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In August this year, Pune district reported a 99 per cent year-on-year (YoY) jump in home registrations, data released by real estate Knight Frank on Wednesday showed. As compared to 6,544 registrations in August 2022, the district registered nearly 13,021 homes in August this year.
There was also an impressive 82 per cent YoY rise in the stamp duty collections in August to Rs 423 crore from Rs 233 crore in the same month last year. The total value of the properties registered in August stood at Rs 10,613 crore. It was substantially higher than Rs 3,914 crore in August last year.
On a year-to-date (YTD) basis, the city has recorded a total registration of 91,023 properties, reflecting a modest 1 per cent growth compared to the previous year. However, stamp duty collections have shown a more substantial increase of 6.6 per cent, reaching Rs 3,226 crore.
The overall value of registered properties in Pune has exhibited significant growth, surging by 25 per cent YoY to reach Rs 69,015 crore.
Increasing demand for homes costing over Rs 1 crore
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The data revealed a rising appetite for homebuyers for properties priced between Rs 1 crore and Rs 2.5 crore. The market share of these homes jumped to 10 per cent from 8 per cent last year.
The highest demand, however, was for homes priced between Rs 25 lakh and 50 lakh with a market share of 34 per cent. They were followed by homes priced between Rs 50 lakh and Rs 1 crore.
Interestingly, homes costing over Rs 2.5 crore saw a rise of over 99 per cent in August 2023 with 130 properties registered in the month against 65 units in August 2022.
"The Pune residential market continues to thrive, driven by a persistent aspiration for homeownership and a favourable affordability landscape within the city. Moreover, the growing preference among homebuyers for spacious properties further enhances the dynamism of Pune's real estate sector," said Shishir Baijal, chairman and managing director of Knight Frank.
"Additionally, ongoing infrastructure developments and increasing economic activities consistently bolster the resilience of Pune's housing market."
55 per cent of homebuyers in 30- 45 years age group
Homebuyers in the age group of 30-40 years constituted the largest buyer segment in Pune with a market share of 55 per cent. It was followed by a 22 per cent share of the buyers aged under 30 years of age. Buyers aged between 45 and 60 years accounted for 17 per cent of the total demand.
