Mohali’s real estate flourishing, 233 crore collected as stamp duty

District exceeded the first-quarter target by 1 crore; Mohali city led the district by collecting 114.99 crore against the target of 112.83 crore
In April this year, GMADA sold 11 of the 44 sites on auction and earned <span class='webrupee'>₹</span>301 crore against the total reserve price of <span class='webrupee'>₹</span>452 crore. (HT File Photo)
In April this year, GMADA sold 11 of the 44 sites on auction and earned 301 crore against the total reserve price of 452 crore. (HT File Photo)
Published on Jul 13, 2021 01:22 AM IST
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By Hillary Victor, Mohali

Despite the pandemic, the real estate sector in Mohali district witnessed a major boost as the revenue department collected 233 crore in stamp duty between April and June against the target of 232 crore. Stamp duty is collected on registration of properties.

Mohali city had the highest collection of 114.99 crore in the first quarter of the 2021-22 fiscal, against the target of 112.83 crore ( 37.61 crore per month).

Deputy commissioner Girish Dayalan said that for the 2020-21 fiscal, the revenue department had collected 895 crore in stamp duty, which was the highest in the state.

Additional deputy commissioner (ADC) Komal Aggarwal said, “We have already achieved 101.91% of the target despite the slump in the real estate sector. We are poised to achieve the target well before the fiscal ends.”

In April this year, Greater Mohali Area Development Authority (GMADA) saw nearly 25 % of its properties, both commercial and institutional sites, finding buyers via e-auction. As many as 11 of the 44 sites on auction were sold and the authority earned 301 crore against the total reserve price of 452 crore.

In the auction held in February, GMADA earned 544 crore against 794 crore and in December last year, only 10 of 78 properties were sold for 134 crore.

Paras Mahajan, director of Landchester Group, Mohali, said the maximum boost for real estate, which picked up in past few months, came from Aerocity and New Chandigarh.

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Thursday, October 21, 2021