Pune Earns Rs 25,000 Cr In Property Registration In 2018

The property registration department in Pune has registered an income of Rs 25,317 crore between January and November 2018, a rise of Rs 3,000 crore when compared to the same period last year. The department in 2017 had earned Rs 21,950 crore as revenues. With still a month to go, the department is also expected to surpass the number of properties it had registered in the Calendar Year 2017. Until November 2018, the department had reportedly registered 19.34 lakh properties as against 20.72 lakh properties between January and December 2017.

One of the key reasons for a surge in property registration is the rise in property sales in Pune in the past year, especially in the affordable segment. According to Realty Decoded-Q2 FY’19, a report by PropTiger.com, despite a drop in number of new units launched, sales in the city witnessed a 50 per cent year-on-year increase and an 18 per cent quarter-on-quarter growth in the second quarter of the financial year 2019. The highest number of sales was recorded in the affordable housing segment. This segment, where the property is priced between Rs 25 lakh-Rs 50 lakh, has been contributing upto 45 per cent to the total sales in the past few quarters.

This rise in the number of sales has also helped the city in improving the inventory overhang. From 44 months in Q218, inventory overhang has come down to 34 months.