Pune Real Estate Sees Unprecedented Growth with 60% YoY Increase in Property Registrations
Pune's real estate market witnesses a remarkable 60% year-on-year surge in property registrations, with a significant rise in demand for luxury homes above ₹1 crore.
Pune Real EstateProperty RegistrationsLuxury HomesStamp Duty CollectionsKnight Frank IndiaReal Estate NewsJul 19, 2024
This remarkable growth can be attributed to the increasing demand for luxury homes in Pune. Properties valued at ₹1 crore and above witnessed a 15% cumulative growth in June 2024, as per a report by Knight Frank India. In fact, a 12,000 sq ft penthouse worth ₹37 crore was recently sold in Pune, making it the most expensive property deal in the city.
The stamp duty collections in June 2024 also recorded a significant increase of 90% to touch ₹528 crore from ₹278 crore in June 2023. This growth is a clear indication of the rising demand for residential and commercial properties in Pune.
Out of the total property registrations in June 2024, almost 77% were of residential units, while the remaining 23% were commercial units. In the financial year 2023-24, a total of 1.46 lakh properties were registered in Pune district, with stamp duty collection standing at ₹5,785 crore.
The Mumbai real estate market has also seen a significant growth, with property registrations increasing by more than 11% to 11,443 in June 2024 from 10,319 a year earlier.
The growth of the Pune real estate market can be attributed to various factors, including the city's growing IT industry, improved infrastructure, and increasing affordability. As the demand for luxury homes continues to rise, Pune is emerging as a preferred destination for homebuyers and investors alike.
Knight Frank India is a leading real estate consultancy firm that provides comprehensive services to clients across the country.
Maharashtra government's Department of Registrations and Stamps is a government agency responsible for registering properties and collecting stamp duty in the state of Maharashtra.
Frequently Asked Questions
What is the year-on-year growth in property registrations in Pune?
The Pune real estate market saw a 60% year-on-year (YoY) spike in property registrations in June 2024.
What is the total value of stamp duty collections in June 2024?
The stamp duty collections in June 2024 recorded a spike of 90% to touch ₹528 crore.
What is the percentage of residential units in total property registrations in June 2024?
Almost 77% of the total property registrations in June 2024 were of residential units.
What is the growth rate of properties valued at ₹1 crore and above in June 2024?
Properties valued at ₹1 crore and above witnessed a 15% cumulative growth in June 2024.
What is the most expensive property deal in Pune?
A 12,000 sq ft penthouse worth ₹37 crore was recently sold in Pune, making it the most expensive property deal in the city.
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