New Delhi, Sep 25 Pune’s property market recorded a 13 per cent rise in registrations between January and August this year compared to the same period last year -- making it the city’s best performance in the past four years, a new report said on Thursday.
Stamp duty collections during the period also rose 15 per cent year-on-year (YoY) -- reflecting sustained demand momentum in the housing market despite a modest dip in August sales, according to a report by Knight Frank India.
The city recorded 13,253 property transactions in August, a 3 per cent decrease YoY, generating Rs 485 crore in stamp duty revenue, the report added.
Affordable housing led property transactions in August, with properties priced under Rs 25 lakh -- making up 30 per cent of registrations during the month.
With a total of 3,975 units registered costing up to Rs 25 lakh, the category saw a rise of 17 per cent YoY over same time last year.
Demand for premium housing increased, with homes priced above Rs 1 crore rising to 16 per cent of sales from 15 per cent last year, the report stated.
Meanwhile, properties priced up to Rs 1 crore still made up most sales, though they eased from 85 per cent to 84 per cent over the same period.
Pune's property market showed a moderation in registrations and revenues compared to last year, but overall demand momentum remains intact, said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
He noted that the resilience seen in year-to-date volumes and revenues underscores the depth of demand in Pune’s housing market, even amid evolving market conditions
Demand for larger apartments over 800 square feet rose by 1 per cent to 33 per cent of sales, while smaller units under 500 sq. ft rose 5 per cent to 27 per cent.
In August, Central Pune accounted for 68 per cent of transactions, a slight decrease from the previous year.
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