Pune sees 11% drop in property registration during November: Report

Registration of properties in Pune fell 11 per cent year-on-year in November to 13,371 units despite strong demand, according to Knight Frank India.

In a statement on Saturday, real estate consultant Knight Frank India said Pune recorded 13,371 property registrations in November 2024, generating Rs 475 crore in revenue for the state exchequer.

As many as 14,988 units were registered in November last year.

Registration of properties fell 36 per cent in November compared to 20,894 units in October this year.

Knight Frank India Chairman and Managing Director Shishir Baijal said, "Pune's property market continues to exhibit steady registrations, adapting to evolving buyer preferences and market conditions".

Commenting on the data, Rohit Gera, Managing Director of Pune-based Gera Developments, said the registrations in November typically result from sales made in September.

"There has been a marginal slowdown in sales as a result of increased prices as well as increased sizes of homes, taking the total home prices to the boundary of affordability. The other reason for the month's slowdown in numbers could be because of the change in dates of the festive season each year. To tell whether this is an aberration or a trend would take a few months," Gera said.

InfraMantra Director and co-founder Garvit Tiwari said, "The drop in property registration in Pune in November is not symptomatic of any weakness in the market".

"It continues to display strong demand from property seekers, and any drop may be due to high base effect," he said.

Last year, Tiwari said, the housing market witnessed record-high property sales across Indian cities.

"Strong infrastructure growth, affordability, employment opportunities and homeownership sentiments have been the strong drivers for the Pune housing market," he added.