Pune Sees Record Property Registrations in July 2024, Boosting Real Estate Market
Pune's residential sector is witnessing a significant surge, with property registrations crossing 1 lakh units in July 2024. This growth is driven by increasing demand for mid-range and luxury properties.
Pune Real EstateProperty RegistrationsMaharashtra GovernmentKnight Frank IndiaResidential SectorReal Estate MaharashtraAug 14, 2024
Stamp duty collections during this period totaled Rs 504 crore, reflecting a 47% year-on-year (YoY) rise in July 2024. Pune recorded sale registration of over 1,00,000 properties in July 2024, showcasing a higher velocity of sales as compared to the last year when the city reached the 1,00,000-unit mark in September 2023.
This surge highlights the growing confidence among homebuyers in Pune, driven by favorable affordability and positive outlook towards property ownership.
The Rs 50 lakh – 1 cr segment saw the highest share (33%), reflecting a preference for larger and more premium homes, while the luxury segment which includes residential properties worth Rs 1 cr and above, experienced a remarkable increase in both volume and share.
Central Pune accounted for 79% of total residential transactions in July 2024, maintaining a substantial share. Although still dominant, this share has slightly decreased compared to the same period in the previous year, as new supplies in other parts of the city increasingly cater to the evolving needs of Pune's homebuyers.
Frequently Asked Questions
What is the current state of Pune's residential sector?
Pune's residential sector is flourishing, with property sale registrations showing an impressive 45% increase compared to the same period last year.
What is the main driver of growth in Pune's housing market?
The growth in Pune's housing market is driven by increasing demand for mid-range and luxury properties.
What is the share of Central Pune in total residential transactions?
Central Pune accounted for 79% of total residential transactions in July 2024.
What is the share of apartments from 800 sqft and above in July 2024?
The share of apartments from 800 sqft and above saw a growth of 7% in July 2024 from 24% in July 2023 to 31% in July 2024.
What is the expected future of Pune's real estate market?
Pune's residential sector is flourishing, signalling an exciting future in real estate.
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