In a significant boost to the real estate sector, Pune witnessed a remarkable surge in property registrations and stamp duty collections during the month of February. According to data analyzed by Knight Frank India, the city recorded over 17,570 property deals, marking a substantial 23% increase compared to the same period last year. Stamp duty collections also saw a notable growth of 20%, totaling Rs 620 crores.

This surge in property transactions comes amidst favorable market conditions and government initiatives aimed at stimulating the real estate sector. The Maharashtra government’s approval of a proposal to exempt property tax for residential units under 500 square feet further adds to the positive momentum. The exemption, once implemented through an upcoming ordinance, is expected to provide relief to homeowners and boost affordable housing in the region.

The exemption in property tax covers various components such as water tax, sewerage tax, education cess, and street and betterment charges, offering significant financial relief to homeowners. This move is particularly beneficial for smaller residential units, encouraging homeownership and driving demand in the real estate market.

The notable uptick in property registrations and stamp duty collections, coupled with government incentives, underscores Pune’s resilience and attractiveness as a thriving real estate destination. As the city continues to witness robust growth and development, it remains poised for further expansion and investment opportunities in the real estate sector.

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