Pune, June 25, 2025 – Pune’s property market experienced a slight dip in May 2025 with a marginal year-on-year (YoY) decline in registrations and stamp duty collections. However, a broader look at the first five months of 2025 reveals a robust performance, marking the highest property registrations and stamp duty collections in the past four years, according to a latest report by Knight Frank India.
May 2025 Snapshot: Pune recorded 11,930 property registrations in May 2025, generating INR 421 crore in stamp duty revenue. This represents a 3% YoY decline in registrations and a 4% YoY dip in stamp duty collections. On a month-on-month (MoM) basis, registrations fell by 17% and collections by 23%, making it the lowest volume of registrations since October 2024.
| Period | Registrations (Units) | Stamp Duty Collection (INR cr) |
|---|---|---|
| May-24 | 12,280 | 440 |
| May-25 | 11,930 | 421 |
| YoY Change | -2.9% | -4.2% |
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Year-to-Date (Jan-May 2025) Highlights: Despite the May slowdown, Pune’s property market has shown significant growth from a year-to-date perspective. Over 99,339 properties were registered, generating more than INR 3,687 crore in stamp duty revenue during the first five months of 2025. This is the highest volume for this period in the last four years. Compared to the same period last year, property registrations increased by 16% and stamp duty collections saw a 20% rise.
| Period (Jan-May) | Registrations (Units) | Revenue (INR cr) |
|---|---|---|
| 2022 | 64,976 | 2,136 |
| 2023 | 58,475 | 2,181 |
| 2024 | 85,290 | 3,079 |
| 2025 | 99,339 | 3,687 |
| YoY Change | 16% | 20% |
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Demand for Larger Homes and Premium Housing Continues to Grow: The report indicates a sustained demand for larger apartments, with units exceeding 800 sq ft accounting for 32% of transactions in May 2025, up from 31% in May 2024. This trend reinforces the preference for spacious homes in the post-pandemic era.
| Area in sq ft | Share in May 2024 | Share in May 2025 |
|---|---|---|
| Under 500 | 24% | 25% |
| 500-800 | 45% | 42% |
| 800-1000 | 15% | 14% |
| 1000- 2000 | 13% | 15% |
| Over 2000 | 3% | 3% |
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Interest in premium housing also saw a notable increase, with the share of homes priced above INR 1 crore rising from 14% in May 2024 to 19% in May 2025. Despite this, properties priced up to INR 1 crore still constitute the majority at 81%, suggesting a market that is expanding at the high end while maintaining a broad base.
| Ticket size | Share in May 2024 | Share in May 2025 |
|---|---|---|
| Under INR 25 lakhs | 22% | 20% |
| INR 25 – 50 lakhs | 30% | 29% |
| INR 50 lakhs – 1 Cr | 33% | 33% |
| INR 1 Cr – 2.5 Cr | 13% | 17% |
| INR 2.5 Cr – 5 Cr | 1% | 2% |
| Over 5 Cr | <=1% | <=1% |
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Central Pune Dominates Transactions: Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions in May 2025, accounting for 75% of the market. While still dominant, this was a slight decrease from the previous year, as new developments in other parts of the city began to cater to evolving homebuyer preferences. West Pune, which includes Mawal, Mulshi, and Velhe, held the second-largest share at 14%, with North, South, and East Pune collectively contributing 10%.
| Micro market | Share in May 2024 | Share in May 2025 |
|---|---|---|
| North | 5% | 5% |
| South | 4% | 4% |
| East | 1% | 1% |
| West | 12% | 14% |
| Central | 78% | 75% |
Shishir Baijal, Chairman & Managing Director, Knight Frank India, commented on the findings: “In May 2025, Pune’s residential market recorded a 3% YoY decline in property registrations, primarily due to slower momentum in the INR 1–5 crore price segment. However, on a year-to-date basis, the market remains on a strong footing — registrations rose 16% YoY to 99,339 units, just shy of the 1 lakh mark, while stamp duty collections surged 20% to INR 3,687 crore.”
Also Read: Indian Real Estate: Riding Higher in 2025
