Knight Frank India, in its newest evaluation, famous a gentle yr-on-yr (YoY) development in property registrations in Pune. In November 2023 property registrations elevated by 6.7% in comparison with the identical interval final yr. During the month, a complete of 14,607 models have been registered, up from 13,694 registrations in November 2022.
Stamp obligation collections for November 2023 stood at Rs 473 crores. Additionally, the mixed worth of registered properties in November 2023 amounted to Rs 13,342 crores.
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On a yr-to-date (YTD) foundation, town recorded whole registrations of 137,217 properties, reflecting a 9.2% development in comparison with 125,702 registrations in the identical interval final yr. Stamp obligation collections have additionally elevated by 10%, reaching Rs 4,779 crores in November 2023 as in comparison with the identical time final yr. Concurrently, the general worth of registered properties in Pune has exhibited vital development, surging by 38.5% yr-on-yr to succeed in Rs 106,562 crores throughout the identical interval.
Increase In The Purchase Of Higher Value Segment (above Rs 1 crore) In November 2023
In November 2023, residential models priced between Rs 25 lakhs and Rs 50 lakhs have been probably the most sought-after, comprising 33% 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 phase, comprising properties priced at Rs 1 crore and above, skilled development in its market share. This phase’s share elevated from 9% in November 2022 to 13% in November 2023, indicating a rising choice for properties on this worth vary.
Higher Demand For Larger Apartments
In November 2023, there was a powerful demand for residences throughout the vary of 500 to 800 sq ft, constituting a considerable 45% share. Apartments with an space below 500 sq ft additionally garnered vital consideration, comprising 27% of transactions in November 2023, making it the second most most popular residence 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 November 2022 to 29% in November 2023.
Shishir Baijal, Chairman and MD, Knight Frank India stated, “The enduring strength of Pune’s real estate market is a testament to the positive aspiration for homeownership and an attractive affordability setting within the city. The increasing demand for larger format properties underscores the vibrancy of Pune’s realty landscape. As the infrastructure improves and economic activity increases, the Pune residential market continues to fortify its robust foundation for a thriving residential market.”
Central Pune Accounted For 77% Of Total Residential Transactions
In November 2023, Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, sustaining its vital share at 77%. While dominant, this share has declined considerably in comparison with the identical interval within the earlier yr.
West Pune, protecting areas like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 12% of the full in November 2023.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the full in November 2023.
52% Of Homebuyers In The 30- 45 Years Age Group
Homebuyers within the age group of 30 – 45 years constituted the most important purchaser phase, holding a considerable 52% share of the market. Those below the age of 30 accounted for 26% of the market share, whereas homebuyers within the 45 – 60 years age class represented 17% of the market.
This distribution will be attributed to Pune’s standing as a sturdy finish-consumer market, the place people typically depend on financial institution financing to facilitate their house purchases. Consequently, there’s a sturdy presence of pros out there, notably within the 30 – 45 years age bracket, which is the most important phase.
