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Pune's property market is witnessing a remarkable rise, with a 52% year-on-year jump in property registrations in March 2024 compared to the previous year. This translates to over 21,744 properties registered, a significant increase from the 14,309 recorded in March 2023.
This growth is driven by a strong demand for affordable housing. Data from Knight Frank India, a real estate consultancy firm, reveals that properties priced between INR 25 lakh and INR 1 crore accounted for the majority of transactions, with a combined market share of over 65%. This indicates a growing preference for mid-range and budget-friendly homes. Interestingly, the share of properties under INR 25 lakh has also increased, highlighting the appeal of more affordable options.
Experts attribute this trend to several factors. Pune's ongoing infrastructure development and flourishing economy are creating a positive environment for homeownership. Additionally, favorable interest rates and government initiatives promoting affordability are making buying a home more accessible for a wider range of buyers.
While larger apartments still hold some market share, the trend leans towards smaller units. Apartments ranging from 500 to 800 sq ft make up a significant portion (40%) of transactions, followed by properties under 500 sq ft (35%). This suggests that buyers are prioritizing functionality and affordability over extensive living space.
The demographic driving this boom is young professionals. Analysis by Knight Frank India shows that homebuyers aged between 30 and 45 years represent the largest segment, accounting for over half of the market (52%). This aligns with Pune's image as a hub for young talent seeking job opportunities and a comfortable lifestyle.
Overall, Pune's property market presents a promising picture. The focus on affordability and the rise of young buyers are shaping the current trend. Whether this momentum continues will be interesting to watch, but for now, Pune offers a compelling environment for those seeking their dream home.
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