ft commanded a significant share of total registrations, accounting for 40% of transactions. Similarly, apartments with an area under 500 sq ft attracted considerable interest, comprising 35% of registrations.

The demographic landscape of the Pune real estate market also saw interesting trends, with individuals aged between 30 and 45 years forming the largest buyer segment, holding a substantial 53% share. This demographic group's preference for homeownership is indicative of Pune's attractiveness as a residential destination.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed optimism about Pune's real estate market, citing strong demand for homeownership, favorable affordability, and a supportive business environment as key drivers of growth.

Overall, the surge in property registrations and stamp duty collections in February 2024 underscores Pune's position as a vibrant and dynamic real estate market, poised for further expansion and development.