Pune Property Registrations Jump 25% YoY, ₹50 Lakh to ₹1 Crore Homes Lead Market

Pune Property Registrations Jump 25% YoY, ₹50 Lakh to ₹1 Crore Homes Lead Market

Pune Property Registrations Jump 25% YoY, ₹50 Lakh to ₹1 Crore Homes Lead Market

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The Pune real estate market experienced a significant boost in July 2024, with property registrations climbing 25% year-on-year (YoY). A total of 13,314 properties were registered during the month, up from 10,614 in July 2023, according to data from Maharashtra’s Department of Registrations and Stamps.

Stamp duty collections also saw a notable increase, rising 47% to ₹504 crore in July 2024, compared to ₹344 crore in the same month of the previous year. This growth reflects the ongoing strength of Pune’s real estate sector.

In the first seven months of 2024, property registrations in Pune reached 113,277, marking a 45% increase compared to the same period in 2023. The corresponding stamp duty collections exceeded ₹4,127 crore, representing a 47% year-on-year growth, according to an analysis by real estate consultancy Knight Frank India.

For the entire financial year 2023-24, Pune district registered 1.46 lakh properties, with stamp duty collections amounting to ₹5,785 crore, as per Knight Frank India’s data. This growth is attributed to a surge in demand for mid-range and premium homes, alongside a favorable business environment. The shift towards higher-end properties highlights Pune’s evolving real estate landscape, supported by ongoing infrastructure improvements and economic development.

Rising Demand for Homes in ₹50 Lakh to ₹1 Crore Range

The demand for homes priced between ₹50 lakh and ₹1 crore was particularly strong in July 2024, with this segment capturing a 33% share of the market, up from 32% in July 2023. The luxury housing segment, encompassing properties valued between ₹1 crore and ₹2.5 crore, also saw growth, increasing its market share to 13% in July 2024 from 9% in the previous year. This positive trend is driven by rising incomes, optimistic consumer sentiment, and favorable financing options, according to Knight Frank India.

Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the focal point for residential transactions, accounting for 79% of the total market share in July 2024.

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