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Thursday, July 25, 2024

Pune Real Estate Soars: 7% Surge in Property Registrations Reflects Strong Market Demand

In the month of November, there was a discernible uptick in the registration of properties in Pune, marking a noteworthy 7% annual increase, with the total number of units registering at 14,607, as reported by real estate consultancy firm Knight Frank India. These statistics, meticulously compiled from official Maharashtra government data, also revealed a parallel surge in stamp duty collections for the same month, reaching an impressive sum of Rs 473 crore. The cumulative valuation of registered properties in Pune for the month of November 2023 stood at a substantial Rs 13,342 crore.

Zooming out to the broader timeframe of January to November 2023, Pune demonstrated a commendable overall growth trend, recording a total of 137,217 property registrations. This reflected a robust 9% increase compared to the corresponding period in the preceding calendar year. Stamp duty collections for this eleven-month duration exhibited a double-digit growth rate of 10%, totaling Rs 4,779 crore, a noteworthy ascent from the Rs 4,344 crore recorded in the analogous period the previous year.

The comprehensive valuation of registered properties in Pune demonstrated a remarkable year-on-year escalation of 38%, soaring to an impressive Rs 106,562 crore during the initial eleven months of the current year. Shishir Baijal, the Chairman and Managing Director of Knight Frank India, underscored the enduring resilience of Pune’s real estate market, attributing it to the positive aspirations for homeownership and the city’s alluring affordability setting. Baijal additionally emphasized the discernible surge in demand for larger-format properties, accentuating the dynamic and vibrant nature of Pune’s realty landscape. Expressing confidence in the trajectory, Baijal stated that as the local infrastructure improves and economic activities burgeon, Pune’s residential market will persist in fortifying its robust foundation for a thriving and sustainable real estate sector.

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