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According to a report recently published by Knight Frank India, the Pune property market is said to have had its biggest monthly stamp duty collection for the fiscal year 2022-23 in March totalling Rs 621 crore. This indicates a 20% increase since February this year. The city saw an increase in sales of houses costing Rs 50 lakh or more which contributed 46% to March sales compared to 42% a year before. With consumer interest shifting towards larger residences, the share of flats spanning 800 square feet or more grew to 27% in the month from 25% a year before. Primary and secondary residential transactions accounted for 76% of all property registrations in March.
According to data released by Knight Frank India, the total value of 14,309 properties registered in March 2023 was Rs 9,215 crores. Officials from the company believe the break in the policy repo rate hiking cycle allowed several home buyers in the under Rs 50 lac category to go ahead with their purchase.
There had been a rush in property registrations before the anticipated stamp duty increase in April 2022 following a two-year concession period leading to an increase of 21,389 properties registered and a corresponding increase in stamp duty collection of Rs 690 crore in March 2022. It reflects a 33.1% YoY decrease in registrations in March 2023.
Central Pune which consists of Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC) continued to have a higher percentage of residential transactions with a total share of 80% in March, almost unchanged from the same month last year.
According to Knight Frank India report, 14% of transactions took place in West Pune, which includes Mawal, Mulshi and Velhe. According to Baijal, the city's housing market continues to be supported by the abundance of job opportunities and ongoing infrastructure improvements.
Micro markets in Pune's north, south, and east held a smaller percentage of 6% of all residential sales during the month. More than half of all house purchasers are located in the Pune area which accounts for 74% of demand. 12% of the market demand came from customers in nearby areas like Aurangabad while 7% came from Mumbai and Navi Mumbai combined.
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