City real estate witnesses boom
BULLISH MARKETS and an impending registration hike have come together to fuel a real estate boom here with residents buying up property like there?s no tomorrow.Updated: Mar 17, 2006 13:08 IST
BULLISH MARKETS and an impending registration hike have come together to fuel a real estate boom here with residents buying up property like there’s no tomorrow.
The buying frenzy has peaked as the fiscal year draws to a close. Over the last fortnight the City has averaged registration of 300 properties per day, double the figure for March 2005, which witnessed 150 real estate transactions daily.
Overall, property registrations have witnessed a nine per cent increase over the last year so far. The figure may well climb into two digits by the month-end as buyers attempt to beat the hike in registration charges, slated to come into effect from April 1, 2006.
Although the real estate boom is focussed primarily on, or around, the Agra-Bombay Road, Ring Road and Bypass Road surging demands have pushed up land prices in other parts of the City as well.
Investors, however, remain unfazed and real estate transactions continue to nudge skywards. Compare registration data for 2005 and 2006 and the difference is striking. A total of 3,879 real estate transactions were registered in February 2006 as against 3,150 in February 2005.
Between April 1, 2005 and February 28, 2006, 36,010 transactions were witnessed in the City as against 32,294 property transactions in the corresponding period of the last fiscal.
The real estate boom has resulted in a windfall for the registration department. The department generated revenues of Rs 21.57 crore from property registration in February this year as against a revenue of Rs 14.38 crore during February last.
The revenue earned between April 1, 2005 and February 28, 2006 stood at Rs 164.66 crore compared to Rs 120.65 crore in the same period during the last fiscal.
According to Registrar N S Tomar, the department expects to garner revenues amounting to Rs 50 crore by the end of the month. “An average of 300 properties are being registered everyday since the last fortnight.
The figure will increase even further by the month-end as people will try to get properties registered before the registration hike comes into effect from April 1,” he added. “Going by current volumes we expect to generate Rs 50 crore from registration charges in March,” concluded Tomar.
First Published: Mar 17, 2006 13:08 IST