Property registrations in Pune real estate market report 11% year-on-year decline in November and stamp duty collections fall 2%

The Pune real estate market reported an 11% decline in total property registrations in November 2024, with 13,371 property registrations, and a 2% decline in revenue to ₹$475 million ₹485 crore, according to Maharashtra government data.

Pune real estate market reported 11% decline in total property registrations in November 2024 (Mehul R Thakkar/HT)

On a month-on-month (MoM) basis, property registrations decreased by 36% from 20,894 property registrations in October 2024, and revenue collections fell by 37% from 20,894 property registrations in October 2024. ₹751 million.

This trend can be attributed to the seasonal surge in the month of October, driven by the festive activities of Diwali 2024 and Navratri 2024. According to a report published by Knight Frank India, a real estate consultancy firm, the more subdued activity in November likely reflects a market adjustment after October’s increased performance.

However, compared to the average monthly registrations in FY24 (April-November), excluding the outlier month of Diwali, the average registrations stood at 13,288. By this measure, the report indicates that November remained generally stable, with 13,371 property registrations recorded.

Is the Pune real estate market performance in 2024 better than in 2023?

According to the report, the Pune real estate market performed better during the first 11 months of 2024 than during the same period of 2023.

Over the eleven months of 2024, Pune’s residential sector has demonstrated remarkable growth, with property sales recording close to 1.75 lakh units, the fastest pace in the last two years. Pune district recorded 172,677 property registrations, an increase of 25% compared to the same period in 2023.

Stamp duty revenues also saw a notable increase, surpassing ₹6,479 crore, reflecting a growth of 35% year-on-year.

Pune’s continued infrastructure development has led to this impressive performance, its relative affordability compared to other major cities and a strong cultural inclination towards homeownership, all of which have fueled robust demand throughout 2024 , according to the Knight Frank India report.

“The Pune real estate market continues to see stable listings, adapting to changing buyer preferences and market conditions. Pune’s year-to-date performance remains strong. This growth highlights the city’s strong residential demand, supported by rising incomes, stable financing options and continued advancements in infrastructure. The Pune residential market notably demonstrates a growing preference for premium homes and long-term investments, thereby strengthening its position as a leading destination for home buyers in India,” said Shishir Baijal, Chairman and Managing Director by Knight Frank India.

The demand for housing estimated at ₹1 crore and above report increase in registrations in November 2024

Pune Real Estate Market There has been an increase in demand for properties priced at ₹1 crore and above. The luxury segment increased from 12% in November 2023 to 16% in November 2024. At the same time, the report indicates that homes in the ₹50 million ₹The 1 crore range remained the most popular among homebuyers.

As of November 2024, data reveals that in Pune district, Pune core areas including Haveli Taluka, Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) remained the major hub for residential transactions, contributing at 81% of the market. .

However, this share saw a slight decline compared to last year as new developments in other parts of the city cater to the changing preferences of Pune’s homebuyers. West Pune, comprising Mawal, Mulshi and Velhe, had the second largest share at 12%, while North, South and East Pune collectively accounted for 6% of transactions during the same period.