Knight Frank India Highlights Pune’s Property Surge
2 min read20,894 properties registered in Oct 2024, up 39% YoY
INR 751 cr collected in stamp duty from property registrations in Oct 2024, up 52% YoY
YTD Jan – Oct, Pune has observed over 1,59,306 property registrations, up 30% YoY
PUNE: Knight Frank India, in its latest report, highlighted robust growth in Pune’s property registrations for October 2024. The city recorded over 20,894 property registrations reflecting a notable 39% increase compared to the same period last year. Stamp duty collections also witnessed a significant boost, crossing INR 751 crores (Cr) with a 52% year-on-year (YoY) growth.
The festive period, starting with Navratri and Diwali, traditionally considered auspicious for property purchases, played a key role in driving this growth in registrations. Additionally, the YoY increase can be partly attributed to the base effect; 2023 October’s first 14 days were influenced by the Shradh period, during which buyers typically refrain from major investments. This year, Shradh ended on October 2nd, limiting its influence to just the first two days of the month. days of the month.
Property registration and Stamp duty collection
PeriodRegistrations (Units)Stamp duty collection (INR cr)Oct-2314,983495Oct-2420,894751YoY Change39%52%
Property registrations, Value of property, and Stamp duty collection
Period(Jan-Oct)Total registrationStamp duty collection (INR cr)Jan to Oct 2022112,0083,827Jan to Oct 2023122,6104,306Jan to Oct 2024159,3066,0042024 YoY30%39%
Property registrations, Value of property,y, and Stamp duty collection
YearMonthTotal RegistrationStamp Duty Collection(INR Cr)2023October14,9834952023November14,9884852023December14,7255602024January17,7865892024February18,7916622024March22,1898222024April14,2445662024May12,2805472024June14,6905452024July13,7315212024August13,3975922024September11,0565082024October20,894751
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
In the first ten months of 2024, Pune’s residential sector demonstrated remarkable growth, with property sale registrations surpassing 1.5 lakh units—the fastest pace in the last two years. The city recorded 159,306 property registrations, marking a 30% increase compared to the same period in 2023. Stamp duty collections also saw a notable rise, exceeding INR 6,004 crores, reflecting a 39% 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 October 2024
Pune’s housing market saw a rise in demand for properties priced at INR 1 cr and above. The luxury segment grew from 11% in October 2023 to 14% in October 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 sizeShare in Oct 2023Share in Oct 2024Under INR 25 lakhs 21%21%INR 25 – 50 lakhs 35%31%INR 50 lakhs – 1 Cr 32%32%INR 1 Cr – 2.5 Cr11%14%INR 2.5 Cr – 5 Cr1%2%Over 5 Cr<=1%<=1%
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Pune’s residential market demonstrated exceptional momentum in the first ten months of 2024, with property registrations surpassing 1.5 lakh units—the fastest growth in two years—resulting in a 39% YoY rise in stamp duty collections. October further strengthened this trajectory, driven by festive demand, stable interest rates, rising preference for premium homes, and optimistic buyer sentiment. The 30% YoY increase in registrations underscores the market’s resilience, bolstered by rising incomes, accessible financing, and ongoing infrastructure advancements, cementing Pune’s position as a leading destination for homebuyers.”
Higher demand for larger apartments sustains
The share of apartments larger than 800 sq ft increased from 28% in October 2023 to 32% in October 2024, reflecting the continued demand for bigger homes following the pandemic experience.
Share of area for residential property transactions
Area in sq ftShare in Oct 2023Share in Oct 2024Under 50025%22%500-80047%46%800-100014%15%1000- 200012%14%Over 20002%3%
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Central Pune contributed 80% of residential transactions in October 2024
In October 2024, Central Pune—including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)—remained the primary hub for residential transactions, contributing 80% 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 7% of transactions during the same period.
Share of micro markets for residential property transactions
Micro marketShare in October 2023Share in October 2024North5%5%South3%1%East1%1%West9%12%Central82%80%
Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)
Micro MarketsZoneTalukaNorthJunnar, Ambegaon, KhedSouthBhor, Purandhar, Baramati, IndapurEastShirur, DaundWestMawal, Mulshi, VelheCentralHaveli, Pune city (Pune Municipal corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC))
About Author
