Pune: Real Estate Market Surges With Over 50% Rise in Property Registrations in March 2024
Pune registers a 52% jump in property registrations in March 2024.
In March 2024, Pune’s real estate market saw a remarkable 52% increase in property registrations, signaling a robust growth in the sector. This surge is further supported by a 30% year-on-year increase in stamp duty collections, which totaled ₹804 crore, up from ₹621 crore in March 2023.
Details of Property Registrations
According to the Maharashtra government’s Department of Registrations and Stamps (IGR), a total of 21,744 properties were registered in Pune in March 2024. This represents a significant increase from the 14,309 properties registered in the same month the previous year. The data underscores a continuing trend of growth within Pune’s real estate market.
Stamp Duty Collections
The increased property registrations directly impacted stamp duty collections, which saw a substantial rise. The revenue from stamp duty in March 2024 reached ₹804 crore, marking a 30% increase from the previous year’s collections of ₹621 crore.
Market Segmentation by Property Value
- Mid-Range Units: The registration of residential units priced between ₹50 lakh and ₹1 crore constituted the highest proportion of the transactions at 33%.
- Affordable Range: Properties priced between ₹25 lakh and ₹50 lakh also saw considerable activity, capturing 32% of the market share.
- Premium Segment: The share of properties priced above ₹1 crore grew from 10% in March 2023 to 13% in March 2024, highlighting a shift towards higher-value investments.
Preferred Apartment Sizes
- Moderately Sized Apartments: Apartments ranging from 500 to 800 sq ft were the most sought after, holding a 40% market share.
- Smaller Apartments: Units under 500 sq ft also drew significant interest, making up 35% of the transactions.
- Larger Apartments: The market share for apartments larger than 1000 sq ft remained stable at 13%.
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Industry Insights
Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed optimism about the continued ascent of Pune’s real estate market. He attributed the positive momentum to strong demand, affordable pricing, and favorable market conditions.
Demographic Trends
The primary demographic driving the market includes homebuyers aged 30 to 45, who represent 52% of the total buyers. Younger buyers under 30 years old accounted for 24% of the market, followed by those aged 45 to 60, who made up 18%.
Conclusion
March 2024 has set a positive tone for Pune’s real estate market, with strong growth indicators across registrations, stamp duty collections, and diverse consumer interest in various property types and sizes.
