Pune Real Estate Market Sees 25% YoY Increase in Property Registrations
The Pune real estate market saw a significant boost in July 2024, with a 25% year-on-year increase in property registrations, driven by mid and premium options.
Pune Real Estate MarketProperty RegistrationsStamp Duty CollectionsKnight Frank IndiaMaharashtra GovernmentReal Estate MumbaiAug 14, 2024
This significant growth in property registrations has also led to an increase in stamp duty collections. In July 2024, stamp duty collections recorded an increase of 47% to touch ₹504 crore from ₹344 crore in July 2023.
In the first seven months of 2024, Pune reported 113,277 property registrations, reflecting a substantial 45% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw an increase, surpassing ₹4,127 crore, which represents a 47% year-over-year growth, according to an analysis by Knight Frank India, a real estate consultancy firm.
Homes valued at ₹50 lakh to ₹1 crore witnessed an increase in demand, with this segment seeing the highest share of 33% in July 2024 compared to 32% in July 2023. This indicates a preference for larger and more premium homes. The luxury segment, which includes residential properties worth ₹1 crore to ₹2.5 crore, reported a 13% share in July 2024 compared to 9% in July 2023.
This positive trend in the Pune housing market is likely to be fuelled by factors such as rising incomes, positive consumer sentiment, and favourable financing options, Knight Frank India said in its report.
In July 2024, 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 79%.
Frequently Asked Questions
What was the percentage increase in property registrations in Pune in July 2024 compared to the same period last year?
25%
What was the total number of properties registered in Pune in July 2024?
13,314
What was the increase in stamp duty collections in July 2024 compared to July 2023?
47%
Which segment saw the highest share of property registrations in July 2024?
Homes valued at ₹50 lakh to ₹1 crore
What is the expected driver of the positive trend in the Pune housing market?
Rising incomes, positive consumer sentiment, and favourable financing options
Tags:
Related News Articles
Pune's New Taxi Regulations: Meters to Be Compulsory from May 1
From May 1, 2023, all cabs in Pune, Pimpri Chinchwad, and Baramati, including Ola, Uber, and Rapido, will be required to use meters for fare calculation. This new regulation aims to ensure fair pricing and enhance transparency for passengers.
Mumbai Police EOW Investigates Rs 122 Crore Fraud at New India Cooperative Bank, Multiple Arrests Made
The Economic Offences Wing (EOW) of the Mumbai Police has launched a thorough investigation into a massive Rs 122 crore fraud at the New India Cooperative Bank, leading to multiple arrests. The investigation has uncovered significant financial irregularit
Five Chhota Rajan Gang Members Held for Attempted Extortion of Rs 10 Crore from Real Estate Developer
The arrests were made after the anti-extortion cell of the Mumbai Crime Branch received a complaint from the real estate developer and his partner...
SignatureGlobal India Overcomes Technical Challenges in the Resilient Real Estate Market
SignatureGlobal India, a prominent midcap construction and real estate firm, has successfully navigated through a series of technical challenges, demonstrating market resilience and strategic adaptability.
Completion of Mumbai Coastal Road: Final Bridge Span Connects
The final bridge span of Mumbai's highly anticipated coastal road project is set to connect, marking a significant milestone in the city's infrastructure development. This ambitious project, which has been in the works for several years, aims to alleviate
New Relief for Taxpayers: Understanding Capital Gains Tax on Real Estate in India
Capital gains tax on real estate, tax relief, finance bill, India