Pune, August 24, 2023: The Stamp Duty and Registration Department has reported a remarkable surge in property transactions and real estate activities within Pune and Pimpri-Chinchwad over the last few months. The combined revenue generated from these cities during the first five months of the current financial year has amounted to approximately three thousand crore rupees, significantly contributing to the government’s treasury.
This surge in revenue collection has been observed within the initial five months of the ongoing fiscal year. Several key factors have contributed to this increase in property transactions and revenue accumulation. Notable projects such as the anticipated international airport in Purandar, the expansion of metro projects, and the development of dual-lane roads have played a pivotal role in driving real estate activities and transactions. Additionally, the growth of industries, information technology, and employment opportunities has further bolstered property transactions within the Pune and Pimpri-Chinchwad regions.
The Department of Registration and Stamp Duty has documented a substantial rise in property registrations across both cities since April 2023. The total registrations during this period have exceeded one lakh and six thousand, resulting in a cumulative revenue collection of three thousand crore rupees. The initial three months, from April to June 2023, witnessed a significant number of property registrations totaling 69,589, contributing to a revenue collection of Rs 1,570.49 crore. In July, the revenue generated from 25,229 transactions amounted to Rs 873.26 crore, followed by August 2023, which witnessed a revenue collection of over 550 crore rupees from more than 20,000 transactions.
For the ongoing fiscal year, the state government has set a revenue target of 8,500 crore rupees for Pune and Pimpri-Chinchwad cities combined. The Stamp Duty and Registration Department has made remarkable progress in achieving a significant portion of this target, particularly within the initial five months of the fiscal year. The consistent growth in property transactions and revenue generation reflects the positive impact of infrastructure projects and economic advancements on the real estate landscape in Pune and Pimpri-Chinchwad.
