Pune Real Estate Market Sees Significant Growth with 60% Increase in Property Registrations
The Pune real estate market has witnessed a substantial surge in property registrations, with a 60% year-on-year increase in June 2024. According to the Maharashtra government's Department of Registrations and Stamps, 14,230 properties were registered in
Pune Real EstateProperty RegistrationsMaharashtraKnight Frank IndiaStamp Duty CollectionsReal Estate MaharashtraJul 19, 2024
The stamp duty collections in June 2024 also recorded an impressive 90% increase, reaching ₹528 crore from ₹278 crore in June 2023. This growth is largely attributed to the increasing demand for residential units, particularly those priced above ₹1 crore.
In fact, properties valued at ₹1 crore and above witnessed a 15% cumulative growth in June 2024, according to a report by Knight Frank India. This trend is evident in the recent sale of a 12,000 sq ft penthouse worth ₹37 crore, which is the most expensive property deal in Pune.
The Pune real estate market saw a total of 1.46 lakh property registrations in the financial year of 2023-24, with stamp duty collection standing at ₹5,785 crore. The majority of these registrations, almost 77%, were for residential units, while the remaining 23% were for commercial units.
The growth in property registrations is not limited to Pune, as the Mumbai real estate market also saw an increase of over 11% to 11,443 in June 2024 from 10,319 a year earlier.
Information Knight Frank India is a leading real estate consultancy firm that provides comprehensive services to clients across the country. The firm's reports and analysis are widely regarded as authoritative and insightful, offering valuable insights into the Indian real estate market.
The Maharashtra government's Department of Registrations and Stamps is responsible for maintaining records of property transactions in the state. The department's data provides a comprehensive overview of the real estate market in Maharashtra, including trends, growth, and demand.
Frequently Asked Questions
What was the year-on-year increase in property registrations in Pune in June 2024?
60%
What was the stamp duty collection in June 2024?
₹528 crore
What percentage of property registrations in June 2024 were for residential units?
77%
What was the cumulative growth in properties valued at ₹1 crore and above in June 2024?
15%
What is the most expensive property deal in Pune?
A 12,000 sq ft penthouse worth ₹37 crore
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