NEW DELHI: In 2025, Pune’s real estate market achieved over ₹7,100 crore in stamp duty revenue, marking its highest level in four years, according to Knight Frank India. Although property registrations dipped slightly, they still totaled 1,85,657 for the year, a 2.3% decrease compared to the previous year. Despite this, stamp duty collections saw a minor increase of 0.3%, reaching ₹7,119 crore, reflecting a consistent demand for high-value homes.
In December 2025, property registrations plummeted 30% year-on-year to 12,079 units, while stamp duty revenue dropped by 28%. However, this significant decline is attributed to a high base from December 2024. When comparing to the six-month average of 13,406 units, December 2025’s registrations were about 10% lower, indicating a normalization from last year’s peak rather than a decline in demand.
Shishir Baijal, chairman and managing director of Knight Frank India, commented on Pune’s residential market: “Though overall registrations showed a minor year-on-year dip, transactions for higher ticket sizes have continued to support revenue growth. The end-of-year moderation seems to be a normalization following last year’s peak rather than a sign of a downturn.”
The report indicates that demand across price brackets in December 2025 remained consistent with the previous year. Homes valued at up to ₹1 crore represented 85% of registrations, while those priced above ₹1 crore accounted for the remaining 15%, showing healthy interest in the premium segment.
According to Rohit Gera, managing director of Gera Developments, the market is transitioning into a more delicate phase. “With rapid price increases and inventory value expanding, there are signs that supply may soon outpace absorption, making the market more prone to missteps,” he stated.
Moreover, buyer preference for larger homes remains strong. The proportion of units under 500 sq ft decreased slightly from 25% to 24%, while the 500–800 sq ft segment held steady at 46%. The share of homes larger than 800 sq ft rose modestly to 30%, indicating continuing demand for spacious living.
Regionally, Central Pune, encompassing Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), dominated residential transactions in December 2025, making up 67% of total registrations. West Pune, which includes Mawal, Mulshi, and Velhe, contributed 15%, while North, South, and East Pune collectively accounted for the remaining 18%.
Gera added that although interest rate reductions have bolstered demand, maintaining pricing and supply discipline will be essential moving forward. “The primary risk isn’t a sudden drop, but rather a gradual softening if supply discipline falters or prices escalate disproportionately. Developer credibility, financial strength, and execution capability will become increasingly crucial,” he noted.
