Pune: 13,371 properties registered in November 2024, as reported by Knight Frank India, highlighting a shift towards high-value transactions | Representational Image
In a recent report by Knight Frank India, Pune recorded 13,371 property registrations in November 2024, generating Rs 475 crores for the state exchequer. This marks an 11% year-on-year (YoY) decline in registrations compared to November 2023, despite a modest 2% increase in stamp duty collections.
The discrepancy between registration numbers and revenue is attributed to a rise in high-value transactions, with properties priced at Rs 1 crore and above increasing from 12% in November 2023 to 16% in November 2024.
On a month-on-month (MoM) basis, property registrations dropped by 36% and revenue collections by 37%. This decline followed a seasonal surge in October driven by Diwali and Navratri festivities. The subdued activity in November suggests a market adjustment after October’s peak performance.
When compared to the average monthly registrations for the fiscal year 2024 (April-November), excluding the Diwali spike, November’s performance remained consistent, with an average of 13,288 registrations.
Throughout the first eleven months of 2024, Pune’s residential sector showed impressive growth, with nearly 1.75 lakh units registered, the fastest pace in two years. The city recorded 172,677 property registrations, a 25% increase from the same period in 2023. Stamp duty collections also rose significantly, exceeding Rs 6,479 crores, reflecting a 35% YoY growth.
This robust performance is driven by ongoing infrastructure development, relative affordability compared to other major cities, and a strong cultural preference for homeownership. These factors fueled a sustained demand throughout 2024.
Demand for properties priced at INR 1 crore and above surged in November 2024, with the luxury segment growing from 12% in November 2023 to 16% in November 2024. Homes in the Rs 50 lakh–1 crore range remained the most popular among homebuyers.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted, “Pune’s property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions. Despite a dip in November, Pune’s year-to-date performance remains strong, with property registrations surpassing 1.72 lakh units between January and November 2024—a 25% YoY increase—accompanied by a 35% rise in stamp duty collections. This growth underscores the city’s robust residential demand, supported by rising incomes, stable financing options, and ongoing infrastructure advancements.”
The preference for larger apartments also remained strong, with the share of apartments larger than 800 sq ft increasing from 28% in November 2023 to 32% in November 2024. This trend reflects a continued demand for bigger homes following the pandemic.
Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, contributing 81% of the market.
However, this share saw a slight dip compared to last year as new developments in other parts of the city cater to evolving homebuyer preferences. West Pune, encompassing Mawal, Mulshi, and Velhe, held the second-largest share at 12%, while North, South, and East Pune collectively accounted for 6% of transactions.
