In its latest assessment, Knight Frank India revealed a robust performance in Pune’s real estate sector, with property registrations from January to December 2023 reaching a total of 152,323 units. This marks a significant 9.6% increase compared to the previous peak year, showcasing the city’s resilience and buoyancy in the property market. The total amount collected in stamp duty for the year amounted to INR 5,352 crores, exhibiting a substantial 10.5% year-on-year (YoY) increase.
In December 2023 alone, Pune witnessed 14,725 property sales, contributing INR 560 crores to the State Government’s revenue. While property registrations experienced a notable 10% rise YoY, revenue from stamp duty saw an even more impressive increase, surging by 12% compared to the same period the previous year.
Homebuyers in Pune continue to demonstrate confidence in the property market, driven by supportive affordability and a positive sentiment towards homeownership. This confidence has translated into a significant upsurge in property registrations within Pune, reflecting a promising trend for the local real estate sector.
Property registrations and Stamp duty collection
| YTD | Total registration | Stamp duty collection (INR cr) |
| 2022 | 139,032 | 4,843 |
| 2023 | 152,323 | 5,352 |
| YoY Change | 9.6% | 10.0% |
Property registrations and Stamp duty collection
| Year | Month | Total Registration | Stamp Duty CollectionCr |
| 2022 | December | 13,330 | 499 |
| 2023 | January | 12,166 | 441 |
| 2023 | February | 14,284 | 517 |
| 2023 | March | 14,309 | 621 |
| 2023 | April | 8,758 | 319 |
| 2023 | May | 8,958 | 283 |
| 2023 | June | 8,913 | 278 |
| 2023 | July | 10,614 | 344 |
| 2023 | August | 13,021 | 423 |
| 2023 | September | 16,604 | 585 |
| 2023 | October | 14,983 | 495 |
| 2023 | November | 14,988 | 485 |
| 2023 | December | 14,725 | 560 |
Increase in purchase of Higher Value Segment (above INR 1 crore) in December 2023
In December 2023, residential units priced between INR 50 lakhs and INR 1 crore were the most sought-after, comprising 34% of all housing transactions. Similarly, the share of properties priced between INR 25 lakhs and INR 50 lakhs stood at 31% of the market share, a close second to the INR 50 lakhs and INR 1 crore category.
Interestingly, the higher value segment, comprising of properties priced at INR 1 crore and above, experienced growth in market share. This segment’s share increased from 9% in December 2022 to 12% in December 2023, indicating a rising buyer preference for properties in this price range.
Share of ticket size for residential property transactions
| Ticket size | Share in December 2022 | Share in December 2023 |
| Under INR 25 lakhs | 20% | 22% |
| INR 25 – 50 lakhs | 37% | 31% |
| INR 50 lakhs – 1 Cr | 33% | 34% |
| INR 1 Cr – 2.5 Cr | 8% | 11% |
| INR 2.5 Cr – 5 Cr | 1% | 1% |
| Over 5 Cr | <0% | <0% |
Higher demand for larger apartments sustains.
In December 2023, apartments within the range of 500 to 800 sq ft, had a substantial 40% share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 35% of transactions in December 2023, making it the second most preferred apartment size.
Notably, there was a significant shift towards larger apartments, with those exceeding 1000 sq ft experiencing an increase in market share from 11% in December 2022 to 14% in December 2023.
Share of area for residential property transactions
| Area in sq ft | Share in December 2022 | Share in December 2023 |
| Under 500 | 28% | 35% |
| 500-800 | 49% | 40% |
| 800-1000 | 12% | 12% |
| 1000- 2000 | 10% | 11% |
| Over 2000 | 1% | 3% |
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Pune’s real estate market’s growth underscores the strong desire for homeownership and the appealing affordability factor within the city. This trend is evident in the notable surge in both property registrations and stamp duty collections throughout 2023. The growing preference for larger properties highlights the dynamism of Pune’s realty market. With ongoing enhancements in infrastructure and a rise in economic activity, the residential market in Pune is solidifying its sturdy base, paving the way for a flourishing real estate sector.”
Central Pune accounted for 75% of total residential transactions in December 2023
In December 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, maintaining its significant share at 75%. While dominant, this share has declined somewhat compared to the same period in the previous year as new supplies in the rest of the city increasingly meets the contemporary needs of the Pune homebuyer. West Pune, covering regions like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 15% of the total in December 2023.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the total in December 2023.
Share of micro markets for residential property transactions
| Micro market | Share in December 2022 | Share in December 2023 |
| North | 5% | 6% |
| South | 3% | 3% |
| East | 1% | 2% |
| West | 12% | 15% |
| Central | 80% | 75% |
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India
| Micro markets | |
| Zone | Taluka |
| North | Junnar, Ambegaon, Khed |
| South | Bhor, Purandhar, Baramati, Indapur |
| East | Shirur, Daund |
| West | Mawal, Mulshi, Velhe |
| Central | Haveli, Pune city (Pune Municipal corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC)) |
52% of homebuyers in 30- 45 years age group
Homebuyers in the age group of 30 – 45 years constituted the largest buyer segment, holding a substantial 52% share of the market. Those under the age of 30 accounted for 25% of the market share, while homebuyers in the 45 – 60 years age category represented 18% of the market.
This distribution can be attributed to Pune’s status as a robust end-user market, where individuals often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market, particularly in the 30 – 45 years age bracket, which is the largest segment.
Age profile of buyers
| Age | Share in December 2022 | Share in December 2023 |
| 30 and under | 23% | 25% |
| 30 – 45 | 55% | 52% |
| 45 – 60 | 17% | 18% |
| Over 60 | 5% | 6% |
