Pune Property Market Sees Unprecedented Growth with 60% Rise in Registrations
Pune's property market is booming, with a significant increase in registrations and revenue. New hotspots are emerging, and the market is expected to continue its strong performance for the rest of the year.
Pune Property MarketReal EstateResidential TransactionsKnight Frank IndiaProperty RegistrationsReal Estate PuneAug 04, 2024
A recent report by Knight Frank India reveals impressive growth. In June 2024, Pune witnessed a remarkable 60% increase in property registrations compared to June 2023. This translates to over 14,230 properties being registered, reflecting a strong demand for homes in the city.
The positive trend extends to government revenue collection. Stamp duty collections from property registrations have also seen a significant rise of 90% year-on-year for the same period. This trend has continued throughout the first half of 2024, with property registrations exceeding 97,294, a jump of 44% compared to the same period last year.
Several factors are contributing to the boom. Favorable affordability, particularly in the mid-range segment (properties priced between INR 50 lakh and INR 1 crore), is attracting many first-time homebuyers. Additionally, there's a growing preference for larger apartments. Properties with a size of 1,000 square feet and above saw a 15% increase in registrations compared to last year (up from 11% in June 2023), signifying a shift towards more spacious living. Smaller apartments below 800 square feet witnessed a dip of 7% in June 2024 compared to the previous year.
While Central Pune, including Haveli Taluka, PMC (Pune Municipal Corporation), and PCMC (Pimpri Chinchwad Municipal Corporation), continues to be the primary hub for residential transactions with an 80% share, its dominance is slightly decreasing. This suggests that new housing developments in other areas are attracting buyers seeking specific amenities or locations. West Pune, with areas like Mawal, Mulshi, and Velhe, is emerging as the second-largest zone for residential transactions, accounting for 11% of the market share.
The strong performance of Pune's property market in the first half of 2024, with registration averages exceeding those of all of 2023, indicates a positive outlook for the rest of the year. With continued affordability and a wider range of housing options across the city, Pune remains a promising market for both homebuyers and investors.
Knight Frank India is a leading international property consultancy that provides a comprehensive range of services across various sectors, including residential, commercial, and industrial.
Keywords Pune property market, real estate, residential transactions, Knight Frank India, property registrations, stamp duty collections, affordability, mid-range segment, larger apartments
Frequently Asked Questions
What is the growth rate of property registrations in Pune?
Pune witnessed a remarkable 60% increase in property registrations in June 2024 compared to June 2023.
What is the trend in government revenue collection from property registrations?
Stamp duty collections from property registrations have seen a significant rise of 90% year-on-year for the same period.
What is the most popular segment in the Pune property market?
Favorable affordability, particularly in the mid-range segment (properties priced between INR 50 lakh and INR 1 crore), is attracting many first-time homebuyers.
What is the trend in apartment sizes in Pune?
Properties with a size of 1,000 square feet and above saw a 15% increase in registrations compared to last year, signifying a shift towards more spacious living.
What is the outlook for the Pune property market for the rest of the year?
The strong performance of Pune's property market in the first half of 2024 indicates a positive outlook for the rest of the year, with continued affordability and a wider range of housing options across the city.
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