Property registrations in Pune jump 99% in August 2023 — demand doubles for homes priced at over Rs 2.5 cr

Residential properties costing more than Rs 2.5 crore also saw an increase in sales. Of the total number of properties registered in August 2023, 130 were registered in this category, against 65 units in August 2022. According to the report, units priced between Rs 25-50 lakh were the most sought-after, comprising of 34 percent of all housing transactions. While properties priced between Rs 50 lakh and Rs 1 crore accounted for 32 percent of the market share.

The market share of properties priced at Rs 1 crore and above increased from 9 percent in August 2022 to 11 percent in August 2023. Houses costing over Rs 2.5 crore saw a rise of over 99 percent in August 2023.

In August 2023, there was a strong demand for apartments within the range of 500-800 sq ft. Forty-seven percent of the total property transactions registered in the month fell in this category. Apartments with an area under 500 sq ft comprised 25 percent of the total transactions in August 2023.

There was a visible shift towards larger apartments in August, 2023. Units exceeding 800 sq ft reported an increase in market share from 26 percent to 29 percent. The share of apartments sized over 2,000 sq ft grew from 1 percent in August 2022 to 4 percent in August 2023.

Central Pune, which encompasses Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), accounted for 72 percent of total residential transactions in August 2023. West Pune, covering regions like Mawal, Mulshi, and Velhe, held the second-largest share of residential transactions, accounting for 16 percent of the total in August 2023. On the other hand, North, South, and East Pune collectively comprised 12 percent of the total in August 2023.

Homebuyers in the age group of 30-45 years constituted the largest segment, holding a substantial 55 percent share of the market. Those under the age of 30 accounted for 22 percent of the market share, while the 45-60 years age bracket accounted for 17 percent.