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Friday, December 1, 2023

Pune Breaks a Record In September, almost 16,000 homes were registered; what do buyers need from you?


<p>In its most recent assessment, the real estate consultant Knight Frank India stated that the number of property registrations in the Pune area increased by 65% year over year (YoY) in September 2023, totaling 16,422 units as opposed to 9,942 registrations in September 2022.</p>
<p>The amount of stamp duty collected in September 2023 increased significantly as well, by an astonishing 63% YoY, to reach Rs 580 Crores. Additionally, the total value of the properties that were registered in September 2023 was Rs 12,286 Crores.<img decoding=”async” class=”alignnone wp-image-234939″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-unsettling-video-of-man-shooting-at-wife-to-test-bulletproof-glass-download-2023-1.jpg” alt=”theindiaprint.com unsettling video of man shooting at wife to test bulletproof glass download 2023 1″ width=”1307″ height=”760″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-unsettling-video-of-man-shooting-at-wife-to-test-bulletproof-glass-download-2023-1.jpg 294w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-unsettling-video-of-man-shooting-at-wife-to-test-bulletproof-glass-download-2023-1-150×87.jpg 150w” sizes=”(max-width: 1307px) 100vw, 1307px” title=”Pune Breaks a Record In September, almost 16,000 homes were registered; what do buyers need from you? 3″></p>
<p>Year to date (YTD), the city has registered 107,445 properties in total, a 7% increase over the 100,166 registrations made during the same time previous year. However, the amount collected from stamp duties has increased more significantly, by 12.5%, to Rs 3,805 crores.</p>
<p>During the same time, the total value of registered properties in Pune increased significantly, rising by 33% year over year to reach Rs 81,300 crores.</p>
<p>In September 2023, there will be an increase in purchases of higher value segments (above Rs 1 crore).</p>
<p>Residential homes priced between Rs 25 lakh and Rs 50 lakh were the most in-demand in September 2023, accounting for 34.4% of all housing sales, while those priced between Rs 50 lakh and Rs 1 crore held 33.6% of the market.</p>
<p>Pune Real Estate Prices</p>
<p>It’s interesting to note that the market share of the higher value group, which includes homes priced at Rs 1 crore and upwards, increased. The market share for this market category climbed from 9% in September 2022 to 11% in September 2023, demonstrating a growing desire for homes in this price range.</p>
<p>With 114 houses registered in September 2023 compared to 58 units in September 2022, the number of homes costing above Rs 2.5 Crores increased by more than 97%. This increase is a clear sign of the market’s strength and the end users’ high level of economic confidence.</p>
<p>A greater need for bigger flats keeps</p>
<p>Apartments between 500 and 800 square feet were in high demand in September 2023, accounting for a respectable 51% share of all real estate transactions recorded that month. Apartments under 500 square feet attracted a lot of interest as well, accounting for 25% of deals in September 2023, making them the second most popular apartment size.</p>
<p>Notably, there was a noticeable movement in favor of bigger apartments, with the market share of those that were larger than 800 square feet rising from 22% in September 2022 to 24% in September 2023.</p>
<p>“The Pune housing market continues to thrive due to a sustained demand for homeownership and favorable affordability conditions within the city,” stated Shishir Baijal, chairman & MD, Knight Frank India. The success of Pune’s real estate market is also attributed to consumers’ increased appetite for bigger homes. The continuing infrastructural upgrades and the steady growth of the economy have helped Pune’s housing market remain resilient.</p>
<p>75% of all home transactions in September 2023 were in Central Pune.</p>
<p>Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), together known as Central Pune, continued to dominate residential transactions in September 2023, holding a substantial proportion of 75%. Comparing this proportion to the same time last year showed no change. West Pune, which includes areas like Mawal, Mulshi, and Velhe, had the second-largest percentage of residential sales in September 2023, making up 15% of the total.</p>
<p>On the other hand, in September 2023, residential transactions in North, South, and East Pune together made about 10% of the total.</p>
<p>53% of customers in the 30- to 45-year-old age range</p>
<p>With a huge 53% market share, customers between the ages of 30 and 45 made up the biggest purchasing demographic. Homebuyers under the age of 30 made up 21% of the market, while those between the ages of 45 and 60 made up 19% of the market.</p>
<p>Pune’s reputation as a thriving end-user market, where people often depend on bank finance to ease their property purchases, should be credited for this dispersion. As a result, professionals are well-represented in the market, especially in the greatest age group of 30 to 45 years old.</p>
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