Pune: Property Registrations Fall 33% To 11,056 Units In September - Here's Why

Registration of properties in Pune declined 33 per cent last month to 11,056 units due to the inauspicious Shraddh period, according to Knight Frank.

As many as 16,604 properties were registered in Pune during September 2023.

"In September 2024, Pune recorded 11,056 property sale registrations, marking a 33% decline compared to the same period last year," Knight Frank India said in a statement on Saturday.

Stamp duty collections stood at Rs 508 crore in September this year.

"The drop in home registrations in September 2024 is largely due to the inauspicious Shraddh period, which spanned 12 days, during which people typically avoid major purchases or high-value transactions. In 2023, Shraddh was observed from 29th September to 14th October," the consultant said.

During the January-September period of this year, Pune registered 1,38,412 properties, up 29 per cent from 1,07,627 units in the corresponding period of the preceding year.

Stamp duty collections from these registrations stood at Rs 5,253 crore during the first nine months of 2024, reflecting a 38 per cent year-on-year (YoY) growth.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "Pune's real estate market continues to thrive...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."