Pune’s property registrations up by 3% YoY, 26% decline in the last four months

Pune real estate market reported a 3% year-on-year increase in property registrations from 13,397 in August 2024 compared to 13,021 in August 2023. The month-on-month registration number stood at 13,731 in July 2024, a decline of 2% compared to August 2024.

Pune’s property registrations witnessed a decline of 26% in the last four months between May to August compared to first four months of 2024 between January to April, according to the data of Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

The stamp duty collections in August 2024 recorded an increase of 40% to touch ₹592 crore from ₹423 crore in June 2023, according to the data.

Also Read: Pune property registrations up by 60% YoY, demand for homes above ₹1 crore increase

In July 2024, ₹521 crore was collected as stamp duty for 13,731 property registrations in Pune district. Out of the total property registrations monthly, more than 70% residential units and the rest are in other segments, according to market sources.

Homes valued ₹1 crore and above saw an increase in demand in August 2024

Pune’s housing market witnessed a strong surge in August 2024, with a 9% YoY rise in registrations, driven by demand for mid-range and luxury properties. ₹50 lakhs to ₹1 crore segment accounted for the largest share at 34%, reflecting a preference for bigger and more premium homes. The luxury segment comprising homes worth ₹1 crore and above, also reported an increase of 16%, Knight Frank India data showed.

In August 2024, Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hub for residential transactions, maintaining a substantial share at 80%.

Also Read: Top real estate deal: 12,000 sq ft penthouse in Pune sold for ₹37 crore

Why is there a monthly moderation in property registrations in the Pune real estate market?

As many as 73,000 properties were registered in the first four months of 2024 between January to April 2024 compared to over 54,000 in the last four months of 2024 between May to August, the data showed.

“The moderation between May to August 2024 compared to January to April is more on account of the seasonality factor which has been observed in previous years too. The Pune housing market has stayed at a higher sales registration level in 2024 compared to past year indicating strength in the market," said Vivek Rathi, National Director- Research, Knight Frank India.

Also Read: Mumbai records 11,735 property registrations in August 2024; stamp duty collections hit ₹1072 crore

In the first eight months of 2024, Pune's residential sector saw strong property registration growth. The city recorded 127,108 property registrations, reflecting a substantial 40% increase compared to the same period in 2023. Stamp duty collections from these registrations also saw a remarkable rise, exceeding ₹4,736 crores, representing a 47% YoY growth, Maharashtra IGR data collated by Knight Frank India showed.