- Pune recorded registrations of 1,72,677 properties between Jan – Nov 24, a 25% YoY increase
- Property registrations during the same period generated stamp duty collections exceeding INR 6,479 crore, reflecting a 35% YoY growth
PUNE: Knight Frank India, in its latest report, noted that Pune recorded 13,371 property registrations in November 2024, generating INR 475 crores in revenue for the state exchequer. Compared to November 2023, property registrations fell by 11% YoY, while stamp duty collections saw a modest 2%. This decline in revenue compared to registrations can be attributed to an increase in high-value transactions. The share of properties valued at INR 1 crore and above rose from 12% in November 2023 to 16% in November 2024.
On a month-on-month (MoM) basis, property registrations decreased by 36%, and revenue collections dropped by 37%. This trend can be attributed to the seasonal surge in October, driven by the festive activities of Diwali and Navratri. The more subdued activity in November likely reflects a market adjustment following October’s heightened performance.
However, when compared to the average monthly registrations in FY24 (April-November), excluding the outlier month of Diwali, the average registrations stood at 13,288. By this measure, November remained broadly consistent, with 13,371 property registrations recorded.
Property registration and Stamp duty collection
Period | Registrations (Units) | Stamp duty collection (INR cr) | |||
Nov-23 | 14,988 | 485 | |||
Nov-24 | 13,371 | 475 | |||
YoY Change | -11% | -2% |
Property registrations, Value of property, and Stamp duty collection
Period(Jan-Nov) | Total registration | Stamp duty collection (INR cr) |
Jan to Nov 2022 | 125,702 | 4,344 |
Jan to Nov 2023 | 137,598 | 4,791 |
Jan to Nov 2024 | 172,677 | 6,479 |
2024 YoY | 25% | 35% |
Property registrations, Value of property, and Stamp duty collection
Year | Month | Total Registration | Stamp Duty Collection(INR Cr) |
2023 | November | 14,988 | 485 |
2023 | December | 14,725 | 560 |
2024 | January | 17,786 | 589 |
2024 | February | 18,791 | 662 |
2024 | March | 22,189 | 822 |
2024 | April | 14,244 | 566 |
2024 | May | 12,280 | 547 |
2024 | June | 14,690 | 545 |
2024 | July | 13,731 | 521 |
2024 | August | 13,397 | 592 |
2024 | September | 11,056 | 508 |
2024 | October | 20,894 | 751 |
2024 | November | 13,371 | 475 |
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
In the eleven months of 2024, Pune’s residential sector demonstrated remarkable growth, with property sale registrations nearing 1.75 lakh units—the fastest pace in the last two years. The city recorded 172,677 property registrations, marking a 25% increase compared to the same period in 2023. Stamp duty collections also saw a notable rise, exceeding INR 6,479 crores, reflecting a 35% YoY growth.
This impressive performance was driven by Pune’s ongoing infrastructure development, its relative affordability compared to other major cities, and a strong cultural inclination toward homeownership, all of which fueled robust demand throughout 2024.
Demand for homes priced INR 1 cr and above surged in November 2024 |
Pune’s housing market saw a rise in demand for properties priced at INR 1 cr and above. The luxury segment grew from 12% in November 2023 to 16% in November 2024. Meanwhile, homes in the INR 50 lakh–1 cr range remained the most popular amongst home buyers.
Share of ticket size for residential property transactions
Ticket size | Share in Nov 2023 | Share in Nov 2024 |
Under INR 25 lakhs | 22% | 21% |
INR 25 – 50 lakhs | 33% | 31% |
INR 50 lakhs – 1 Cr | 32% | 32% |
INR 1 Cr – 2.5 Cr | 11% | 14% |
INR 2.5 Cr – 5 Cr | 1% | 2% |
Over 5 Cr | <=1% | <=1% |
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Shishir Baijal, Chairman and Managing Director, of Knight Frank India, said, “Pune’s property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions. In November 2024, recorded a dip in both registrations and in revenue collection, but Pune’s year-to-date (YTD) 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. Notably, Pune’s residential market demonstrates increasing preference for premium homes and long-term investments, reinforcing its position as a leading destination for homebuyers in India”.
Higher demand for larger apartments sustains |
The share of apartments larger than 800 sq ft increased from 28% in November 2023 to 32% in November 2024, reflecting the continued demand for bigger homes following the pandemic experience.
Share of area for residential property transactions
Area in sq ft | Share in Nov 2023 | Share in Nov 2024 |
Under 500 | 28% | 23% |
500-800 | 44% | 45% |
800-1000 | 13% | 14% |
1000- 2000 | 12% | 15% |
Over 2000 | 3% | 3% |
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Central Pune contributed 80% of residential transactions in November 2024 |
In November 2024, 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 Pune’s 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 during the same period.
Share of micro markets for residential property transactions
Micro market | Share in November 2023 | Share in November 2024 |
North | 5% | 4% |
South | 3% | 1% |
East | 1% | 1% |
West | 9% | 12% |
Central | 82% | 81% |
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Micro Markets | |
Zone | Taluka |
North | Junnar, Ambegaon, Khed |
South | Bhor, Purandhar, Baramati, Indapur |
East | Shirur, Daund |
West | Mawal, Mulshi, Velhe |
Central | Haveli, Pune city (Pune Municipal corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC)) |