Property registrations in Pune up 25% YoY, homes worth ₹50 lakh to ₹1 crore secure highest share

Pune real estate market: Stamp duty collections in July recorded an increase of 47% to touch ₹504 crore from ₹344 crore in July 2023, according to the data.

The Pune real estate market saw a 25% year-on-year (YoY) increase in property registrations in July 2024 with 13,314 properties being registered as against 10,614 in the same period a year ago, according to the data shared by Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

The Pune real estate market saw a 25% year-on-year (YoY) increase in property registrations in July 2024 with 13,314 properties being registered as against 10,614 in the same period a year ago. (Picture for representational purposes only)(Mehul R Thakkar/HT)

The stamp duty collections in July 2024 also recorded an increase of 47% to touch ₹504 crore from ₹344 crore in July 2023, according to the data.

In the first seven months of 2024, Pune reported 113,277 property registrations, reflecting a substantial 45% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw an increase, surpassing ₹4,127 crore, which represents a 47% year-over-year growth, according to an analysis by Knight Frank India, a real estate consultancy firm.

In the financial year of 2023-24, a total of 1.46 lakh properties were registered in Pune district and the stamp duty collection stood at Rs5,785 crore, according to the data of Knight Frank India.

"This remarkable growth is fuelled by enthusiastic home buyers drawn to mid and premium options and a thriving business environment. The shift towards premium properties underscores Pune’s dynamic real estate transformation, bolstered by ongoing infrastructure upgrades and economic progress. Pune’s residential sector is flourishing, signaling an exciting

future in real estate," said Shishir Baijal, chairman and managing director, Knight Frank India.

Homes valued at ₹50 lakh to ₹1 crore witness increase in demand

The ₹50 lakh to ₹1 crore segment saw the highest share of 33% in July 2024 compared to 32% in July 2023, reflecting a preference for larger and more premium homes, while the luxury segment which includes residential properties worth ₹1 crore to ₹2.5 crore reported a 13% share in July 2024 compared to 9% in July 2023. This positive trend in the Pune housing market is likely to be fuelled by factors such as rising incomes, positive consumer sentiment, and favourable financing options, Knight Frank India said in its report.

In July 2024, 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 79%.