The real estate market in Pune continues to thrive, showing resilience and growth. Property registrations in Pune, in August, soared by 99 per cent year-on-year (YoY), with a total of 13,021 units registered, as opposed to 6,544 registrations in the same month last year, according to a report by Knight Frank India.
In August, the stamp duty collections witnessed substantial growth, rising by 82 per cent YoY at Rs 423 Crores. During the same month, the cumulative value of the registered properties amounted to Rs 10,613 Crores, reflecting a strong and vibrant property market.
Year-to-date growth
On a year-to-date (YTD) basis, Pune recorded a total of 91,023 property registrations, marking a modest 1 per cent growth compared to the previous year. However, stamp duty collections exhibited a more substantial increase, surging by 6.6 per cent to Rs 3,226 crores. During the same period, the overall value of registered properties in Pune witnessed remarkable growth, surging by 25 per cent year-on-year to reach Rs 69,015 crores.
Rise in high-value segment
In August, properties priced at Rs 1 crore and above accounted for 11 per cent of the market share, up from 9 per cent in the same month last year. The luxury segment, with homes costing over Rs 2.5 crores, saw an impressive 99 per cent rise in registrations, with 130 properties registered in August, against 65 units in August 2022.
Pune property market surged | Image credit: Pixabay
Changing property preferences
The data also revealed shifting property preferences among the buyers. Residential units priced between Rs 25 lakhs and Rs 50 lakhs remained the most sought-after category in August, making up 34 per cent of all housing transactions. Properties priced between Rs 50 lakhs and Rs 1 crore accounted for 32 per cent of the market share. The