In January 2025, there was an 8% drop in property registrations in Pune's real estate market. Compared to 17,786 properties in the same month of the previous year, 16,330 properties were registered overall. Stamp duty receipts, however, stayed steady at ₹590 crore, much like the ₹589 crore earned in January 2024, despite the drop in registrations.
Why Property Registrations in Pune is Falling?
An increased amount of transactions throughout the holiday season and the months before January 2025 is the primary cause of the decline in property registrations. Nonetheless, there is now a greater demand for luxury real estate. Knight Frank India reports that the percentage of homes worth at least one crore rupees increased from 13% in January 2024 to 15% in January 2025. This illustrates the shift in Pune's real estate market toward opulent residences.
According to Knight Frank India's Chairman and Managing Director, Shishir Baijal, the demand for higher-value homes is still high, even though registrations have decreased. He added that the city's strong job market and reduced house loan interest rates would probably keep the market strong.
Bigger Homes in High Demand
The growing need for larger apartments is another significant trend identified by Knight Frank India. It is evident that more purchasers choose large homes, as the percentage of units over 800 square feet increased from 28% in January 2024 to 31% in January 2025. This change in inclination has persisted since the pandemic began.
Central Pune Still Dominates, But Other Areas Are Growing
With 81% of the market share in January 2025, Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), has continued to rule residential transactions. However, because of new developments in other sections of Pune catering to shifting customer preferences, there was a modest dip from the previous year. North, South, and East Pune collectively accounted for 7% of the market share, while West Pune, which includes neighborhoods such as Mawal, Mulshi, and Velhe, held 12%.
Pune's property registrations decreased slightly in January 2025, but the market was still stable, and stamp duty collections were solid. Central Pune remains the market leader despite growing demand for larger apartments and luxury mansions. Changing patterns and expectations for reduced home loan interest rates bode well for the future and should help the market in the long run.