Pune's Property Market Sees 3% YoY Growth in Registrations, Despite 26% Decline in Last Four Months
Pune real estate market records 40% increase in stamp duty collections, while property registrations see a 3% year-on-year growth. What's behind the monthly moderation in property registrations?
Pune Real EstateProperty RegistrationsStamp Duty CollectionsMaharashtra GovernmentKnight Frank IndiaReal Estate MaharashtraSep 20, 2024
The stamp duty collections in August 2024 recorded an increase of 40% to touch ₹592 crore from ₹423 crore in June 2023. In July 2024, ₹521 crore was collected as stamp duty for 13,731 property registrations in Pune district. Out of the total property registrations monthly, more than 70% are residential units, while the rest are in other segments.
Homes valued ₹1 crore and above saw an increase in demand in August 2024, with a 9% YoY rise in registrations, driven by demand for mid-range and luxury properties. The ₹50 lakhs to ₹1 crore segment accounted for the largest share at 34%, reflecting a preference for bigger and more premium homes.
Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 80%.As many as 73,000 properties were registered in the first four months of 2024, compared to over 54,000 in the last four months of 2024. According to Vivek Rathi, National Director- Research, Knight Frank India,
Frequently Asked Questions
What is the year-on-year growth in property registrations in Pune?
3% year-on-year growth in property registrations, with 13,397 registrations in August 2024 compared to 13,021 in August 2023.
What is the decline in property registrations in the last four months?
26% decline in the last four months, between May to August, compared to the first four months of 2024.
What is the increase in stamp duty collections in August 2024?
40% increase in stamp duty collections, touching ₹592 crore from ₹423 crore in June 2023.
What is the share of residential units in total property registrations?
More than 70% of total property registrations are residential units.
What is the growth in property registrations in the first eight months of 2024?
40% increase in property registrations, with 127,108 property registrations, compared to the same period in 2023.
Tags:
Related News Articles
Real Estate vs Mutual Funds: Which Investment Avenue Should You Choose?
Investing in real estate or mutual funds requires careful consideration of market conditions, tax implications, and personal risk profiles.
Birla Estates Expands in Maharashtra with 71-Acre Land Acquisition in Boisar
Birla Estates, a leading real estate developer, has made a strategic move by acquiring 71 acres of land in Boisar, Maharashtra. This acquisition is expected to bolster the company's presence in the rapidly developing region and expand its portfolio of res
How the Union Budget 2025-26 Affects Home Owners and Buyers
The Union Budget 2025-26 has introduced several measures that directly impact home owners and buyers. This article delves into the key changes and their implications.
Suryakumar Yadav's ₹21.1 Crore Mumbai Property Purchase: A New Era for Cricket Stars in Real Estate
Explore how Suryakumar Yadav's major real estate investment in Mumbai is reshaping the financial strategies of Indian cricketers. Is real estate the new frontier for their wealth management?
Vibe Realty Makes a Grand Entrance into Pune with a 1.03 Million Square Foot Project
Mumbai-based Vibe Realty Private Limited (VRPL) has secured a joint development project in Pune, marking its first major move into the city with a 1.03 million square foot development.
IndusLaw Announces Annual Promotions: Four Lawyers Emerge as Partners
IndusLaw, a prominent law firm, has announced its annual promotions, with four exceptional lawyers being elevated to the partner level. This move underscores the firm's commitment to rewarding talent and fostering a dynamic legal environment. The promotions include experts in real estate and corporate law, highlighting the firm's strategic focus on key practice areas.