Pune Real Estate Faces Slowdown Amid Rising Prices

Pune’s real estate market witnessed an 11% decline in property registrations in November 2024, with 13,371 registrations recorded. Revenue from property transactions also fell by 2%, dropping to INR 475 crore from INR 485 crore, according to Maharashtra government data.

On a month-on-month (MoM) basis, property registrations decreased by 36% from 20,894 in October 2024, while revenue collections fell by 37% from INR 751 crore.

This decline can be attributed to the seasonal surge in October, driven by the festive celebrations of Diwali and Navratri in 2024. A report by real estate consultancy Knight Frank India noted that the subdued activity in November reflects a market adjustment after October’s elevated performance.

However, compared to the average monthly registrations for FY24 (April-November), excluding the festive month of October, November’s total of 13,371 registrations aligns closely with the average of 13,288.

The report also highlighted that Pune’s real estate market outperformed in the first 11 months of 2024 compared to the same period in 2023.

During this time, Pune’s residential sector registered nearly 1.75 lakh property sales, achieving the fastest growth pace in two years. The Pune district recorded 172,677 property registrations, representing a 25% increase over the same period in 2023.

Knight Frank India attributed this strong performance to ongoing infrastructure development, Pune’s relative affordability compared to other major cities, and a strong cultural preference for homeownership, which sustained robust demand throughout 2024.

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Credit – Hindustan Times