Pune Sees Surge in Property Registrations, with 13,397 Units Sold in August 2024
Pune's real estate market remains robust, with the city witnessing significant registrations and revenue growth in August. Homes valued Rs 1 crore and above saw increased demand in August 2024.
PuneProperty RegistrationsReal EstateKnight Frank IndiaStamp Duty CollectionsReal Estate PuneSep 20, 2024
The report highlights that stamp duty collections for the month totaled Rs 592 crore, reflecting a 40% year-on-year (YoY) rise in August 2024. This surge underscores the growing confidence of homebuyers in Pune, fueled by improved affordability and positive outlook towards property ownership.
In the first eight months of 2024, the city recorded 127,108 property registrations, reflecting a substantial 40% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw a remarkable rise, exceeding Rs 4,736 crore, representing a 47% YoY growth.
Homes valued Rs 1 crore and above saw increased demand in August 2024, with the luxury segment experiencing a notable rise in both volume and share. The Rs 50 lakh – 1 crore segment accounted for the largest share, reflecting a preference for bigger and more premium homes.
The trend to buy bigger apartments has sustained post the pandemic experience, with the share of apartments above 800 sq ft growing from 28% in August 2023 to 32% in August 2024.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “Pune’s real estate market remains robust, with the city witnessing significant registrations and revenue growth in August. Year-to-date property registrations in Pune have surged by 40% YoY. This trend is evident as the city records its fastest year to surpass 1 lakh registrations, highlighting Pune’s increasing appeal in the real estate sector.”
Central Pune accounted for 80% of total residential transactions in August 2024, with West Pune securing the second-largest share of residential transactions, accounting for 12% of the total.
Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected]
Knight Frank India is a leading international property consultancy that provides a comprehensive range of services across various asset classes. The company has a strong presence in India, with offices in major cities across the country. About the Author Anuradha Ramamirtham is a senior journalist with over 16 years of experience in various sectors, including real estate. She excels in tracking property trends and simplifying housing-related topics.
Frequently Asked Questions
What was the number of property registrations in Pune in August 2024?
13,397
What was the year-on-year (YoY) rise in stamp duty collections in August 2024?
40%
What was the share of homes valued Rs 1 crore and above in August 2024?
Increased demand
What was the trend in apartment sizes in August 2024?
The share of apartments above 800 sq ft grew from 28% in August 2023 to 32% in August 2024.
What was the share of Central Pune in total residential transactions in August 2024?
80%
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