Pune has seen a gentle enhance in property acquisition and with January 2024 recording the second-finest month-to-month efficiency within the final 24 months. Knight Frank India, in its newest evaluation, famous that 17,785 properties have been registered in Pune in January indicating a considerable rise of 46% in comparison with the identical month final 12 months.
Stamp obligation collections throughout this era amounted to Rs 589 crores, marking a notable 34% 12 months-on-12 months enhance for January.
Also Read: Will Home Prices Be Affordable Again? Housing Market Predictions For 2024
Of the full transactions registered 70% have been for residential purchases, reflecting the arrogance amongst homebuyers in Pune, pushed by beneficial affordability and a optimistic outlook on property possession, the report mentioned.
Increase within the buy of Higher Value Segment (above Rs 1 crore) in January 2024
In January 2024, registration of residential items priced between Rs 50 lakhs and Rs 1 crore was the very best, comprising 32% of all housing transactions within the month. Similarly, the share of properties priced between Rs 25 lakhs and Rs 50 lakhs stood at 31% of the market share, a detailed second.
Interestingly, the upper worth phase, comprising properties priced at Rs 1 crore and above, skilled progress in its market share. This phase’s share elevated from 10% in January 2023 to 14% in January 2024, indicating a rising choice for properties on this worth vary.
Higher demand for bigger flats sustains
In January 2024, flats throughout the vary of 500 to 800 sq ft, had a considerable 41% share. Apartments with an space beneath 500 sq ft additionally garnered important consideration, comprising 33% of transactions in January 2024, making it the second most most popular condominium dimension.
Notably, there was a major shift in direction of bigger flats, with these exceeding 1000 sq ft experiencing a rise in market share from 12% in January 2023 to 14% in January 2024.
Shishir Baijal, chairman and MD, Knight Frank India, mentioned, “Pune’s real estate market continues to demonstrate growth, buoyed by a strong desire for homeownership, an attractive affordability level, and a supportive business environment in the city. January 2024 saw a robust 46% year-over-year increase in registrations, signalling a promising start to the year. The rising preference for larger properties reflects the dynamic nature of Pune’s real estate market.
Additionally, the incremental growth in the category of properties priced higher than Rs 1 Crore also serves as a fine indicator of the city’s economic fundamentals, enabling buyers to make longer-term financial commitments and expose themselves to high-value investments. With ongoing infrastructure improvements and economic growth, Pune’s residential market is consolidating its strong foundation, laying the groundwork for a thriving real estate sector.”
Central Pune accounted for 75% of whole residential transactions in January 2024
In January 2024, 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%. While dominant, this share has declined considerably in comparison with the identical interval within the earlier 12 months as new provide in the remainder of town more and more meets the modern wants of the Pune homebuyer.
West Pune, overlaying areas like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 15% of the full in January 2024.
Conversely, North, South, and East Pune collectively held a smaller share of residential transactions, comprising 11% of the full in January 2024, albeit their shares have seen a marginal rise over the identical time final 12 months.
54% of homebuyers in 30- 45 years age group
Homebuyers within the age group of 30 – 45 years constituted the most important purchaser phase, holding a considerable 54% share of the market. Those beneath the age of 30 accounted for twenty-four% of the market share, whereas homebuyers within the 45 – 60 years age class represented 16% of the market.
This distribution might be attributed to Pune’s standing as a sturdy finish-consumer market, the place people typically depend on financial institution financing to facilitate their residence purchases. Consequently, there’s a robust presence of pros available in the market, significantly within the 30 – 45 years age bracket, which is the most important phase.
