The real estate market in Pune has demonstrated sustained vigor, with property registrations showing a 23% year-on-year (YoY) increase in September 2025, according to a recent assessment by Knight Frank India. This surge has resulted in a significant contribution of over INR 523 crore in stamp duty revenue to the state exchequer for the month.
The city recorded 13,557 property registrations in September 2025, a substantial rise from the 11,056 units registered in September 2024. While the volume of registrations jumped, stamp duty collections saw a more moderate 3% YoY increase, highlighting a steady, mature market. Month-on-month, both registrations and collections saw increases of 2% and 8% respectively, further underscoring the city’s robust housing demand.
The impressive September performance is partly attributed to a shift in the festive calendar. Last year, property activity was dampened by the inauspicious Shraddh period falling between September 17 and October 2, 2024. This year, the period occurred earlier (September 7–21, 2025), freeing up the latter part of the month for increased buyer activity, which was then supported by the start of Navratri on September 22.
Key Market Takeaways
- Year-to-Date Performance: Pune’s market has reached a four-year high for the first nine months of the year, with 145,651 property registrations recorded from January to September 2025. This marks a 5% increase in registrations and a 6% rise in stamp duty revenue compared to the same period last year.
- Steady Demand: Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the market is “operating at sustainable volumes,” indicating growing maturity and enduring confidence among homebuyers.
- Ticket Size Trend: Demand remains firmly concentrated in the affordable and mid-segment, with 85% of transactions in September 2025 being for properties priced up to INR 1 crore. However, the share of homes priced above INR 1 crore marginally increased from 14% to 15%, suggesting an expanding top-end segment.
- Preference for Larger Homes: There is a sustained trend toward larger apartments. The share of units above 800 sq ft saw an uptick, rising from 26% in September 2024 to 29% in September 2025. Conversely, the share of the smallest units (under 500 sq ft) declined from 35% to 31%.
- Geographical Concentration: Central Pune, encompassing Haveli Taluka, PMC, and PCMC, continues to dominate the market, accounting for 61% of residential transactions in September 2025. However, this is a slight decline from the previous year, as developing areas like West Pune (Mawal, Mulshi, Velhe) saw its share rise to 17%, catering to evolving buyer preferences outside the core areas. North, South, and East Pune collectively contributed the remaining 22%.
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