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
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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)
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