Pune Real Estate: Knight Frank India, in its newest evaluation famous that property registrations in Pune skilled a big enhance in October 2023, surging by 27% in comparison with the earlier 12 months. During the month, a complete of 14,983 models have been registered, up from 11,842 registrations in October 2022.
Stamp obligation collections for October 2023 additionally confirmed substantial development, rising by a powerful 11% 12 months-on-12 months, totaling Rs 495 crores. Additionally, the mixed worth of registered properties in October 2023 amounted to Rs 11,808 crores.
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On a 12 months-to-date (YTD) foundation, town has recorded a complete registration of 122,610 properties, reflecting a ten% development in comparison with 112,008 registrations in the identical interval final 12 months. Stamp obligation collections have additionally elevated by 12.5%, reaching Rs 4,306 crores. Concurrently, the general worth of registered properties in Pune has exhibited important development, surging by 36% 12 months-on-12 months to succeed in Rs 93,219 crores throughout the identical interval.
Increase in buy of Higher Value Segment (above Rs 1 crore) in October 2023
In October 2023, residential models priced between Rs 25 lakhs and Rs 50 lakhs have been essentially the most sought-after, comprising 35% of all housing transactions. Similarly, the share of properties priced between Rs 50 lakhs and Rs 1 crore stood at 32% of the market share, an in depth second to the Rs 25 lakhs and Rs 50 lakhs class.
Interestingly, the upper worth section, comprising properties priced at Rs 1 crore and above, skilled development in its market share. This section’s share elevated from 9% in October 2022 to 12% in October 2023, indicating a rising desire for properties on this value vary.
Higher demand for bigger residences sustains.
In October 2023, there was a powerful demand for residences throughout the vary of 500 to 800 sq ft, constituting a considerable 47% share. Apartments with an space underneath 500 sq ft additionally garnered important consideration, comprising 25% of transactions in October 2023, making it the second most most well-liked condo measurement.
Notably, there was a big shift in the direction of bigger residences, with these exceeding 800 sq ft experiencing a rise in market share from 23% in October 2022 to twenty-eight% in October 2023.
Shishir Baijal, chairman and MD, Knight Frank India, mentioned, “The real estate market in Pune continues to be strong, driven by a positive sense for homeownership and a favourable affordability landscape in the city. Additionally, the growing preference of homebuyers for larger properties contributes to the vibrancy of Pune’s real estate sector. Furthermore, ongoing improvements in infrastructure and the sustained expansion of economic activities will build a strong foundation for Pune’s housing market in the times to come.”
Central Pune accounted for 75% of complete residential transactions in October 2023
In October 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, sustaining its important share at 75%. This proportion remained largely unchanged in comparison with the identical interval within the earlier 12 months. West Pune, overlaying areas like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 13% of the overall in October 2023.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 10% of the overall in October 2023.
53% of homebuyers in 30- 45 years age group
Homebuyers within the age group of 30 – 45 years constituted the biggest purchaser section, holding a considerable 53% share of the market. Those underneath the age of 30 accounted for 26% of the market share, whereas homebuyers within the 45 – 60 years age class represented 16% of the market.
This distribution could be attributed to Pune’s standing as a sturdy finish-consumer market, the place people usually depend on financial institution financing to facilitate their dwelling purchases. Consequently, there’s a robust presence of pros out there, notably within the 30 – 45 years age bracket, which is the biggest section.
