Pune Property Market Sees 3% Increase in Sale Registrations - A Boost to Realty Sector
Pune witnessed a 3% increase in property sale registrations in September 2024, with 13,397 properties registered, according to Knight Frank India's latest assessment.
Pune Property MarketReal EstateKnight Frank IndiaProperty RegistrationsStamp Duty CollectionsReal Estate PuneSep 20, 2024
The surge in property registrations has resulted in a 40% year-on-year (YoY) rise in stamp duty collections, totaling Rs 592 crores in August 2024. This increase reflects the growing confidence of homebuyers in Pune, driven by improved affordability and a positive outlook towards property ownership.
In the first eight months of 2024, Pune's residential sector saw strong property registration growth, with 127,108 properties registered, reflecting a 40% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw a remarkable rise, exceeding INR 4,736 crores, representing a 47% YoY growth.
Homes valued INR 1 crore and above saw increased demand in August 2024, with a 9% YoY rise in registrations, driven by demand for mid-range and luxury properties. The Rs 50 lakhs - 1 Cr segment accounted for the largest share, reflecting a preference for bigger and more premium homes. The luxury segment- INR 1cr and above, also experienced a notable rise in both volume and share.
The trend to buy bigger apartments has sustained post the pandemic experience, with the share of apartments above 800 sq ft growing from 28% in August 2023 to 32% in August 2024.
Frequently Asked Questions
What was the increase in property sale registrations in Pune in September 2024?
There was a 3% increase in property sale registrations in Pune in September 2024.
What was the total stamp duty collections in August 2024?
The total stamp duty collections in August 2024 was Rs 592 crores.
What was the growth in property registrations in the first eight months of 2024?
There was a 40% increase in property registrations in the first eight months of 2024.
Which segment accounted for the largest share of property registrations in August 2024?
The Rs 50 lakhs - 1 Cr segment accounted for the largest share of property registrations in August 2024.
What was the share of apartments above 800 sq ft in August 2024?
The share of apartments above 800 sq ft was 32% in August 2024.
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