Pune’s real estate market witnessed a significant upswing in 2023, with property registrations registering a remarkable 10% increase compared to the previous peak year. According to an analysis by Knight Frank India, the state government’s stamp duty collections for the same period reached ₹5,352 crores, showcasing a notable 10.5% year-on-year (YoY) surge.
Throughout January to December 2023, a total of 152,323 property registrations were recorded, marking a 9.6% increase compared to the previous peak year. In December 2023 alone, 14,725 property sales were registered, contributing ₹560 crores to the state government’s revenue. The YoY increase in registrations was 10%, while stamp duty revenue experienced a substantial 12% growth compared to the same period the previous year.
In December 2023, the residential real estate landscape witnessed a surge in the purchase of properties valued at ₹1 crore and above, indicating a shifting buyer preference towards higher-value properties. This segment’s market share grew from 9% in December 2022 to 12% in December 2023.
Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, accounting for 75% of total transactions in December 2023. However, there was a slight decline in its market share compared to the same period the previous year.
Apartments in the range of 500 to 800 sq ft held a substantial 40% share in December 2023, while those under 500 sq ft comprised 35% of transactions, emerging as the second most preferred size. Interestingly, there was a noticeable shift towards larger apartments, with those exceeding 1000 sq ft witnessing an increase in market share from 11% in December 2022 to 14% in December 2023.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented, “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.”
