Knight Frank India Reports Pune’s Impressive 13,371 Property Registrations and INR 475 Crore Stamp Duty in November 2024

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

PeriodRegistrations (Units)Stamp duty collection (INR cr)Nov-2314,988485Nov-2413,371475YoY Change-11%-2%

Property registrations, Value of property, and Stamp duty collection

Period(Jan-Nov)Total registrationStamp duty collection (INR cr)Jan to Nov 2022125,702 4,344Jan to Nov 2023137,598 4,791Jan to Nov 2024172,677 6,4792024 YoY25%35%

Property registrations, Value of property, and Stamp duty collection

YearMonthTotal RegistrationStamp Duty Collection(INR Cr)2023November14,9884852023December14,7255602024January17,7865892024February18,7916622024March22,1898222024April14,2445662024May12,2805472024June14,6905452024July13,7315212024August13,3975922024September11,0565082024October20,8947512024November13,371475

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 sizeShare in Nov 2023Share in Nov 2024Under INR 25 lakhs 22%21%INR 25 – 50 lakhs 33%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, 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 ftShare in Nov 2023Share in Nov 2024Under 50028%23%500-80044%45%800-100013%14%1000- 200012%15%Over 20003%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 marketShare in November 2023Share in November 2024North5%4%South3%1%East1%1%West9%12%Central82%81%

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))

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