Pune Property Registrations Cross 14K-Mark In March 2023 : Report
Pune Property Registrations : According to the data, there were 9,215 crore rupees worth of assets registered in March 2023.
In March 2023, 14,309 residential units were registered in Pune, according to a study by the real estate agency Knight Frank India. Despite the same number of units registered, stamp duty revenue climbed by 20% month over month (MoM) in March 2023 to reach Rs 621 crore. According to the data, there were 9,215 crore rupees worth of assets registered in March 2023.
Sales of homes costing more than Rs. 50 lakh increased in the market, increasing from 42% in February 2023 to 46% in March 2023. The percentage of apartments measuring 800 square feet or more climbed from 25% in March 2022 to 27% in March 2023 as customer desire shifted towards bigger homes. 76% of the properties registered in March 2023 were primary and secondary residential sales.
Following a two-year concession period, there was a rush to register properties before the stamp duty rate increased in April 2022, which led to an increase in registrations of 21,389 properties and an increase in stamp duty collection of Rs 690 crore in March 2022. It reflects a 33.1% YoY decrease in registrations in March 2023 in this comparison.
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Purchase of houses in the higher value market in March 2023
Housing demand in March 2023 was driven by apartments priced between Rs 25 and Rs 50 lakh, accounting for 38% of purchases. But it decreased from 39% in March 2022. The demand share increased by two percentage points from 33% in March 2022 to 35% in February 2023, accounting for 35% of the market share in March 2023 and designating Rs 50 lakh to Rs 1 crore as the second preferred ticket size. According to the research, the higher value segment’s share grew, going from 42% in March 2022 to 46% in March 2023.
Share of ticket size for residential property transactions
| Ticket size | Share in March 2022 | Share in February 2023 | Share in March 2023 |
| Under Rs 25 lakh | 18% | 18% | 16% |
| Rs 25 – 50 lakh | 39% | 36% | 38% |
| Rs 50 lakh – 1 Cr | 33% | 35% | 35% |
| Rs 1 Cr – 2.5 Cr | 8% | 10% | 10% |
| Rs 2.5 Cr – 5 Cr | 1% | 1% | 1% |
| Over Rs 5 Cr | <0% | <0% | <0% |
Pune Property Registrations : Higher demand of larger apartments sustains
In March 2023, demand for flats between 500 and 800 square feet squared accounted for half of all real estate sales. In March 2023, the proportion rose to 50% from 48% in March 2022. In March 2023, 23% of deals involved residences under 500 square feet, making them the second most popular size for apartments. The percentage of apartments larger than 800 square feet went from 25% in March 2022 to 27% in March 2023.
Share of area for residential property transactions
| Area in sq ft | Share in March 2022 | Share in February 2023 | Share in March 2023 |
| Under 500 | 26% | 25% | 23% |
| 500-800 | 48% | 47% | 50% |
| 800-1000 | 12% | 14% | 13% |
| 1000- 2000 | 11% | 13% | 12% |
| Over 2000 | 2% | 1% | 1% |
The Pune residential market is still strong, despite higher home loan interest rates and property prices, according to Shishir Baijal, chairman and managing director of Knight Frank India. End-users continue to dominate the market due to their desire for homeownership and supportive affordability. Homebuyers in this city, where the majority of transactions fall beneath the Rs 50 lakh value group, would find further solace in the break in the policy repo rate hiking cycle. The city’s housing market continues to be supported by the multitude of job opportunities and continuous infrastructure upgrades.
Pune Property Registrations : 56% of homebuyers belong to age group 30- 45 years
A share of 56% of purchases were made by customers between the ages of 30 and 45. In Pune, home buyers under 30 made up 21% of the market. While purchasers who were between the ages of 45 and 60 made up 17% of the market. This is partly due to Pune’s continued strength as an end user market. Since bank financing is required for most house purchases in Pune, the steady professional group has the biggest share.
Table: Share of age of buyers
| Age | Share in February 2023 | Share in March 2023 |
| 30 and under | 21% | 21% |
| 30 – 45 | 56% | 56% |
| 45 – 60 | 18% | 17% |
| Over 60 | 6% | 5% |
74% of property purchasers are from Pune
The Pune region accounts for 74% of demand while housing more than half the purchasers. 12% of the market demand came from customers in nearby areas like Aurangabad, while 7% came from Mumbai and Navi Mumbai combined.
Location of home buyers
| Buyer location | Share in February 2023 | Share in March 2023 |
| Outside Maharashtra | 1% | 1% |
| Aurangabad Region | 12% | 12% |
| Goa Region | 5% | 4% |
| Mumbai Region | 3% | 3% |
| Nagpur Region | 3% | 3% |
| Navi Mumbai Region | 4% | 4% |
| Pune Region | 72% | 73% |
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