In a remarkable trend, property transactions in Pune and Pimpri-Chinchwad have witnessed an unprecedented surge, significantly contributing to the region’s revenue influx. As the financial year unfolds, the Department of Registration and Stamp Duty reports a noteworthy upswing in real estate activities, propelling both cities towards substantial economic growth.
The combined efforts of infrastructure projects, technological advancements, and burgeoning employment opportunities have fueled an exceptional increase in property transactions in Pune and Pimpri-Chinchwad. This surge has remarkably propelled both cities to deposit a staggering sum of approximately three thousand crore rupees into the government’s coffers within the first five months of the current financial year.
The swift momentum of this revenue accumulation is primarily attributed to the inception of pivotal projects such as the anticipated international airport in Purandar, expansive metro projects, and the development of dual-lane roadways. Additionally, the thriving information technology sector and industrial growth have collectively synergized to stimulate the burgeoning property market across Pune and Pimpri-Chinchwad.
The Department of Registration and Stamp Duty has diligently recorded an impressive escalation in property transactions from April 2023 to the present. With over a hundred and six thousand registrations, this surge has resulted in a remarkable revenue collection of three thousand crore rupees. Between April and June 2023, a substantial 69,589 property registrations were documented, yielding a revenue collection of Rs 1,570.49 crore. July saw a continued uptick with Rs 873.26 crore revenue amassed from 25,229 transactions, followed by a revenue collection exceeding 550 crore rupees in August 2023, stemming from over 20,000 transactions.
For the ongoing fiscal year, the state government has set an ambitious revenue target of 8,500 crore rupees for the cities of Pune and Pimpri-Chinchwad. Notably, the Department of Registration and Stamp Duty has commendably achieved a significant portion of this target, with the bulk of it being realized within the initial five months of the fiscal year.
This remarkable feat of revenue accumulation through property transactions underscores the cities’ robust economic prospects, driven by prudent planning, progressive projects, and thriving industrial sectors.