Pune Records 99% YoY surge in home registrations in August
01 Sep 2023
In August this year, the Pune district witnessed a remarkable 99% year-on-year (YoY) increase in home registrations, according to data released by real estate firm Knight Frank. In comparison to 6,544 registrations in August 2022, the district recorded nearly 13,021 home registrations in August 2023.
Stamp duty collections in August also saw an impressive 82% YoY rise, reaching Rs 423 crore, compared to Rs 233 crore in the same month last year. The total value of properties registered in August amounted to Rs 10,613 crore, a significant increase from Rs 3,914 crore in August the previous year.
Year-to-date (YTD) figures for Pune show a total of 91,023 property registrations, reflecting a modest 1% growth compared to the previous year. However, stamp duty collections have seen a more substantial increase of 6.6%, reaching Rs 3,226 crore.
The overall value of registered properties in Pune has exhibited significant growth, surging by 25% YoY to reach Rs 69,015 crore.
Rising Demand for Homes Priced Over Rs 1 Crore
The data also revealed an increasing demand for properties priced between Rs 1 crore and Rs 2.5 crore, with their market share rising to 10% from 8% the previous year. The highest demand, however, was for homes priced between Rs 25 lakh and Rs 50 lakh, with a market share of 34%. They were followed by homes priced between Rs 50 lakh and Rs 1 crore.
Notably, properties costing over Rs 2.5 crore saw a substantial rise of over 99% in August 2023, with 130 properties registered during the month compared to 65 units in August 2022.
Shishir Baijal, Chairman and Managing Director of Knight Frank, commented on the Pune residential market's robust performance, attributing it to the persistent aspiration for homeownership and favourable affordability conditions. He also highlighted the growing preference for spacious properties and the positive impact of ongoing infrastructure developments and increasing economic activities in Pune's housing market.
Age Demographics of Homebuyers
Homebuyers in the 30-40 age group constituted the largest buyer segment in Pune, accounting for 55% of the market share. Buyers under 30 years of age comprised 22% of the total demand, while those between 45 and 60 years of age made up 17% of the buyer demographic.
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