The city recorded 185,657 property registrations in 2025, reflecting a 2.3% year-on-year (YoY) decline. However, stamp duty collections stood at ₹7,119 crore, registering a 0.3% YoY increase, underscoring the resilience of transaction values despite softer volumes.

Knight Frank attributed the stable revenue performance to stronger demand for higher ticket-size properties, which helped offset the dip in registration numbers.

Registrations Moderate, Revenue Hits Four-Year High

Data show that while Pune saw fewer registrations compared to the peak of 2024, stamp duty collections remained elevated:

• 2024: 190,025 registrations | ₹7,098 crore stamp duty
• 2025: 185,657 registrations | ₹7,119 crore stamp duty

This marks the highest annual stamp duty collection since 2022, highlighting a shift toward value-driven transactions rather than volume-led growth.

December 2025 Shows Normalisation, Not Slowdown

On a monthly basis, December 2025 recorded 12,079 property registrations, a 30% YoY decline, while stamp duty collections fell 28% YoY to ₹444 crore. However, Knight Frank noted that this decline was influenced by a high base effect in December 2024, which had witnessed unusually strong activity.

Registrations in December 2025 were around 10% lower than the six-month average of 13,406 units, indicating normalisation from last year’s peak levels rather than a structural weakening in demand.

Mid and Affordable Segments Continue to Dominate

The ticket-size distribution of residential transactions remained largely unchanged between December 2024 and December 2025. Homes priced up to ₹1 crore accounted for nearly 85% of transactions, reflecting sustained end-user demand in the mid and affordable housing segments.

• Under ₹25 lakh: 27%
• ₹25–50 lakh: 29%
• ₹50 lakh–₹1 crore: 29%
• Above ₹1 crore: 15%

Higher-priced homes above ₹1 crore maintained their share, reinforcing the depth of Pune’s housing demand across price brackets.

Preference for Larger Homes Sustained

Buyer preference for larger apartments remained steady through 2025. The share of homes:

• Under 500 sq ft dipped marginally from 25% to 24%,
• 500–800 sq ft remained stable at 46%, and
• Above 800 sq ft rose slightly to 30%, indicating a gradual tilt toward spacious homes.

Central Pune Continues to Lead Transactions

In December 2025, Central Pune—including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)—accounted for 67% of residential transactions, strengthening its dominance from 64% a year earlier.

West Pune followed with a 15% share, while North, South, and East Pune together contributed 18% of transactions.

Market Remains Balanced: Knight Frank

Commenting on the trends, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said:

“Pune’s residential market remained structurally stable through 2025, with annual stamp duty collections touching ₹7,119 crore, the highest level recorded in the last four years. While overall registrations saw a modest moderation, higher ticket-size transactions continued to support revenue growth, highlighting the depth of end-user demand.”

He added that the moderation seen toward the end of the year reflects normalisation from last year’s peak rather than a structural slowdown, and that Pune’s housing market continues to remain balanced across price segments, apartment sizes, and micro-markets.

Also Read: India’s Real Estate Market Shows Resilience in 2025 Despite Global Headwinds

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