City Beat: Post Demonetisation, Property Registration Dip 31% In Pune [Video]

According to the state registration department, property registration in Pune has witnessed a 31 per cent dip since Prime Minister Narendra Modi announced demonetisation on November 8. Data show that 1,15,818 documents were registered between November 9 and December 9. Developers in the city have termed this dip a temporary lull.

Further, property tax collections in the Pune Cantonment Board may see a dip in the coming times due to a delay in dispatching of tax bills. The bills which are generally dispatched by end of May were dispatched only in first week of October.

In a positive move, property sales in Pune in the month of September went up by 20 per cent when compared to August. Of this, nearly 63 per cent came from the affordable segment, according to a recently released monthly report by PropTiger DataLabs. Moreover, though the property prices on an average remained unchanged, some localities, including Sadashiv Peth, Viman Nagar and Maval, witnessed an annual price rise of 18-20 per cent.

In another development, in order to keep the green quotient of the city high, the Pune Municipal Corporation has put in place stricter green norms. According to the latest announcements, developers, who have failed to replant the trees they felled during the construction process, will not get future clearances from the PMC. For this, the authority has already, through a special drive, collected the names of the violating developers.