Pune Witnesses Significant Growth in Stamp Duty Collections
The Maharashtra government's Department of Registrations and Stamps (IGR) reported a notable 30% Year-over-Year (YoY) increase in stamp duty collections in Pune, amounting to Rs 804 crore in March 2024, up from Rs 621 crore in the same month the previous year.
Property Registrations Saw a Substantial Increase
- 21,744 properties were registered in Pune in March 2024, marking a 52% increase from the 14,309 registrations in March 2023.
Breakdown of Residential Unit Registrations by Price
- 33% of registrations were for units priced between Rs 50 lakh and Rs 1 crore.
- 32% of the market share belonged to properties priced between Rs 25 lakh and Rs 50 lakh.
- The percentage of properties priced under Rs 25 lakh increased significantly, rising from 16% in March 2023 to 21% in March 2024.
- Notably, the market share of the higher value segment (Rs 1 crore and above) increased from 10% in March 2023 to 13% in March 2024.
Shift in Preference for Larger Apartments
- Apartments between 500-800 square feet accounted for 40% of the market share in March 2024.
- Units smaller than 500 square feet garnered significant attention, making up 35% of all transactions.
- The market share of larger apartments (over 1000 square feet) remained steady at 13%.
Insights from Industry Experts
“Pune’s real estate market is still growing thanks to robust demand for homes, reasonable prices, and ideal circumstances. A notable 52% increase in registrations in March 2024 over the same month the previous year set a positive tone for the upcoming quarter.”
— Shishir Baijal, Chairman and Managing Director, Knight Frank India
Demographics of Homebuyers in Pune
- 52% of buyers fell within the 30 to 45 year old range.
- 18% of the market consisted of homebuyers between 45 and 60 years old.
- 24% of the buyers were under 30 years old.
- Professionals, particularly in the 30-45 year old age range, made up a significant portion of the market.