Pune property registrations outdo 2019 numbers
The festival on Sunday saw total 862 documents registered across 10 offices in the state with total revenue clocking in at Rs 5.07 croreUpdated: Oct 27, 2020, 15:58 IST
The Inspector-General of Registration and Controller of Stamps, Pune (IGR) has recorded 576 properties registrations in the city on Dassehra, taking the total sale of properties in October to 2,14,274, which is higher than last year same month.
The festival on Sunday saw total 862 documents registered across 10 offices in the state with total revenue clocking in at Rs 5.07 crore. The offices were open despite being public holiday.
Also, the reduction in stamp duty by the state government had a positive impact on the registration process.
According to the registration office records, October (till25th) saw registrations of 2,14,274 properties wherein Rs 1,102.59 crore was generated until October 25 in Maharashtra.
In 2019-2020, 1,93,695 properties were registered and revenue generation stood at Rs 2,234.6 crore for October, while in 2018-2019, as many as 2,38,779 documents were registered and Rs 2,280.81 crore revenue was generated.
In 2017-2018, 1,49,249 documents were registered and Rs 1,948.51 crore was generated.
The state inspector general of registration and stamps, Omprakash Deshmukh, said, “The registrars’ offices in Pune, Thane and Alibaug had sought permission to stay open taking into account the demand for real estate registrations in the area. It was a demand-driven exercise and we permitted them to function on Dusserah, an exercise which yielded good registrations and revenue which will drive up the real estate sector in the future.”
Rohit Gera, managing director of Gera Developments said that the return to normalcy is fuelling the need for housing which is being converted to demand.
“As companies come to terms with the effects of the pandemic and the lockdown, the uncertainty around job security is rapidly lifting. This is leading to people buying homes this season,” Gera said.
Jehangir Dorabjee, CMD, Dorabjee properties said, “The market is receiving a boost due to the auspicious occasion and as things are getting back to normalcy, buyers are stepping out with caution and taking their decision to buy properties. The market will improve further in the next few months as we inch closer towards vaccination. There is a strong renewed interest in buyers towards purchasing properties which is a positive sign of recovery.”
The Covid-19 pandemic had a strong impact on revenue generations of the IGR which could garner only around Rs 250 crore for April when the average monthly earnings range from Rs 2,200 to Rs 2,300 crore.