India Post Daily
Buisness

Pune Real Estate Is Heating Up: January Record Increases in Registrations by 46%, According to Report

<p>Property buying in Pune has been steadily rising, with January 2024 registering as the second-best monthly performance over the previous 24 months. According to Knight Frank India’s most recent analysis, 17,785 properties were registered in Pune in January, a significant increase of 46% over the same month the previous year.</p>
<p><img decoding=”async” class=”alignnone wp-image-407231″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-pune-real-estate-is-heating-up-january-record-increases-in-registrations-by-46-acc.jpg” alt=”theindiaprint.com pune real estate is heating up january record increases in registrations by 46 acc” width=”1004″ height=”669″ title=”Pune Real Estate Is Heating Up: January Record Increases in Registrations by 46%, According to Report 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-pune-real-estate-is-heating-up-january-record-increases-in-registrations-by-46-acc.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-pune-real-estate-is-heating-up-january-record-increases-in-registrations-by-46-acc-150×100.jpg 150w” sizes=”(max-width: 1004px) 100vw, 1004px” /></p>
<p>During this time, stamp duty revenues were Rs 589 crores, a significant 34% rise in January over the previous year.</p>
<p>According to the research, 70% of all transactions were for residential purchases, indicating Pune’s homebuyers’ confidence, which is fueled by the city’s favorable affordability and optimistic perspective on property ownership.</p>
<p>Increased Higher Value Segment purchases (above Rs 1 crore) starting in January 2024</p>
<p>The greatest number of residential units registered in January 2024 were those priced between Rs 50 lakhs and Rs 1 crore, accounting for 32% of all housing transactions during that month. In a similar vein, the market share of houses priced between Rs 25 lakhs and Rs 50 lakhs was close behind at 31%.</p>
<p>It’s interesting to note that the market share of houses priced at Rs 1 crore and above, which make up the higher value sector, increased. The percentage of this sector grew from 10% in January 2023 to 14% in January 2024, suggesting that buyers are becoming more interested in homes in this price range.</p>
<p>Greater demand keeps bigger flats in demand.</p>
<p>The percentage of flats between 500 and 800 square feet was a significant 41% in January 2024. The second most popular apartment size in January 2024 was under 500 square feet, accounting for 33% of sales. These apartments attracted a lot of interest as well.</p>
<p>Significantly, there was a move toward bigger apartments; market share for units greater than 1000 square feet increased from 12% in January 2023 to 14% in January 2024.</p>
<p>“Pune’s real estate market continues to demonstrate growth, buoyed by a strong desire for homeownership, an attractive affordability level, and a supportive business environment in the city,” said Shishir Baijal, chairman and MD of Knight Frank India. A strong 46% year-over-year gain in registrations in January 2024 indicated a positive start to the year. The dynamic character of Pune’s real estate market is reflected in the growing appetite for bigger residences.</p>
<p>A good indication of the city’s economic fundamentals is also provided by the incremental rise in the category of houses valued over Rs 1 crore, which encourages purchasers to take on higher-risk, longer-term financial commitments. Pune’s residential market is solidifying its base as a result of continuous infrastructural upgrades and economic expansion, creating the conditions for a flourishing real estate industry.</p>
<p>In January 2024, 75% of all residential sales in Pune took place in Central Pune.</p>
<p>Residential transactions in Pune were dominated by Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), with a substantial share of 75% in January 2024. Even while it is still large, this percentage has decreased somewhat from the same time last year as new supply in the rest of the city more satisfies Pune homebuyers’ modern demands.</p>
<p>With 15% of all residential sales in January 2024, West Pune—which includes areas like Mawal, Mulshi, and Velhe—held the second-largest percentage of all residential transactions.</p>
<p>In January 2024, North, South, and East Pune, taken together, accounted for 11% of all residential sales; nevertheless, their respective percentages had increased somewhat from the same period in the previous year.</p>
<p>54% of purchasers in the 30- to 45-year-old age range</p>
<p>With a significant 54% market share, homebuyers between the ages of 30 and 45 made up the biggest buying demographic. The market share of homebuyers under 30 was 24%, while the market share of those between 45 and 60 years old was 16%.</p>
<p>This distribution is explained by Pune’s reputation as a strong end-user market, where people often utilize bank financing to make house purchases. As a result, professionals are well-represented in the market, especially in the biggest age group, which is between 30 and 45.</p>

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