Updated February 18th, 2024 at 16:53 IST

Pune realty sees 46% surge in January registrations; stamp duty collections soar to Rs 589 crore

State stamp duty collections in January 2024 reached Rs 589 crore, marking a 34% year-on-year increase.

Reported by: Leechhvee Roy
Real estate | Image:Pixabay
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Pune property surge: Property registrations in Pune's burgeoning real estate sector surged by 46 per cent year-on-year (YoY) in January 2024, reaching 17,785 transactions, according to data compiled by Knight Frank India. The state government's stamp duty collections mirrored this upward trajectory, amounting to Rs 589 crore for January 2024 alone, marking a notable 34 per cent increase compared to the same period last year.

Homebuyer confidence soars

This surge in registrations underscores a substantial increase in confidence amongst homebuyers, driven by favourable affordability and a positive outlook on property ownership. Notably, 70 per cent of the total transactions were for residential purchases, reflecting the strong demand for housing in Pune.

High-value preference

A significant trend observed during this period is the escalating preference for higher-value properties, with transactions in the over Rs 1 crore segment witnessing a notable uptick. The share of properties priced at Rs 1 crore and above surged from 10 per cent in January 2023 to 14 per cent in January 2024, indicating a growing appetite for premium real estate offerings.

Shishir Baijal, Chair and MD, Knight Frank India, commented on Pune's real estate market dynamics, attributing the surge in registrations to a strong desire for homeownership, coupled with an attractive affordability level and a supportive business environment in the city.

Further analysis reveals that the demand for larger apartments is on the rise, with units exceeding 1000 sq ft witnessing an increase in market share from 12 per cent in January 2023 to 14 per cent in January 2024. Additionally, Central Pune continued to dominate residential transactions, accounting for 75 per cent of total registrations in January 2024, albeit with a slight decline compared to the previous year, as new supply in other parts of the city caters to evolving consumer preferences.

Prime buyer demographic

Moreover, homebuyers in the age group of 30 to 45 years constituted the largest buyer segment, representing 54 per cent of the market share in January 2024. This demographic distribution underscores Pune's status as a robust end-user market, driven by a significant presence of professionals relying on bank financing to facilitate their home purchases.

The surge in property registrations coupled with increasing stamp duty collections in Pune signifies a robust and resilient real estate market, underpinned by strong economic fundamentals and evolving consumer preferences. As the city continues to witness infrastructural advancement and economic growth, Pune's residential market remains poised for sustained expansion and development in the coming months.
 

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Published February 17th, 2024 at 14:58 IST