Pune real estate market hits ₹7,098 crore milestone
The Pune real estate market has witnessed an impressive resurgence in 2024, marked by a 25% increase in property registrations and a 33% rise in stamp duty revenue. According to data from the Maharashtra Inspector General of Registration (IGR), a total of 190,025 property registrations were recorded in 2024, up from 152,323 in 2023. Revenue collections surged to ₹7,098 crore, compared to ₹5,352 crore the previous year. In December alone, property registrations rose by 18% year-on-year, with 17,348 transactions generating ₹620 crore in revenue, an 11% increase compared to ₹560 crore in December 2023.
The demand for larger homes and premium properties was a standout trend, driven by shifting buyer preferences post-pandemic. Properties priced above ₹1 crore saw their market share rise from 12% in December 2023 to 15% in December 2024, reflecting a trend of premiumisation. Homes priced between ₹50 lakh and ₹1 crore remained the most sought-after, commanding 34% of the market share. Additionally, the share of apartments larger than 800 sq ft grew from 28% in December 2023 to 30% in December 2024, underscoring the sustained demand for spacious housing. This shift is largely attributed to buyers prioritising comfort and quality of life, especially as hybrid work models become the norm.
Sustainability remains a crucial perspective in Pune’s real estate growth. Central Pune, comprising Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), contributed 82% of residential transactions in December 2024. While this marked a slight decline from 2023, the emergence of projects in other regions, such as West Pune, hints at a broader, more inclusive development approach. Integrating green building practices and optimising urban infrastructure in these expanding zones could enhance long-term sustainability and reduce urban congestion.
The rise in demand for premium and spacious homes also highlights Pune’s growing reputation as an attractive destination for high-value investments. Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasised the economic stability of Pune as a driving factor. “The return to office culture has significantly influenced housing demand. The rise in premium home purchases reflects buyers’ confidence in Pune’s economic growth and development,” he stated. Furthermore, developments in suburban areas like Mawal and Mulshi demonstrate the city’s adaptability to evolving buyer preferences, ensuring a balanced urban expansion.
