Pune is seeing a constant growth in the acquisition of property, this year's January saw the second-highest monthly growth in the past 24 months. Knight Frank India, in its most recent assessment, found that 17785 homes were registered in Pune at the beginning of January. This is an increase of 46% when compared with the previous month.
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The stamp duty collection in this time frame amounted to 589 crores. This is an impressive 34% year-over-year growth for January.
In the overall transactions recorded, 70% involved home purchases. This reflects the trust among buyers in Pune due to the favorable pricing and positive expectations regarding property ownership, the report stated.
The increase in the acquisition of the High-Value Segment (above the value of Rs. 1 crore) beginning in January 2024.
In the month of January 2024, registration of houses that cost between 50 and one crore was the highest, accounting for 32% of the total residential transactions during the month. In the same way, the proportion of houses priced between 25 lakhs and Rs 50 lakhs was 31% of the market share. This was just a second.
Incredibly, the more expensive segment, which comprises properties priced above Rs. 1 crore or over, saw an increase in market share. Its share grew from 10 percent in January 2023, to 14% by January 2024, which indicates a growing preference to properties within this range of prices.
Higher demand for larger apartments sustains
In the month of January 2024, homes that ranged from 500-800 square feet were able to boast a significant 41% of the market. The apartments that are smaller than 500 square feet also received an enormous amount of attention. These apartments accounted for 33% of the transactions that took place in January 2024. This makes it the second most sought-after dimension for apartments.
There was also an increase in the number of apartment sizes, with homes that exceed 1000 square feet registering the highest market share, from 12 percent from January 2023 up to 14% by January 2024.
Shishir Baijal director and chairman of Knight Frank India, said, "Pune's real estate market continues to show growth driven by a fervent need for homeowners as well as a high affordability and a positive working environment for businesses in the city. In January of 2024, there was an impressive 46% increase year-on-year growth in registrations. This indicates that the year is on track to be a successful year. Rising demand to purchase larger houses reflects the continued growth of the real estate market in Pune.
Furthermore, the increase in the area of homes with prices higher than 1 Crore is a gauge of Pune's economic basic principles, which allows prospective purchasers to take on longer-term investment decisions and open them to investments with high value. In the midst of ongoing improvements to infrastructure as well as economic growth, the Pune real estate market is consolidating its solid foundation and setting the stage for an energizing property market."
Central Pune accounted for 75% of the total residential transactions for January 2024.
In January 2024 Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC) as well as Pimpri Chinchwad Municipal Corporation (PCMC) was still the most dominant in residential sales, retaining its substantial share of 75 percent. Although it is dominant, the percentage has decreased somewhat when compared to similar times prior to the year, as increasing supply across the remainder of the city is increasingly meeting the demands of today's Pune homeowner. \
West Pune, covering regions that include Mawal, Mulshi, and Velhe had the second-highest portion of residential transactions representing 15% of all transactions for January 2024.
However, North, South, and East Pune collectively held a lower proportion of residential transactions. It was one-fifth of the total of January 2024. However, their share has seen slight growth over an identical period last year.
Buyers in the range between 30 and 45 represented the most lucrative buyer segment with the largest share of 54% of the market. People under 30 comprised 24 percent of the market and homebuyers who fell between 45 and 60 years old category accounted for one-third in the overall market.
The reason for this is due to Pune's reputation as an extremely thriving end-user market that relies for bank loans to fund their house purchases. This is why there's prominent presence of professionals within this market, especially those in the 30-45 year old age group which is the most populated segment.