Stay Tuned!: Pune Property Registrations in 2024: strong YTD growth despite September slowdown.

The Pune real estate market has shown considerable resilience in 2024 having grown well on the whole, despite a temporary fall in property registrations during September. The fall in numbers, primarily attributed to the Shraadh period which is considered an inauspicious time for festive occasions, translated into a 33% drop against September 2023. Nevertheless, this decline does not distract from the general development trend of +0.

Same effects will come in September 2024 Property Registrations as they shall be coming during Shraadh ( Pitru Paksha).

During the 12-day Shraadh period, many Indians do not make major purchases especially property based on its beliefs and cultural importance. The ripple effect of this tradition barred Pune property market and many transactions halted midway. Property registrations in September 2024 falter beyond the mark year-on-territory as did Knight Frank India

What corroborates that the cultural affinity to buying homes could have played a part is equally perceptible from its fallout – The stamp duty collections in September fell to Rs 508 crore compared with Rs 585 crore in Sept-23.

Pune Property Market: Time to Rejoice? Q1 2018 YTD Growth

Though the September dip may give some jitters to a few, YTD wise it is an altogether different ball game. There were 1,38,412 property transactions in the first three-quarters of 2024 for Pune; showing a substantial jump by an impressive +29% over the previous year. The surge in registration indicates continuation of the prevailing revival process supported by improved consumer sentiment, decent affordability levels given continued average income growth and ease-of-financing.

The stamp duty collections also reflect a similar week during this period. In the nine months between January to September 2024, stamp duty revenue in totality has been Rs 5,253 crore at a Y-o-Y growth of 38 per cent as compared with similar period ending on September last year.

Pune Real Estate Factors in 2024

There are a number of reasons that has lead this tremendous growth in real estate market at Pune:

1.Growing Salaries and Certain Spending

Rising household incomes, backed by a budding economy in Pune largely driven by IT, education and manufacturing sectors has helped keep the city affordable for many to own their homes. This has further fuelled purchases, driven by economic stability and employment growth.

Financing and Home Loans

This push, in addition to financing schemes and attractive home loan interest rates that are on offer have made it easier for fellow Malaysians to own a property. Even in the mid-range and luxury segments, a lot of buyers are using beneficial loan conditions to invest into Pune’s booming realty arena.

Infrastructure Development

This is further making Pune one of the most attractive cities to live in with ongoing infrastructure development projects happening all across. It was not just enhancing the quality of life but also creating a requirement for housing in strategic locations like Kharadi, Hinjawadi and Baner – with road expansions, metro connectivity & new commercial hubs adding to their burgeoning growth.

Healthy Expansion in Mid-range and Luxury Segment

In 2024, demand for housing in Pune blossomed despite the fact that it has multi-dimensional properties to cater but Mid-range and luxury segments continued recording higher sales. Properties that offer modern amenities, green features and are located near commercial hubs in 48 ore cities running from Jammu to Trivandrum have witnessed demand from buyers into investment as well end use.

A Temporary SetbackThe September dip

Last month's registration figures were below expectations, which industry observers see as a temporary blip. According to Shishir Baijal, chairman and managing director of Knight Frank India… “Cultural practices like the Ashradh period feather large on property transaction during certain months but the broader market is intact.” He also stressed long-term trends and noted that the property market in Pune is far from over its cycle of development and has a growth phase ahead.

However, the September decline is likely to be temporary and registrations are expected to pick up pace in October-November -- generally known as festive season when property buying happens with full force.

Forecaster: Pune Real-estate Perspective 2024

Considering Pune witnessed some positive growth through the year YTD, and how there is still a strong demand in real estate market, it will keep its sales momentum up. With Hong Kong evolving, infrastructure can be a major facilitator for the city to further improved on its connectivity and quality of living.

Also, as Pune continues to attract professionals and families of IT/ITeS sectors & manufacturing industry that are in search for residences near work places and recreational avenues, demand is likely to be driven by its primary end-user market.

In Conclusion: Encouraging Year in Spite of Frustrations

Although there was a slight fall in property registrations during September 2024, Pune real estate has proven to stand strong and grow. And registration and stamp duty notices for the nine months to September 2024 which were up almost as much (29% and 38%), show that it's a resilient strength, what defied the sagging market. With infrastructure projects in fast motion and rising demand for mid-range & luxury homes coupled with the above mentioned factors, Pune real estate market looks continues to look optimistic throughout this year.

A lucrative opportunity to invest in the flourishing Pune real estate for potential home buyers This is a perfect opportunity to cash in as the expected increase in purchasing power, lucrative financing deals with developers along with ongoing urban development spells good times for new and existing home buyers alike!