The real estate market of Pune witnessed 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. The data and information shared by Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR) shows that, The stamp duty collections in July 2024 also recorded an increase of 47% to touch Rs.504 crore from rs.344 crore in July 2023.
According to the real estate consultancy firm Knight Frank India, 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.The collection of stamp duty from these registrations also showed upward graph surpassing Rs.4,127 crore, which represents a 47% year-over-year growth.
According to the Knight Frank India report, during the financial year of 2023-24,nearly 1.46 lakh properties were registered in Pune district and the stamp duty collection stood at Rs.5,785 crore.
Shishir Baijal, chairman and managing director, Knight Frank India, mentioned, "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."
According to Knight Frank India's report, the preference for larger and more upscale homes is reflected in a rise from 32% to 33% of the Rs.50 lakh to Rs.1 crore segment share in July 2024 compared to July 2023. Meanwhile, there was also an increase in demand for luxury residential properties worth Rs.1 crore to Rs.2.5 crores with shares jumping from last year's figure of only at %9 to this year’s recorded rate of 13%. The positive trend observed within Pune’s real estate market can be attributed largely due factors such as increasing incomes, favourable financing options alongside optimistic consumer sentiment trends.
Central Pune, comprising Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), retained its status as the major center for residential transactions with a significant market share of 79% in July 2024.
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