Pune Real Estate marks 39% growth in Property Registrations

The Pune real estate market saw a 39% year-over-year increase in property registrations, reaching 20,894 in October 2024, compared to 24,983 in September 2024. The rise was due to the festive season beginning with Navratri 2024 on October 3 and culminating in Diwali 2024 on October 31.

The monthly number of property registrations almost doubled from 11,056 in September 2024, according to data compiled by the Maharashtra government's Department of Registrations and Stamps, the Inspector General of Registration and Controller of Stamp.

A spike in stamp duty collections was reported by the Pune real estate market. In October 2024, stamp duty collections reached Rs. 751 crores, a 52% increase against Rs. 495 crores collected in October 2023. In September 2024, collections stood at Rs. 508 crores, the data showed.

The festive period, beginning with Navratri and culminating in Diwali, is traditionally considered auspicious for property purchases. The growth in registrations was driven by this, according to Knight Frank India, a real estate consultancy that compiled Maharashtra's IGR data.

The base effect can be partially responsible for the YoY increase. The Shradh period, during which buyers typically refrain from major investments, influenced demand in the first 14 days of October 2023. Shradh came to an end on October 2, limiting its impact to the first two days of the month, according to a report by Knight Frank India.