Pune Property Market Sees Unprecedented Growth with 60% Increase in Registrations
Pune property market witnesses a 60% increase in registrations, driven by favorable affordability and positive outlook towards property ownership.
Pune PropertyReal EstateProperty RegistrationsResidential SectorStamp Duty CollectionsReal Estate PuneJul 19, 2024
In June 2024, a total of 14,230 properties were registered, resulting in stamp duty collections of INR 528 crores, a 90% year-on-year (YoY) rise. This significant increase highlights the robust growth of Pune's residential sector in the first half of 2024, with property sale registrations exceeding 97,294, a 44% YoY increase compared to H1 2023.
The average registrations for the first six months of 2024 are higher by 28% than the twelve-month registration average of 2023. Additionally, the average government revenue collection in the first six months of 2024, amounting to INR 607 crore, was 36% higher than the average of INR 446 crores witnessed in CY 2023.
Residential units priced between INR 50 lakhs and INR 1 crore accounted for the highest proportion of all housing transactions in June 2024, with a share of 33%. Properties valued at INR 1 cr and above witnessed a 15% cumulative growth in June 2024. The share of apartments from 1,000 sq ft and above saw a growth of 15% in June 2024 from 11% in June 2023.
Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 80%. Although still dominant, this share has slightly decreased compared to the same period in the previous year, as new supplies in other parts of the city increasingly cater to the evolving needs of Pune's homebuyers.
Information
Knight Frank India is a leading international property consultancy firm that provides strategic advice to clients, investors, and developers. The firm's research and analysis team provides valuable insights into the Indian real estate market, helping stakeholders make informed decisions.
Knight Frank India is a reputed name in the Indian real estate industry, known for its expertise in property consultancy, research, and analysis.
Frequently Asked Questions
What is the percentage increase in property registrations in Pune in June 2024 compared to the same period last year?
60%
What is the total amount of stamp duty collections in June 2024?
INR 528 crores
What is the year-on-year growth in stamp duty collections in June 2024?
90%
What is the average government revenue collection in the first six months of 2024?
INR 607 crore
What is the primary hub for residential transactions in Pune?
Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)
Related News Articles
Concorde Boosts Bangalore Presence with Strategic Land Acquisition on Sarjapur Road
Real estate developer Concorde acquires 1.6-acre land parcel on Sarjapur Road, Bangalore, to develop a high-rise residential complex with a GDV of Rs 200 crore.
Redbrick Offices Subsidiary Acquires 22 Commercial Units in Mumbai's Andheri
Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, buys 22 office spaces in Mumbai's Andheri for ₹267 crore.
Government Policies and RERA's Impact on Real Estate Investments in Pune
Explore how government policies and RERA are reshaping real estate investments in Pune, making it a lucrative market for investors. Discover the role of RERA in ensuring transparency and buyer protection in the real estate sector.
Navi Mumbai Hotels Witness Price Surge Ahead of Coldplay Concert
As the anticipation for Coldplay's upcoming concert in Navi Mumbai builds, the city's hotel rates are experiencing a significant surge. Travelers and fans are advised to book their accommodations early to avoid soaring prices and secure their stays.
Discovering Trump's Luxury Real Estate Ventures in India
Explore the iconic Trump Towers in India, from Pune to Kolkata, offering top-notch luxury apartments and residential complexes.
Pune Police Crack Down on Fake Bail Sureties Racket, Arrest 11 Including 2 Lawyers
Pune Police have successfully dismantled a fake bail sureties racket, arresting 11 individuals, including two lawyers. The racket was involved in providing fake sureties to secure bail for accused individuals, leading to several illegal releases.