Real Estate Pune
Pune Real Estate Market Sees Significant Growth with 60% YoY Increase in Property Registrations
By GeoSquare News Desk · Published 2024-07-19
The Pune real estate market has witnessed a remarkable growth 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 June 2024, compared to 14,309 in the same period last year. The stamp duty collections also saw a significant increase of 90% to touch ₹528 crore from ₹278 crore in June 2023.
The demand for residential units has been on the rise, with almost 77% of the total property registrations in June 2024 consisting of residential units. The remaining 23% comprised commercial units. In the financial year 2023-24, a total of 1.46 lakh properties were registered in Pune district, with a stamp duty collection of ₹5,785 crore.
Interestingly, properties valued at ₹1 crore and above witnessed a 15% cumulative growth in June 2024. The registration of residential units priced between ₹50 lakhs and ₹1 crore accounted for 33% of all housing transactions. This trend is indicative of a growing demand for luxury homes in Pune.
In recent times, Pune has seen some high-value property deals, including the sale of a 12,000 sq ft penthouse worth ₹37 crore, which is the most expensive property deal in Pune. The Mumbai real estate market also saw a growth in property registrations, with an 11% increase to 11,443 in June 2024 compared to 10,319 in the same period last year.
The Maharashtra government's Department of Registrations and Stamps is responsible for maintaining records of property registrations in the state. Knight Frank India is a real estate consultancy firm that provides insights and analysis on the Indian real estate market.
Knight Frank India is a leading international property consultancy firm that provides a comprehensive range of services across various asset classes. With a strong presence in India, the firm offers expertise in real estate investment, valuation, research, and consultancy services.