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Property registrations in Pune up by 99% y-o-y in August

The share of apartments sized over 2,000 sq. ft. also grew from 1% in August 2022 to 4% in August 2023.

Property registrations in Pune district saw a significant increase of 99% compared to last year in August. The total value of registered properties in August 2023 was Rs 10,613 crore. According to Knight Frank India, there were 13,021 property registrations in August 2023, while there were only 6,544 registrations in August 2022.

Knight Frank India also reported that the Maharashtra state government collected Rs 3,226 crore in stamp duty in the first eight months of 2023, thanks to 91,023 properties being registered in Pune during that time. Stamp duty collections in August grew by 82% compared to the previous year, reaching Rs 423 crore. Overall, the total value of registered properties in Pune increased by 25% year-on-year, reaching Rs 69,015 crore in the January to August period.

When we look at the total number of registered properties from the beginning of this year, it has only grown by a small 1% compared to last year. However, the money collected as stamp duty, which is a tax on property transactions, has gone up by 6.6%. This increase in stamp duty collections is because more people are buying properties that cost more than Rs 1 crore. In August 2022, only 9% of properties fell into this category, but in August 2023, it increased to 11%.

In August 2023, there was an increase in the number of homes priced over Rs 2.5 crore. Specifically, 130 such high-end residential units were registered, compared to 65 units in August 2022. Homes in the price range of Rs 50 lakh to Rs 1 crore made up 32% of the market, while homes priced between Rs 25 lakh and Rs 50 lakh accounted for 34% of the market.

The Pune housing market is experiencing a shift towards larger apartments, with 800 square feet properties making up 29% of the market in August 2023, up from 26% in August 2022. The share of apartments larger than 2,000 square feet also increased from 1% in August 2022 to 4% in August 2023.

According to Shishir Baijal, the chairman and managing director of Knight Frank India, the Pune residential market is doing well due to people’s strong desire for homeownership and the affordability of homes in the city. He mentioned that ongoing infrastructure development and economic activities have contributed to the resilience of Pune’s housing market. Moreover, there is a growing preference for larger properties, which has further boosted Pune’s real estate sector.

In terms of buyers, the largest group consists of individuals aged between 30 and 45 years old, making up 55% of the market. Buyers under the age of 30 account for 22% of the market. Pune’s real estate market is primarily driven by end-users, including professionals and those who rely on bank financing to purchase homes.

Source: financialexpress.com

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