March 2024 witnessed a notable surge in property registrations, marking a significant upturn in Pune’s real estate sector. According to data released by the Maharashtra government’s Department of Registrations and Stamps, there was a remarkable 52% year-on-year rise, with 21,744 properties registered compared to 14,309 in the previous year. This surge underscores heightened activity and robust growth in the market.
Stamp duty collections also experienced substantial growth, reaching Rs 804 crore in March 2024, compared to Rs 621 crore in March 2023. The total stamp duty collection for FY24 amounted to Rs 5,785 crore, indicating the buoyancy of Pune’s real estate market and its appeal to investors.
Analysis of housing transactions reveals intriguing trends in market preferences. Residential units priced between Rs 50 lakh and Rs 1 crore dominated the market in March 2024, constituting 33% of all transactions. This segment suggests a demand for mid-range housing options catering to middle-income homebuyers. Additionally, there was a notable increase in the share of properties priced under Rs 25 lakh, rising from 16% in March 2023 to 21% in March 2024, reflecting a focus on affordable housing options.
In terms of property types, apartments ranging from 500 to 800 sq ft captured the largest market share, accounting for 40% of transactions. Compact apartments under 500 sq ft also garnered considerable interest, comprising 35% of housing transactions, indicating a preference for efficiently designed living spaces.
Buyer demographics also play a significant role in shaping market dynamics. Homebuyers aged between 30 and 45 years constituted the largest segment, holding a substantial 52% share of transactions. Additionally, buyers under the age of 30 accounted for 24% of the market share, highlighting the growing influence of millennials and Gen Z in the real estate landscape.
Pune’s real estate market continues to thrive due to ongoing infrastructure developments and favorable economic conditions. Infrastructure projects such as metro expansion and road upgrades enhance connectivity and livability, driving demand for real estate. Pune’s status as a prominent IT and manufacturing hub also attracts professionals and businesses, further fueling housing demand and investment opportunities.
The surge in property registrations reflects Pune’s resilience and attractiveness to investors. With diverse housing options, shifting market preferences, and favorable conditions, Pune’s real estate sector remains poised for continued growth and development, presenting opportunities for homebuyers and investors alike to participate in its dynamic landscape.