The Inspector General of Registration and Controller of Stamp (IGR) of the Maharashtra government’s Department of Registrations and Stamps reported that the property registrations in Pune district increased by 27 percent year-over-year (YoY) in October 2023 to 14,983 units from 16,422 in October 2022.
In September, the district had around 16,422 registered property units, up to 13,021 in August.
Additionally, from Rs 7,137 crore in October 2022 to Rs 11,808 crore in October 2023, stamp duty receipts in October of this year also saw a significant increase.
According to real estate consultancy Knight Frank India, over 122,610 properties have been registered since January. Stamp duty collections for the first ten months of this year reached Rs 4,300 crore, indicating a 12.5 percent YoY growth. Meanwhile, registrations increased by 9.5 percent to 112,610 units.
According to the statistics, the percentage of homes valued at more than Rs 1 crore rose from 9% in October 2022 to 12% in October 2023.
“The real estate market in Pune continues to be strong, driven by a positive sense for homeownership. Additionally, the growing preference of homebuyers for larger properties contributes to the vibrancy of Pune’s real estate sector. The ongoing improvements in infrastructure and the sustained expansion of economic activities will build a strong foundation in the times to come,” Shishir Baijal, Chairman and Managing Director, of Knight Frank India said.
With a substantial share of 75%, Central Pune—which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)—maintained its dominance in residential sales in October 2023. According to Knight Frank India’s research, this proportion didn’t much alter from the same time last year.
Furthermore, with 13 percent of all residential deals in October 2023, west Pune—which includes areas like Mawal, Mulshi, and Velhe—held the second-largest percentage of all residential transactions. On the other hand, the research said that as of October 2023, the combined percentage of residential sales in Pune’s north, south, and east was just 10%.
What’s being purchased?
Knight Frank India reports that in October 2023, a significant 47 percent of apartments sold were in the 500–800 square foot category, in high demand. Under 500 square feet, apartments attracted even more interest; in October 2023, they accounted for 25% of all purchases, ranking as the second most popular apartment size.
In addition, there was a noticeable trend toward bigger apartments; market share for units greater than 800 square feet increased from 23 percent in October 2022 to 28 percent in October 2023.