September 20, 2024: Pune witnessed property sale registration of 13,397 properties in August 2024, marking a 3% increase compared to the same period previous year, a Knight Frank India report mentioned in its latest assessment. Stamp duty collections for the month totaled to Rs 592 crore, reflecting a 40% year-on-year (YoY) rise in August 2024. This surge underscores the growing confidence of homebuyers in Pune, fueled by improved affordability and positive outlook towards property ownership.
Property registrations, Value of property and Stamp duty collection
Period (Jan-Aug)
Total registration Stamp duty collection (INR cr) 2022 90,224 3,025 2023 91,023 3,225 2024 127,108 4,736 2024 YoY 40% 47% In the first eight months of 2024, the city recorded 127,108 property registrations, reflecting a substantial 40% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw a remarkable rise, exceeding Rs 4,736 crore, representing a 47% YoY growth, mentioned the report.
Homes valued Rs 1 crore and above saw increased demand in August 2024
Pune’s housing market witnessed a strong surge in August 2024, with a 9% YoY rise in registrations, driven by demand for mid-range and luxury properties. Rs 50 lakh – 1 crore segment accounted for the largest share, reflecting a preference for bigger and more premium homes. The luxury segment- Rs 1 crore and above, also experienced a notable rise in both volume and share.
Share of ticket size for residential property transactions
Ticket size Share in Aug 2023 Share in Aug 2024 Under INR 25 lakhs 23% 19% INR 25 – 50 lakhs 34% 32% INR 50 lakhs – 1 Cr 32% 34% INR 1 Cr – 2.5 Cr 10% 14% INR 2.5 Cr – 5 Cr 1% 2% Over 5 Cr