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1.35 lakh properties registered in state during Diwali drawing in revenue of Rs 879 crore
Till November 18, a total of Rs9,102 crore in revenue was generated. On Wednesday, November 18, alone, 7,500 documents were registered and a revenue of Rs 41 crore collected
The Inspector General of Registration and Stamps has, during a 15-day period prior to, and leading into Diwali, registered 1.35 lakh property documents, with a revenue of Rs 879 crore for the state exchequer.
Till November 18, a total of Rs9,102 crore in revenue was generated. On Wednesday, November 18, alone, 7,500 documents were registered and a revenue of Rs 41 crore collected.
Last year, the IGR office was shut on the occasion of Diwali.
IGR Omprakash Deshmukh said, “We had kept registration offices open during Dusshera and Diwali. The festive season has seen a good response from property buyers which reflects the changing sentiments of buyers. It is a positive development.”
According to the Confederation of Real Estate Developers of India (Credai), during the Covid lockdown period, March to July, there was a decline in the sale of properties and registration was at its lowest.
As per Credai, property registrations have gone up by 36 per cent in September-November, when compared with registration in the corresponding months of 2019.
Credai maintains that 2.73 lakh documents were registered in November alone, with 1.21 lakh documents registered in the first 13 days of the month.
Credai state president Rajeev Parikh said that the state government’s decision to bring down stamp duty rates had a positive impact on the real estate market.
“There is a significant increase in the number of property buyers across the state due to reduction in stamp duty and also a number of concessions granted by real estate developers to the buyers during the festive month. These buyers had halted their decision to purchase properties due to Covid-19, but have now gone ahead with their buying,” Parikh said.
