by THO
Pune real estate market reported a 33% year-on-year (YoY) decline in property registrations that stood at 11,056 in September 2024 compared to 16,604 in September 2023. The month-on-month property registrations fell by 17% from 13,397 in August 2024, according to data collated by the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
Property registrations witnessed a decline of 26% in the last four months between May to August compared to the first four months of 2024 between January to April, according to the Maharashtra IGR data.
Along with property registrations, Pune real estate market also reported a dip in stamp duty collections. In September 2024, stamp duty collections touched ₹508 crore against ₹585 crore collected in September 2023. Collections were at ₹592 crore in August 2024, the data showed.
However, compared to the property registration data of 2022 and 2023, the total number of units registered in 2024 were higher, according to Knight Frank India’s analysis.
In the first nine months of 2024, as many as 1.38 lakh properties were registered in Pune, compared to 1.07 lakh during the same period in 2023 and 1 lakh units in 2022, the data showed.
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“Pune’s real estate market continues to thrive and factors such as rising incomes, positive consumer sentiment, supportive financing options, and ongoing infrastructure projects are solidifying Pune’s reputation as a top choice for homebuyers,” said Shishir Baijal, chairman and managing director, Knight Frank India.
Why is there a dip in property registrations?
The decline in the number of property registrations during the period between May to August 2024 is primarily on account of the seasonality factor.
“The moderation between May to August 2024 compared to January to April is more on account of the seasonality factor which has been observed in previous years too,” Vivek Rathi, National Director- Research, Knight Frank India had said in September.
The decline in registration numbers in the month of September can be attributed to the Shraadh period.
The drop in home registrations in September 2024 is largely due to the inauspicious ‘Shraadh’ period, which spanned 12 days, during which people typically avoid major purchases or high-value transactions. In 2023, Shraadh was observed from September 29 to October 14, according to a report by Knight Frank India.
Demand for homes valued at ₹1 crore and above report an increase in registrations in September 2024
Pune’s housing market witnessed an overall 4% YoY increase in registrations in September 2024 driven by demand for mid-range and luxury properties. The ₹1 crore and above segment reported an over 15% increase in September 2024 compared to 11% in September 2023. The ₹50 lakh to ₹1 crore segment accounted for the largest share at 33%, reflecting a preference for bigger and more premium homes. The luxury segment comprising homes worth ₹1 crore and above, also reported an increase of 16%, Knight Frank India data showed.
In September 2024, Central Pune, including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC), remained the primary hubs for residential transactions, maintaining a substantial share at 80%, the analysis showed.
