Pune Real Estate: Knight Frank India, in its latest assessment noted that property registrations in Pune experienced a significant increase in October 2023, surging by 27% compared to the previous year. During the month, a total of 14,983 units were registered, up from 11,842 registrations in October 2022.
Stamp duty collections for October 2023 also showed substantial growth, rising by an impressive 11% year-on-year, totaling Rs 495 crores. Additionally, the combined value of registered properties in October 2023 amounted to Rs 11,808 crores.
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On a year-to-date (YTD) basis, the city has recorded a total registration of 122,610 properties, reflecting a 10% growth compared to 112,008 registrations in the same period last year. Stamp duty collections have also increased by 12.5%, reaching Rs 4,306 crores. Concurrently, the overall value of registered properties in Pune has exhibited significant growth, surging by 36% year-on-year to reach Rs 93,219 crores during the same period.
Increase in purchase of Higher Value Segment (above Rs 1 crore) in October 2023
In October 2023, residential units priced between Rs 25 lakhs and Rs 50 lakhs were the most sought-after, comprising 35% of all housing transactions. Similarly, the share of properties priced between Rs 50 lakhs and Rs 1 crore stood at 32% of the market share, a close second to the Rs 25 lakhs and Rs 50 lakhs category.
Interestingly, the higher value segment, comprising properties priced at Rs 1 crore and above, experienced growth in its market share. This segment’s share increased from 9% in October 2022 to 12% in October 2023, indicating a rising preference for properties in this price range.
Higher demand for larger apartments sustains.
In October 2023, there was a strong demand for apartments within the range of 500 to 800 sq ft, constituting