Pune Records 11% Drop in Property Registrations in Nov

23 Dec 2024 CW Team

Property registrations in Pune saw a decline of 11 percent year-on-year in November, totaling 13,371 units, despite robust demand, according to a report by Knight Frank India. The real estate consultancy revealed that the total registrations in November 2024 generated a revenue of Rs 475 crore for the state. This marked a fall from last year's figure of 14,988 units in the same month.

Compared to October 2024, when 20,894 units were registered, November’s figures represent a 36 percent decrease. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that Pune’s property market remains resilient, adjusting to shifting buyer preferences and market dynamics.

Rohit Gera, Managing Director of Pune-based Gera Developments, explained that the November registration drop was typically linked to sales from September. He noted that increased prices and the larger sizes of homes had led to a slight slowdown in sales, pushing home prices close to affordability limits. Gera added that fluctuations in festive dates could also have affected the figures, and it would take time to determine whether this was a temporary dip or part of a longer-term trend.

Garvit Tiwari, Director and co-founder of InfraMantra, emphasized that the decrease in property registrations doesn't signal a weak market. "The demand remains strong, and this drop may simply reflect a high base effect from last year," he said. Tiwari noted that last year had seen record-breaking sales in many Indian cities, bolstered by factors like infrastructure growth, affordability, and employment opportunities, all contributing to Pune’s thriving real estate market.

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