Pune Property Registrations Decline Despite Strong Demand

Property registrations in Pune decreased by 11% in November 2024 compared to the same month last year, reaching 13,371 units, despite maintaining strong demand. Market experts attribute this drop to increased property prices, larger home sizes affecting affordability, and changes in festive season timings.

Pune's property registrations saw an 11% decline year-on-year in November, despite maintaining a robust demand, as reported by Knight Frank India. The city recorded 13,371 property registrations for the month, generating Rs 475 crore in revenue for the state.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted steady market conditions in Pune, adapting to evolving buyer preferences. Rohit Gera, from Gera Developments, attributed the slowdown to increased home prices and sizes. He also noted that November's registrations were influenced by September sales.

InfraMantra's Garvit Tiwari emphasized that this drop doesn't indicate market weakness, suggesting it could be due to last year's high base effect. Pune's market strength lies in infrastructure growth, affordability, and employment opportunities, making it a sought-after location for homebuyers.

(With inputs from agencies.)