At 5,253 Cr, Pune's stamp duty collections jump 38% in nine months of 2024

The city recorded 1,38,412 property registrations, marking a significant 29 per cent increase compared to the same period in 2023

The real estate market in Pune has shown strong growth in the first nine months of 2024, according to a recent report by Knight Frank India. Despite a temporary slowdown in September, the overall trend shows significant year-on-year increases in both property registrations and stamp duty collections.

 

Strong growth in first nine months

 

From January to September 2024, Pune registered 1,38,412 properties, marking a 29 per cent increase compared to the same period in 2023. This surge in activity has translated into impressive financial gains for the state exchequer, with stamp duty collections exceeding Rs 5,253 crores, a 38 per cent year-on-year growth.

 

“Rising incomes, positive consumer sentiment, supportive financing options, and ongoing infrastructure projects are solidifying Pune's reputation as a top choice for homebuyers,” Shishir Baijal, Chairman and Managing Director of Knight Frank India.

 

September slowdown

 

September was an outlier. It saw a 33 per cent decline in property registrations compared to the previous year, with 11,056 properties registered. Stamp duty collections for the month totalled Rs 508 crores, a 13 per cent year-on-year decrease. This temporary dip is largely attributed to the ‘Shraadh’ period, during which many people avoid major purchases or high-value transactions.

 

Shift towards luxury segment

 

Interestingly, the luxury segment, properties valued at Rs 1 crore and above, experienced increased demand in September 2024. The share of such properties rose from 11 per cent in September 2023 to 14 per cent in September 2024, indicating a growing preference for premium homes.

 

Preference for larger homes continues

 

The report also highlights a sustained demand for larger apartments. The share of apartments exceeding 800 sq ft increased from 28 per cent in September 2023 to 30 per cent in September 2024, reflecting a continued desire for spacious living arrangements in the post-pandemic era.

 

Central Pune dominates, but other areas gain traction

 

While Central Pune, including areas under Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), continued to dominate with 80 per cent of total residential transactions in September 2024, other areas are gaining popularity. West Pune, covering areas like Mawal, Mulshi, and Velhe, secured the second-largest share at 12 per cent, indicating a gradual diversification of the market.