Pune Property Market Sees Flat Registrations in August 2024 Amid Rising Stamp Duty Collections
Real estate analysts point to a shift in homebuyers' preferences and increasing prices in major micro-markets as registrations remain flat
Pune Property MarketReal EstateStamp Duty CollectionsHomebuyers PreferencesMicromarketsReal Estate PuneSep 20, 2024
Real estate analysts said that the trends indicated a continued shift in homebuyers' preferences as well as an increase in prices in the major micro-markets of the city.
According to data from Maharashtra Inspector General of Registration, accessed by Knight Frank, homes priced between Rs 50 lakh and Rs 1 crore accounted for the largest share of registrations in August.
Data showed that 13,397 registrations were inked in August, compared to 13,021 in the corresponding month in 2023, and 13,731 registrations in July 2024. July and August are typically slower months for property registrations in the market, largely owing to the monsoons.
From the registrations in August, the government collected Rs 592 crore in stamp duty, significantly higher than the Rs 492 crore for August 2023. In July 2024, the same was at Rs 521 crore.
Frequently Asked Questions
What was the number of property registrations in Pune in August 2024?
13,397
How did the stamp duty collections in August 2024 compare to the previous year?
40 percent jump annually and a 14 percent increase over July
What is the dominant market trend in Pune's real estate market?
Larger homes are cornering a bigger share of the market
Which areas of Pune saw the most property registrations in August 2024?
Central suburbs, comprising the Pune civic area and parts of Pimpri-Chinchwad
What is the expected impact of rising property prices on stamp duty collections?
Stamp duty collections may increase due to rising property prices
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