Pune Real Estate Reports 39% Decline in Sales, ₹527 Crore Stamp Duty in Oct 2025

Pune’s property market saw a notable slowdown in October 2025, with a 39% year-on-year (YoY) decline in property registrations and stamp duty collections amounting to ₹527 crore. According to the latest Knight Frank analysis, the drop reflects a high base effect from last year’s festive surge rather than a weakening in buyer sentiment. Despite the monthly decline, Pune real estate continues to display stability and resilience, supported by strong end-user demand and steady transaction volumes.

Key Highlights: October 2025 Performance

The city recorded 12,693 property registrations in October 2025, translating to ₹527 crore in stamp duty revenue. Compared to October 2024, registrations dropped by 39%, and revenue declined by 30%. On a month-on-month (MoM) basis, registrations fell by about 6%, while stamp duty collections grew modestly by 0.7%, indicating that higher-value transactions partially offset the lower registration count.

Knight Frank’s report attributes this dip primarily to a shift in the festive buying cycle, with most transactions front-loaded into September rather than October this year.

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Festive Calendar Effect on Pune Real Estate Activity

Festive timing played a critical role in shaping October’s numbers. Last year, Navratri (October 3–11, 2024) and Diwali (November 1, 2024) boosted housing sales across Pune. In contrast, 2025’s festive calendar shifted earlier, with Navratri falling between September 22 and October 1 and Diwali on October 20.

As a result, much of the festive buying momentum was captured in September 2025. Analysts point out that the 39% YoY fall doesn’t signal weakening demand but reflects a shift in transaction timing. Homebuyer sentiment, particularly among mid-income and first-time buyers, has remained strong.

YTD Trends Reflect Market Strength

Despite the softer October, Pune real estate continues to perform robustly on a year-to-date (YTD) basis. The city has recorded the highest number of property registrations and stamp duty revenue in the first ten months of 2025 compared to the same period in the last four years.

This consistency indicates that Pune’s market fundamentals remain intact, supported by a diverse buyer base that spans IT professionals, working couples, and investors seeking long-term value. Affordable and mid-segment housing continues to drive steady volumes, reflecting a market that has matured and stabilized.

Homebuyer Preferences: Affordable Homes Continue to Dominate

The October 2025 data shows that homes priced under ₹1 crore accounted for 85% of total registrations the same as last year. Properties priced above ₹1 crore maintained a 15% share, reflecting stable but selective premium housing demand.

This distribution highlights the broad-based strength of Pune real estate, where the affordable and mid-income segments form the market’s backbone. Even as developers introduce more premium and lifestyle projects, the bulk of demand remains affordability-driven.

Size-Wise Distribution of Homes

The demand pattern by unit size remained largely unchanged, further reinforcing the steady preferences of Pune homebuyers.

• Homes under 500 sq ft increased slightly from 22% to 23%.
• The 500–800 sq ft category held firm at 46%.
• Units above 800 sq ft dipped marginally from 32% to 30%, indicating a subtle tilt toward compact configurations.

These numbers suggest that while aspirational demand for larger spaces persists, buyers continue to prioritize budget-friendly, manageable homes suited for nuclear families and working professionals.

Geographic Spread of Transactions

In October 2025, Central Pune comprising the Pune Municipal Corporation (PMC), Pimpri Chinchwad Municipal Corporation (PCMC), and Haveli Taluka maintained its lead, accounting for 64% of total transactions. However, this share was slightly lower compared to last year, indicating rising activity in newer growth corridors.

West Pune (including Mawal, Mulshi, and Velhe) captured 14% of sales, driven by improving connectivity and emerging plotted developments. Meanwhile, North, South, and East Pune together contributed 22%, reflecting gradual decentralization as homebuyers explore more affordable options outside the city’s core.

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Expert Insights: Market Still Stable

According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, “Pune’s housing market has held its ground firmly through 2025. October’s lower numbers stem from last year’s festive base, not a loss in demand. The city still recorded over 12,600 registrations and ₹500 crore in revenue, signaling stable and sustainable market momentum.”

Baijal added that Pune real estate has evolved into one of India’s most consistent housing markets characterized by end-user strength, moderate pricing, and balanced supply. The city’s mix of IT employment, education hubs, and infrastructure growth continues to support a healthy housing ecosystem.

Outlook: Growth Likely to Resume Post-Diwali

Looking ahead, market analysts expect registrations and revenue to pick up in November and December, supported by post-Diwali purchases and ongoing project launches. Developers are expected to maintain focus on the ₹50 lakh–₹1 crore range, catering to mid-segment demand, while select luxury projects continue to attract high-income buyers.

The stable interest rate environment, along with infrastructure upgrades like the Pune Metro expansion and ring road project, is likely to reinforce the city’s long-term housing potential. Pune real estate is expected to continue expanding at a steady, sustainable pace rather than through sharp spikes.