The Pune registered-price index

A quarterly average, or a median, over an area does not measure price. It measures which projects were selling that quarter, and in Pune those differ by a factor of three — a flat in Moshi and one in Bibvewadi are not the same purchase at a different price.

Taken that way, Wakad's registered rates come out at ₹4,653 per sq ft for Q1 2025 against ₹10,280 for the locality as a whole, and ₹12,422 a year later: a market that halved and then tripled. Neither happened. One inexpensive tower was registering its sales that quarter, and the following year an expensive one was.

So no quarter here is ever compared with another quarter's prices. Each step is measured only within projects that sold in both quarters: every such project contributes the ratio of its own median rate between the two, the middle ratio becomes the step, and the steps are chained into the level above. A project arriving on the market or finishing moves the mix without moving the index. It is the reasoning behind a repeat-sales house price index, applied to projects rather than to individual flats, because the register re-prices projects continuously and almost never re-sells the same flat.

Matched projects is how many sold in both this quarter and the one before, and so how much the step rests on. Agreements is every registered sale in the quarter, including those in projects that could not be matched — they count towards the medians but not towards the step.

It is not a rate. The level is a percentage of Q4 2017, not a rupee figure, because a rupee level would be the mix of projects again. For what a specific area costs, the median and the spread are on each locality page.

It is Pune-wide, and deliberately. The same construction at locality level has one or two matched projects setting each step, and because the steps compound, one weak step corrupts every level after it. Pooled across the city each step rests on 8 to 624 projects. A per-locality version would be a more useful number and a less true one.

It follows registration, not negotiation. An agreement is registered weeks or months after the price is agreed, so the series lags the market by roughly a quarter. It also covers only projects on the MahaRERA register, which excludes resale between private parties — a large share of what actually changes hands in an established area.

Carpet area throughout. Every rate is the agreement value divided by the carpet area on the same filing. A saleable or super built-up rate for the same flat is materially lower per square foot for the same money — see what carpet area is. Rates a project's own filing contradicts are set aside rather than averaged in.