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Pune's real estate market saw an 8% YoY decline in property registrations, with 16,330 transactions in January 2025, down from 17,786 a year earlier. Despite the drop, stamp duty revenue remained stable at INR 590 crore, indicating higher-value property sales. Demand for homes priced above INR 1 crore rose from 13% to 15%, with larger apartments (800+ sq ft) also gaining traction. Central Pune led transactions with 81% market share, while West Pune saw rising demand. Experts anticipate market stability, driven by strong employment opportunities and potential home loan rate cuts, sustaining growth in Pune's premium housing segment.
Pune's real estate market experienced an 8% decline in property registrations on a year-on-year (YoY) basis, with 16,330 properties registered in January 2025 compared to 17,786 during the same period in the previous year. This data was released by the Maharashtra Inspector General of Registration (IGR). Despite the drop in the number of transactions, stamp duty revenue remained stable, reaching INR 590 crore in January 2025, almost identical to the INR 589 crore collected in January 2024. In contrast, December 2024 saw 17,348 properties registered, with stamp duty collections amounting to INR 620 crore. Advertisement
According to real estate consultancy firm Knight Frank India, the decrease in property registrations can largely be attributed to a surge in transactions during the festive season and in the preceding months. However, the stability in stamp duty revenue suggests that a greater number of high-value properties were sold. The consultancy firm noted that there has been a growing demand for homes priced above INR 1 crore, with this segment's share increasing from 13% in January 2024 to 15% in January 2025, indicating a shift towards premium properties in Pune's housing market.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, observed that while Pune recorded a reduction in property sale registrations in January 2025, demand for higher-value homes continues to grow. He stated, "Pune recorded a moderation in property sale registrations in January 2025. However, demand for higher-value homes, particularly those priced above INR 1 crore, continues to grow, reflecting positive homebuyers' sentiment in the higher value segment." He further pointed out that affordability dynamics and market adjustments have affected transaction volumes in the lower and mid-range property segments. Nevertheless, he expressed optimism that factors such as a potential reduction in home loan interest rates and strong employment opportunities in Pune would support market stability. He also noted that developers are responding to changing consumer preferences by maintaining a steady supply of new properties to meet demand.
The trend towards larger apartments has also continued, with an increase in the number of units exceeding 800 square feet. Knight Frank India reported that the share of such apartments rose from 28% in January 2024 to 31% in January 2025. This growing preference for more spacious homes has been a sustained trend since the pandemic, as homebuyers prioritise additional living space.
Central Pune, which includes Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate residential transactions, accounting for 81% of the total market share in January 2025. However, this figure represents a slight decrease from the previous year as new housing developments in other parts of the city have begun attracting buyers. West Pune, encompassing Mawal, Mulshi, and Velhe, secured the second-largest share of transactions at 12%, while North, South, and East Pune collectively contributed 7% to the overall market activity.
The findings indicate that while overall property transactions in Pune have moderated, the demand for premium homes and larger apartments continues to rise. The market remains resilient, with expectations that favourable economic conditions, coupled with evolving buyer preferences, will support the sector in the coming months.
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