Pune real estate market reported a 39% year-on-year (YoY) increase in property registrations that stood at 20,894 in October 2024 compared to 24,983 in September 2024. This rise was on account of the festive season beginning with Navratri 2024 on October 3 and culminating in Diwali 2024 on October 31.

 

The month-on-month property registrations also almost doubled from 11,056 property registrations in September 2024, according to data collated by the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

 

Along with property registrations, Pune real estate market also reported a spike in stamp duty collections. In October 2024, stamp duty collections touched ₹751 crore, a 52% increase against ₹495 crore collected in October 2023. Collections stood at ₹508 crore in September 2024, the data showed.

 

The festive period, starting with Navratri and culminating in Diwali, is traditionally considered auspicious for property purchases. This played a key role in driving this growth in registrations, said Knight Frank India, a real estate consultancy that collated Maharashtra IGR data.

 

Additionally, the YoY increase can be partly attributed to the base effect. Also, demand in the first 14 days of October 2023 was influenced by the Shradh period during which buyers typically refrain from major investments. This year, Shradh ended on October 2, limiting its influence to just the first two days of the month, Knight Frank India said in its analysis.

 

According to the data, in the first 10 months of 2024, Pune district's residential sector demonstrated remarkable growth, with property sale registrations surpassing 1.5 lakh units, perhaps the fastest growth in the last two years.

 

Pune district recorded 159,306 property registrations, marking a 30% increase compared to the same period in 2023. Stamp duty collections also saw a notable rise, exceeding ₹6,004 crores, reflecting a 39% YoY growth. This performance was driven by Pune’s ongoing infrastructure development, its relative affordability compared to other major cities, and a strong cultural inclination toward home ownership, all of which fueled demand throughout 2024, Knight Frank India report added.

 

However, property registrations witnessed a decline of 26% in the last four months between May to August compared to the first four months of 2024 between January to April, according to the Maharashtra IGR data.

 

However, compared to the property registration data of 2022 and 2023, the total number of units registered in 2024 were higher, according to Knight Frank India’s analysis.

 

In the first nine months of 2024, as many as 1.38 lakh properties were registered in Pune, compared to 1.07 lakh during the same period in 2023 and 1 lakh units in 2022, the data showed.

 

“Pune’s residential market demonstrated exceptional momentum in the first ten months of 2024, October further strengthened this trajectory, driven by festive demand, stable interest rates, rising preference for premium homes, and optimistic buyer sentiment. The 30% YoY increase in registrations underscores the market’s resilience, bolstered by rising incomes, accessible financing, and ongoing infrastructure advancements, cementing Pune’s position as a leading destination for homebuyers," said Shishir Baijal, chairman and managing director, Knight Frank India.

 

Pune’s housing market witnessed a rise in demand for properties priced at ₹1 crore and above. The luxury segment grew from 11% in October 2023 to 14% in October 2024. Meanwhile, homes in the ₹50 lakh to ₹1 crore range remained the most popular amongst home buyers.