Pune Real Estate Market Soars With 60% YoY Increase In Registrations
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The Pune real estate market has witnessed a significant boom in June 2024, with property registrations skyrocketing by 60 per cent year-on-year (YoY) compared to June 2023. This surge is according to data released by the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
Surge in Property Registrations and Stamp Duty Collections
The data revealed that a staggering 14,230 properties were registered in Pune in June 2024, compared to the same month the previous year. This substantial increase is indicative of a thriving market and strong buyer interest.
Furthermore, stamp duty collections mirrored the growth in property registrations. A significant 90 per cent rise was recorded, with collections reaching Rs 528 crore in June 2024, up from Rs 278 crore in June 2023. This substantial rise in revenue emphasizes the buoyancy of the Pune property market.
Residential Properties Drive the Market
A closer look at the data reveals that residential units are the primary driver of the market's growth. Knight Frank India, a real estate consultancy firm, reported that nearly 77 per cent of all property registrations in June 2024 were for residential units. Commercial units accounted for the remaining 23 per cent.
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Strong Performance Across Property Segments
The growth wasn't limited to a single segment. Notably, properties valued between Rs 50 lakh and Rs one crore constituted a significant portion (33 per cent) of all housing transactions in June 2024. Additionally, properties priced at Rs one crore and above witnessed a healthy cumulative growth of 15 per cent during the same period, as per the Knight Frank India report. This indicates strong demand across various property segments in Pune.
Pune's Growth Potential Attracts High-Value Property Investment
The significant rise in registrations and stamp duty collections for properties exceeding Rs one crore signifies a robust demand for luxury housing in Pune. This trend reflects the city's overall economic growth and its potential as an attractive investment destination.
Pune's Real Estate Market Compared to Mumbai
While Pune's real estate market is experiencing a boom, Mumbai, another major Maharashtra city, also witnessed growth in property registrations. In June 2024, Mumbai saw an 11 per cent increase compared to June 2023, with registrations reaching 11,443.