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
Pune's Residential Real Estate Market Sees Record High Prices Amidst Slowing Sales
The average home price in Pune has surged by 8.92% to a record high of Rs 6,298 per sq ft, despite a decline in sales volume and inventory overhang.
Birla Estates Snaps Up Prime Land in Mumbai for Mega Development Project
Birla Estates, the real estate arm of the Aditya Birla Group, has acquired a massive 24.5-acre land in Mumbai for a whopping Rs 537.42 crore.
Redefining Comfortable Living with RNA NG Aroma
RNA NG Aroma, a leading real estate company in Mumbai, is revolutionizing the concept of comfortable living through innovative projects and top-notch construction standards.
Alok Aggarwal Takes the Helm as Chairman of Indian REITs Association
The Indian Real Estate Investment Trusts (REITs) Association has announced the appointment of Alok Aggarwal as its new Chairman. The founding members of the association include prominent entities such as Brookfield India Real Estate Trust, Embassy Office
WeWork India Secures Major 1.26 Lakh Sq Ft Lease in Mumbai's Powai for ₹1.38 Crore Monthly Rent
WeWork India has secured a significant lease agreement for 1.26 lakh square feet of commercial space in the Lightbridge building, located in the Saki Vihar area of Powai, Mumbai. The deal, valued at ₹1.38 crore per month, underscores WeWork's strategic ex
CIDCO Housing Scheme: Homebuyers Raise Concerns Over Reduced Apartment Sizes
CIDCO's housing scheme, initially hailed as a solution to affordable housing, has faced backlash from homebuyers due to the unexpected reduction in apartment sizes. Despite high prices, the scheme has left many dissatisfied.