Pune Real Estate Market Sees Significant Growth with 60% YoY Increase in Property Registrations
The Pune real estate market has witnessed a 60% year-on-year increase in property registrations in June 2024, with a significant demand for homes above ₹1 crore.
Pune Real EstateProperty RegistrationsLuxury HomesMaharashtra GovernmentKnight Frank IndiaReal Estate PuneJul 19, 2024
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.
Frequently Asked Questions
What was the percentage increase in property registrations in Pune in June 2024?
60% year-on-year increase in property registrations in June 2024.
What was the value of stamp duty collections in June 2024?
₹528 crore, a 90% increase from ₹278 crore in June 2023.
What percentage of property registrations in June 2024 consisted of residential units?
Almost 77% of the total property registrations in June 2024 consisted of residential units.
What was the cumulative growth in properties valued at ₹1 crore and above in June 2024?
15% cumulative growth in properties valued at ₹1 crore and above in June 2024.
What was the most expensive property deal in Pune?
A 12,000 sq ft penthouse worth ₹37 crore was the most expensive property deal in Pune.
Related News Articles
Indian Real Estate Market Sees Quarterly Slump, NCR Defies Trend
Real estate sales in India's top seven cities dip 8% in Q2 2024, but NCR bucks the trend with a 6% increase
IDFC First Bank Inks Major Lease Deal in Mumbai's Goregaon
IDFC First Bank leases 1.65 lakh sq ft office space in Oberoi Commerz III, Goregaon, Mumbai, reflecting strong market fundamentals and resilience in India's commercial real estate market.
3 Lucrative Ways to Invest in Real Estate for the New Year
Explore the latest trends in real estate investment, including fractional ownership, REITs, and mutual funds, in high-growth areas like Pune, Goa, and Hyderabad.
Arvind SmartSpaces Navigates Market Volatility: Bearish Trends Persist
Arvind SmartSpaces, a prominent small-cap construction and real estate firm, is currently grappling with bearish technical trends amid market volatility, trading at 675.00.
Pune Municipal Corporation Seals Sinhgad Institute Offices, Prepares for Auction of Erandwane Property
In an effort to recover property tax dues of ₹345 crore, the Pune Municipal Corporation (PMC) has sealed the offices of the Sinhgad Institute and initiated the process of auctioning the Erandwane property.
Brigade Enterprises Launches Mega Rs 2700 Crore Housing Project in Bengaluru
Brigade Enterprises, a leading real estate developer in South India, has announced the launch of a massive Rs 2700 crore housing project in Bengaluru. The project, set to be completed by March 31, 2030, aims to offer a blend of luxurious living and sustai