Pune Property Market: A Closer Look

Despite robust demand, property registrations in Pune have experienced a noticeable dip. According to Knight Frank India, the city saw a 11% decline in November, registering 13,371 units and generating Rs 475 crore in revenue, compared to 14,988 units in the same period last year. This decline is further accentuated by a 36% drop from the previous month, October, which recorded 20,894 units.

Shishir Baijal, Chairman and Managing Director at Knight Frank India, noted that Pune's property market is adapting to evolving buyer preferences and market conditions, maintaining steady registrations. Rohit Gera, Managing Director of Gera Developments, attributed the November slowdown to sales made in September and factors such as increased home prices and sizes, pushing total home prices to the affordability limit. He also suggested that the shift in festive season dates annually could be a contributing factor.

Garvit Tiwari, Director and Co-founder of InfraMantra, emphasized that the decline in property registrations is not indicative of market weakness. He highlighted strong demand from property seekers and potential high base effects, considering the previous year's boom in housing market sales across Indian cities. Infrastructure growth, affordability, employment opportunities, and homeownership sentiments continue to drive the Pune housing market.