Pune: In a remarkable surge for Pune's real estate market, over 100,000 homes have been sold within the first seven months of 2024, achieving this milestone as early as July.
This marks the fastest growth in home sales seen in the city over the past two years, reflecting strong buyer confidence, affordability, and positive sentiment towards property ownership.
According to a recent report by Knight Frank India, 113,277 homes were registered for sale between January and July 2024, a significant increase compared to the same period last year when the 100,000 mark was only crossed in September.
The report highlights a 45% rise in sales, accompanied by a 47% increase in stamp duty collections, which have now surpassed ₹4,127 crores.
July alone witnessed the registration of 13,314 properties, marking a 25% year-on-year growth. The stamp duty collection for the month reached ₹504 crores, reflecting a 47% increase compared to July 2023.
The growing demand for mid-range and luxury homes has significantly contributed to this surge, with home registrations in the ₹50 lakh to ₹1 crore price bracket accounting for 33% of total sales.
Additionally, there has been a notable rise in the sale of larger homes, with properties exceeding 800 square feet increasing their market share from 24% in July 2023 to 31% in July 2024.
Knight Frank India also observed a decline in demand for smaller apartments, with sales of properties under 800 square feet dropping by 7% compared to the same period last year.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the findings, stating, "Pune's residential sector is showing robust growth, driven by a significant shift in buyer preference towards mid-range and larger homes.
This growth is a positive indicator of the city's economic progress and improving infrastructure, suggesting continued expansion in the near future."
