Hey there, Pune property enthusiasts! If you’ve been keeping an eye on the real estate scene in the city, you might be interested to know that property registrations in August 2024 remained pretty steady compared to last year and the previous month. However, there’s a juicy tidbit to note – stamp duty collections saw a whopping 40% increase from August 2023!
According to data accessed by Knight Frank, there were 13,397 property registrations in August 2024, just a tad more than last year but slightly less than July 2024. This is pretty typical for the monsoon season, which tends to slow down property transactions. But hold onto your hats – stamp duty collections hit Rs 592 crore in August 2024, a significant jump from Rs 492 crore in August 2023 and Rs 521 crore in July 2024.
So, what’s behind these numbers? Analysts are pointing to shifting buyer preferences and rising property prices in Pune’s micro-markets. Homes priced between Rs 50 lakh and Rs 1 crore were the hot favorites in August, with buyers showing a particular interest in 2 and 3 BHK properties.
Vineet Goyal from Kohinoor Group noted that property prices have shot up by about 10% across all micro-markets in Pune, possibly explaining the surge in stamp duty collections. The trend seems to be leaning towards larger homes, with 62% of registrations in August falling in the 500-1,000 sq ft range.
Interestingly, core markets like Pune civic and parts of Pimpri-Chinchwad saw the lion’s share of property registrations, accounting for a whopping 80% of the total. It seems central locations are still all the rage, despite the rapid development in the city’s peripheral suburbs.
All in all, Pune’s property market seems to be holding its own, with steady registrations and a clear preference for larger homes in prime urban locations. Keep your eyes peeled for more updates on this ever-evolving real estate landscape in our beloved city!
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