Introduction
According to the latest reports, Pune’s real estate market has witnessed significant growth. A 46% increase in property registrations was recorded in January. Favorable economic conditions, increased migration to the city. This indicates a growing demand for properties in Pune due to a combination of factors, such as attractive real estate prices.
Table of Contents
- Increase in the Purchase of Higher Value Segments (Above 1 Cr).
- Higher Demand for Bigger Apartment
- Pune Accounts for 75% of Total Residential Transactions
- 54% of Home Buyers in the Age Group of 30-45 Years
In January 2024, property registrations in Pune increased by 46% year-on-year compared to the same month last year. A total of 17,785 properties were registered in Pune’s real estate market, reflecting the growing confidence among home buyers. In January 2024, stamp duty collections will be Rs. 589 crores. This is a significant increase compared to the previous year.
Increase in the Purchase of Higher Value Segments (Above 1 Cr).
According to a report by Night Front India, in January 2024, registrations of residential units priced between Rs 2 crore and Rs 3 crores were the highest, accounting for 32% of total housing transactions during the month. Similarly, Rs. 25 lakhs. The share of properties priced between 50 lakhs is second, with 31% of the market share.
The report said it saw growth in its market share in the high-value segment, comprising properties priced at Rs 1 crore and above. The share of this segment increased from 10% in January 2023 to 14% in January 2024, indicating a growing preference for properties in this price range.
Higher Demand for Bigger Apartment
According to a report, which was released in January 2024, the real estate market had seen a significant preference for apartments within the range of 500 to 800 square feet (sqft), accounting for a remarkable 41% share of the total transactions.
The report also stated that the second-most preferred apartment size was the one with an area under 500 sq ft, which contributed to 33% of the total transactions that took place in January 2024. This data is interesting since it indicates a growing trend towards smaller apartment sizes among buyers and renters in the real estate market.
The report further revealed that the demand for smaller apartments is driven by factors such as affordability, convenience, and the changing lifestyle preferences of people who are looking for more compact living arrangements.
Pune Accounts for 75% of Total Residential Transactions
Covering Central Pune, Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), they continued to dominate residential transactions. It maintained its significant share at 75%.
Despite being prevalent, new supply has sprung up in the rest of the city to meet the contemporary needs of the Pune home buyer. This share has slightly decreased compared to the same period of the previous year.
West Pune, covering areas like Mawal, Mulshi, and Velhe recorded the second-largest share of residential transactions, accounting for 15% of the total in January 2024. In contrast, North, South, and East Pune collectively accounted for the smallest share of residential transactions. 11% of the total in January 2024. However, their shares rose marginally at the same time last year, the report said.
54% of Home Buyers in the Age Group of 30-45 Years
According to a Knight Crank India report, home buyers in the age group of 30 to 45 years are the largest buyer segment, with a significant 54% share of the market. Under-30s account for 24% of the market share, while home buyers in the 45 to 60-year-old category account for 16% of the market.
The report attributes this distribution to Pune’s strong end-user market. People here often rely on bank financing to facilitate their home purchases. Consequently, there is a strong presence of professionals in the market. Especially people in the age group of 30 to 45 years are taking bank finance more often.
Conclusion
In January 2024, property registrations in Pune increased by 46% year-on-year compared to the same month last year. In January 2024, stamp duty collections will be Rs. 589 crores, which is a significant increase over the previous year. More and more people prefer to invest in Pune. The Pune government introduced stamp duty charges and registration charges. For more information, visit our Openplot.
Also read: Shapoorji Pallonji Group to Launch a New Residential Township in Lavale, Pune