The Pune real estate market has experienced a notable surge, with property registrations rising by 25% year-on-year (YoY) in July 2024. The latest data from the Maharashtra government’s Department of Registrations and Stamps reveals that 13,314 properties were registered in July, a significant increase from the 10,614 properties recorded in the same month last year.
The growth trend is further underscored by a substantial increase in stamp duty collections, which surged by 47% to INR 504 crore in July 2024, compared to INR 344 crore in July 2023. This uptick in revenue reflects a robust market performance and heightened activity within the sector. For the first seven months of 2024, Pune has reported a total of 113,277 property registrations.
This marks a remarkable 45% increase over the 2023 figures for the same period. Additionally, stamp duty collections have surpassed INR 4,127 crore, representing a 47% YoY growth, according to a recent analysis by real estate consultancy Knight Frank India. In the financial year 2023-24, Pune district registered a total of 1.46 lakh properties, generating a stamp duty collection of INR 5,785 crore. This continued growth highlights the strength and resilience of Pune’s real estate sector.
The current boom in property registrations and stamp duty collections is attributed to a burgeoning interest in mid-range and premium properties. A thriving business environment and ongoing infrastructure developments in Pune are contributing to this dynamic real estate landscape. Knight Frank India’s spokesperson commented on the trends “This impressive growth is driven by enthusiastic homebuyers attracted to both mid and premium property segments. Pune’s transformation, supported by infrastructure enhancements and economic progress, indicates a vibrant future for the residential real estate market.”
