July 19, 2024: Pune recorded registration of 14,230 properties, a 60% increase from same time previous year in June 2024, according to a report by Knight Frank India. Stamp duty collections during this period totalled Rs 528 crore, reflecting a 90% year-on-year (YoY) rise in June 2024. The city registered 8,913 property registrations in June 2023 and stamp duty collections of Rs 278 crore. This increase highlights the growing confidence among homebuyers in Pune, driven by favourable affordability and positive outlook towards property ownership, the report mentioned.
Pune’s property registration and stamp duty collection increased in H1 2024
According to the report, Pune’s residential sector saw robust growth in the first half of 2024, with property sale registrations exceeding 97,294, a significant 44% YoY increase compared to H1 2023. Stamp duty collections from property registrations in the first half of the year surpassed Rs 3,644 crore, marking a 48% YoY growth over January to June 2023.
Average number of registrations in H1 2024 stood above 12-month average of 2023
The average registrations for the first six months of 2024 are higher by 28% than the twelve-month registration average of 2023. Additionally, the average government revenue collection in the first six months of 2024, amounting to Rs 607 crore, was 36% higher than the average of Rs 446 crore witnessed in CY 2023. The rise in revenue can be attributed to several contributing factors, such as the higher volume and value of properties being registered.
Homes valued Rs 1 crore and above saw increased demand in June 2024
In June 2024, the registration of residential units priced between Rs 50 lakh and Rs 1 crore constituted the highest proportion, accounting for 33% of all housing transactions. Properties valued at Rs 1 crore and above witnessed a 15% cumulative growth in June 2024, the report said.
Higher demand for larger apartments sustains
Share of apartments from 1,000 square foot (sqft) and above saw a growth of 15% in June 2024 from 11% in June 2023. Conversely, apartments below 800 sq ft witnessed a dip of 7% in June 2024 as compared to the previous year.
Shishir Baijal, chairman and managing director, Knight Frank India said, “Pune’s residential sector is thriving. Property sale registrations reflect an impressive 60% increase from last year. Stamp duty collections soared to an astounding 90% YoY growth. This explosive surge is driven by enthusiastic home buyers attracted to affordable options and a flourishing business environment. The shift towards premium properties highlights Pune’s dynamic real estate transformation, supported by continuous infrastructure upgrades and economic progress. Pune’s residential sector is not just expanding; it’s booming, heralding an exciting future in real estate.”.
Central Pune accounted for 79% of total residential transactions in June 2024
In June 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 80%. Although still dominant, this share has slightly decreased compared to the same period in the previous year, as new supplies in other parts of the city increasingly cater to the evolving needs of Pune’s homebuyers. West Pune, encompassing areas like Mawal, Mulshi, and Velhe, secured the second-largest share of residential transactions, accounting for 11% of the total in June 2024.
Conversely, North, South and East Pune collectively held a smaller portion of residential transactions, making up 10% of the total in June 2024.
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