The Pune real estate market showcased remarkable momentum in October 2024, recording a 39% year-on-year (YoY) rise in property registrations, totalling 20,894 transactions. This uptick, significantly higher than September’s 11,056 registrations, was primarily driven by the festive season, which traditionally marks an auspicious period for property purchases. Stamp duty collections followed suit, increasing by 52% to ₹751 crore compared to ₹495 crore in October 2023, according to Maharashtra’s Department of Registrations and Stamps.
Pune’s residential sector maintained its robust trajectory in the first 10 months of 2024, with 1.59 lakh properties registered, reflecting a 30% YoY growth. Stamp duty collections crossed ₹6,004 crore, underpinned by the city’s ongoing infrastructure advancements, relative affordability, and cultural preference for home ownership. Despite a mid-year dip in registrations, October’s resurgence affirms Pune’s position as a key real estate hub. Insights from Knight Frank India attribute this growth to a stable interest rate environment, growing incomes, and the rising preference for premium homes.
The market’s sustainability-focused developments are a noteworthy highlight. Pune’s growing infrastructure is being shaped by eco-friendly projects and green-certified buildings, catering to an environmentally conscious buyer base. Developers are increasingly integrating renewable energy sources and sustainable materials into their projects, ensuring long-term urban resilience and aligning with global ESG goals.
From a civic angle, Pune’s housing market continues to transform the urban landscape, addressing both the increasing demand for housing and the challenges of infrastructure overload. The rising demand for properties priced at ₹1 crore and above, which grew from 11% to 14% in the last year, underscores the shift towards luxury living. Simultaneously, mid-range homes priced between ₹50 lakh to ₹1 crore remain the most sought after, reflecting a diverse market catering to various buyer profiles.