Property registrations in Pune up by 99% y-o-y in August
Property registrations in the Pune district rose by 99% year-on-year in August. The total value of the registered properties in August 2023 amounted to Rs 10,613 crore. According to Knight Frank India, 13,021 units were registered in August 2023, compared to 6,544 registrations in August 2022.
According to Knight Frank India, the Maharashtra state government collected `3,226 crore in stamp duty in the first eight months of 2023, with 91,023 properties registered in Pune. The stamp duty collections in August grew by 82% y-o-y to `423 crore. The overall value of registered properties in Pune surged by 25% y-o-y to reach Rs 69,015 crore in the January-August period.
On a year-to-date basis, the total registration of 91,023 properties reflects a modest 1% growth, compared to the previous year. However, stamp duty collections have shown a 6.6% increase, the Knight Frank report said. This was driven by a rise in the share of properties over Rs 1 crore from 9% in August 2022 to 11% in August 2023.
Homes that cost over Rs 2.5 crore also saw an uptick, with 130 residential units registered in this category in August 2023, as against 65 units in August 2022. Homes in the Rs 50 lakh to Rs 1 crore accounted for 32% of the market, while the share of homes in the `25-50 lakh range was at 34%. The Pune market has seen a shift towards larger apartments, with the share of 800 sq ft properties rising to 29% from 26% in August ’22. The share of apartments sized over 2,000 sq. ft. also grew from 1% in August 2022 to 4% in August 2023.
Shishir Baijal, chairman and managing director, Knight Frank India, said the “Pune residential market continues to thrive, driven by a persistent aspiration for homeownership and a favourable affordability
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