In a recent analysis, Knight Frank India reported a surge in property registrations within Pune district in August 2023.
A total of 13,021 units were registered in August 2023, up 99 per cent year-on-year on the 6,544 registrations recorded in August 2022.
Additionally, stamp duty collection in August 2023 grew 82 per cent YoY to Rs 423 crore. Further, the cumulative value of the properties registered in August 2023 amounted to a substantial Rs 10,613 crore.
On a year-to-date (YTD) basis, Pune recorded 91,023 property registrations, showing a modest 1 per cent growth compared to the previous year. However, stamp duty collectionshave risen by 6.6 per cent to touch Rs 3,226 crore. Simultaneously, the overall value of registered properties in Pune surged 25 per cent year-on-year to hit Rs 69,015 crore during the same period.
Properties priced at more than Rs 2.5 crore have also seen an increase in registrations, with 130 residential units in this category being registered in August 2023, as against 65 units in August 2022.
Residential units priced between Rs 25 lakh and Rs 50 lakh emerged as the most in-demand segment in August 2023, making up 34 per cent of all housing transactions. Additionally, properties priced between Rs 50 lakh and Rs 1 crore accounted for 32 per cent of the market share in August 2023, securing the second-most preferred ticket size.
The numbers indicate a growing preference for the higher value segment, comprising properties priced at Rs 1 crore and above, which accounted for 11 per cent market share in August 2023, as against 9 per cent in August 2022.
A total of 130 properties costing over Rs 2.5 crore were registered in August this year, a rise of over 99 per cent on the 65 units registered in August 2022.