Pune Property Registrations Drop in September 2024, Stamp Duty Collections Down 14%
Pune Property Registrations Drop in September 2024, Stamp Duty Collections Down 14%
Pune’s real estate market witnessed a significant decline in property registrations in September 2024, with a 33% year-on-year (YoY) drop, registering only 11,056 properties compared to 16,604 in the same month last year. This downturn, attributed to the inauspicious Shraadh period, also led to a 14% dip in stamp duty collections, which stood at ₹508 crore in September 2024, down from ₹585 crore collected in September 2023.
The data, released by the Maharashtra government’s Department of Registrations and Stamps, also revealed a 17% month-on-month decline in registrations from 13,397 units in August 2024. Pune’s property market, while experiencing a slump in recent months, has still recorded higher overall registrations in 2024 compared to previous years. From January to September 2024, the city saw 1.38 lakh properties registered, surpassing the 1.07 lakh during the same period in 2023 and 1 lakh in 2022.
The dip in property registrations in September is largely attributed to the Shraadh period, a 12-day phase during which major purchases are generally avoided. Historically, this period impacts the real estate market, with buyers postponing property transactions due to cultural beliefs.
Additionally, a seasonal moderation between May to August 2024 also contributed to the overall dip. According to Knight Frank India, registrations during these months fell by 26% compared to the first four months of the year. National Director-Research at Knight Frank India, stated that this seasonal trend has been observed in previous years, further emphasizing the influence of the Shraadh period on September’s figures.
Despite the downturn in overall property transactions, Central Pune—comprising Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)—remained a primary residential market, accounting for 80% of all property registrations in September 2024.
While the total number of registrations declined, demand for mid-range and luxury properties remained resilient. The ₹50 lakh to ₹1 crore segment accounted for 33% of total registrations, reflecting a preference for larger and more premium homes. Additionally, the ₹1 crore and above segment saw a 16% growth in registrations, driven by increasing demand for luxury properties. Knight Frank India’s data indicates that luxury homes contributed significantly to the real estate market’s overall growth, despite the broader downturn in transactions.
The Pune housing market remains dynamic, with overall registrations for 2024 on track to exceed previous years, buoyed by steady demand in specific segments despite seasonal and cultural factors impacting short-term activity.
