Pune Real Estate Market Soars: 60% YoY Increase in Registrations, High Demand for ₹1 Cr+ Flats

The Pune real estate market experienced a remarkable 60% year-on-year (YoY) increase in property registrations in June 2024. According to the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR), 14,230 properties were registered in June 2024. This is in comparison to 14,309 in the same month last year.

Stamp duty collections in June 2024 also saw a significant rise, recording a 90% increase to ₹528 crore from ₹278 crore in June 2023. This surge in collections reflects the growing demand for properties in Pune.

In May 2024, the district recorded 11,997 property registrations, with stamp duty collections reaching ₹547 crore. Out of the total property registrations in June 2024, residential units comprised almost 77%, while commercial units accounted for the remaining 23%, as reported by real estate consultancy firm Knight Frank India.

The financial year 2023-24 saw a total of 1.46 lakh properties registered in Pune district, with stamp duty collections amounting to ₹5,785 crore. In June 2024, residential units priced between ₹50 lakhs and ₹1 crore represented 33% of all housing transactions. Properties valued at ₹1 crore and above experienced a cumulative growth of 15%, according to the Knight Frank India report.

In comparison, the Mumbai real estate market also showed growth, with property registrations increasing by more than 11% to 11,443 in June 2024 from 10,319 a year earlier. May 2024 saw 12,000 property registrations in the Mumbai market.

The notable increase in property registrations and stamp duty collections in Pune highlights the city’s burgeoning real estate market, particularly in the segment of homes priced above ₹1 crore. This trend indicates a robust demand for high-value properties, reflecting the overall growth and investment potential in the region.

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