Registration of properties in Pune up 7% in Nov amid higher demand: Report

Registration of properties in Pune rose by 7 per cent annually to 14,607 units in November on higher demand, according to Knight Frank India.

Real estate consultant Knight Frank India on Sunday released properties' registration numbers of Pune compiled from the Maharashtra government data.

A total of 14,607 units were registered last month, up from 13,694 registrations in November 2022, the data showed.

Stamp duty collections for November 2023 stood at Rs 473 crore. The cumulative value of registered properties in November 2023 amounted to Rs 13,342 crore.

During January-November 2023, Pune city recorded total registrations of 137,217 properties, up 9 per cent from 125,702 registrations in the corresponding period of the last calendar year.

Stamp duty collections increased 10 per cent to Rs 4,779 crore during January-November this year from Rs 4,344 crore in the year-ago period.

The overall value of registered properties in Pune rose 38 per cent year-on-year to Rs 106,562 crore during the first eleven months of this year.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, The enduring strength of Pune's real estate market is a testament to the positive aspiration for homeownership and an attractive affordability setting within the city. "

The increasing demand for larger format properties underscores the vibrancy of Pune's realty landscape, he added.

"As the infrastructure improves and economic activity increases, the Pune residential market continues to fortify its robust foundation for a thriving residential market," Baijal said.