Burgeoning real estate market in Pune witnesses 60% growth, flats above 1cr in high demand
The flourishing market of real estate Pune continues to grow in leaps and bounds. The market registered 60% year-on-year (YoY) hike in property registrations in June 2024 with 14,230 properties being registered as against 14,309 in June 2023, according to the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
The stamp duty collections in June 2024 also recorded an increase of 90% to touch ₹528 crore from ₹278 crore in June 2023, according to the data.
In May 2024, as many as 11,997 property units were registered in the district in May 2024, with stamp duty collection touching ₹547 crore.
Out of the total property registrations in June 2024, almost 77% were of residential units and balance 23% of commercial units, said Knight Frank India, a real estate consultancy firm.
In the financial year of 2023-24, a total of 1.46 lakh properties were registered in Pune district and the stamp duty collection stood at ₹5,785 crore, according to the data.
Demand Grows for Flats Above 1 Crore
In June 2024, the registration of residential units priced between ₹50 lakhs and ₹1 crore accounted for 33% of all housing transactions. Apartments valued at ₹1 crore and above witnessed a 15% cumulative growth in June 2024, said Knight Frank India report.
Recently, a 12,000 sq ft of penthouse worth ₹37 crore was sold in Pune- making it the most expensive property deal in Pune.
Property registrations in the Mumbai real estate market grew by more than 11% to 11,443 in June 2024 from 10,319 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, a total of 12,000 property registrations were reported in the Mumbai real estate market.
