Pune Real Estate Witnesses 46% Surge in Registrations: Boost for Rs 50 Lakh – Rs 1 Crore Housing Segment

In a significant uptick for Pune’s real estate sector, the Inspector General of Registration and Controller of Stamp (IGR), the Maharashtra government’s Department of Registrations and Stamps, has reported a robust 46% year-over-year increase in property registrations in January 2024. The surge, particularly in the Rs 50 Lakh – Rs 1 Crore housing segment, suggests a growing appetite for real estate investments in the city.

Key Highlights:

1. Strong Registration Growth: January 2024 witnessed 17,700 registered property units, marking a substantial rise from the 12,166 units recorded in the same month in 2023.
2. Stamp Duty Revenue Boost: Stamp duty collections saw a noteworthy increase from Rs 441 crore in January 2023 to Rs 589 crore in January 2024, indicating enhanced revenue generation.
3. Resilient December 2023 Performance: The preceding month, December 2023, registered 14,725 property units in the district, generating a significant Rs 560 crore in stamp duty revenue.
4. Yearly Overview by Knight Frank India: Knight Frank India’s analysis revealed a total of 152,323 property registrations in Pune district in 2023, with stamp duty collections amounting to Rs 5,351 crore.
5. Shift in Market Dynamics: In January 2024, residential units priced between Rs 50 lakh and Rs 1 crore dominated the market with a 32% share, showcasing a preference for this housing segment. Properties priced between Rs 25 lakh and Rs 50 lakh closely followed with a 31% market share.

Detailed Insights:

• Apartment Size Preferences: Apartments with 500–800 square feet constituted a significant 41% of the market, while sizes below 500 square feet secured a 33% share, making it the second most popular category. Larger apartments, exceeding 1,000 square feet, witnessed a rise in market share from 12% in January 2023 to 14% in January 2024.
• Buyer Demographics: Individuals between the ages of thirty and forty-five emerged as the predominant buyer demographic, representing 54% of the market. Buyers under thirty constituted 24%, and those between forty and sixty accounted for 16%.