Pune Real Estate: A November Dip Amid Festive Adjustments and Rising Luxury Demand

Pune's real estate market experienced an 11% year-on-year (YoY) fall in property registrations during November 2024, recording 13,371 registrations. Additionally, revenue from stamp duty collections saw a 2% decline, dropping to ₹475 crore from ₹485 crore, as per the Maharashtra government’s data.

Month-on-Month Decline Amid Festive Aftermath

On a month-on-month (MoM) basis, property registrations fell by 36% from October 2024’s figure of 20,894, while revenue collections dropped by 37% from ₹751 crore. This sharp decrease can be attributed to the seasonal surge witnessed in October during the Diwali and Navratri festivities.

According to Knight Frank India, a leading real estate consultancy, the decline in November reflects a market adjustment following the heightened activity during October 2024.

Consistency with FY24 Averages

When compared to the average monthly registrations in FY24 (April-November), excluding the outlier month of Diwali, November’s performance remained consistent. The average registrations during this period stood at 13,288, and November closely aligned with 13,371 registrations.

Comparing 2024 and 2023 Real Estate Performance

Pune’s real estate market performed significantly better in the first 11 months of 2024 compared to the same period in 2023. The residential sector recorded nearly 1.75 lakh property registrations, the fastest pace in the last two years.

The district saw 172,677 property registrations, a 25% increase from 2023. Stamp duty collections also rose by 35% YoY, surpassing ₹6,479 crores.

Expert Insights on Market Strength

Shishir Baijal, chairman and managing director of Knight Frank India, remarked, “Pune’s property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions. The year-to-date performance underscores robust residential demand supported by rising incomes, stable financing, and infrastructure advancements.”

He further highlighted a growing preference for premium homes and long-term investments, reinforcing Pune's position as a prime destination for homebuyers in India.

Rising Demand for Premium Housing

In November 2024, the demand for properties priced at ₹1 crore and above increased, with the luxury segment growing from 12% in November 2023 to 16% in November 2024. Properties in the ₹50 lakh to ₹1 crore range remained the most sought-after among buyers.

Regional Insights: Central Pune Leads

Central Pune areas, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), dominated residential transactions, contributing 81% of the market. However, this share saw a slight dip as new developments in other parts of the city catered to changing buyer preferences.

West Pune, covering regions like Mawal, Mulshi, and Velhe, accounted for 12% of the transactions, while North, South, and East Pune collectively held a 6% market share.

Conclusion

Despite a seasonal dip in November, Pune's real estate market demonstrated resilience and steady demand throughout 2024. With increasing interest in premium properties and strategic infrastructure growth, the market continues to attract long-term investors and homebuyers alike.