Driven by High Value Transactions, Second Quarter Property Registration in Maharashtra Leads 2019 | Pune News
According to data available from the state registration department, 7,507 crore rupees were collected in income during the July to September quarter, slightly higher than the 7,112 crore rupees earned during the same period in 2019.
Registrations are the main source of revenue for the Treasury.
State Inspector General of Registration and Stamps Shravan Hardikar told TOI that high-value registrations in the second quarter mainly helped boost revenues. âWe have registered many government projects, mortgages and even land transactions of a higher value,â said Hardikar, adding: âSmaller transactions such as deeds and leave and license agreements have experienced a decrease. ”
Officials said they expect registrations and revenues to increase this month as well, with the imminent rollout of the electronic registration feature – software that would allow developers to register properties directly from their homes. offices.
Senior government officials, however, pointed out that there had been no additional measures this year, such as the stamp duty cut announced last year, to increase revenues and registrations. Despite this, with the holiday season approaching, developers have said they expect registrations to increase.
State Credai Chairman Sunil Furde said there was a positive sentiment among developers and buyers, which supported the market. âHelped by the lessons of the last year, realtors are managing to cope better in the aftermath of Wave 2, with relatively less stringent restrictions. The aggressive vaccination strategy in the state has also helped, âFurde said.
He said they had been looking for sops – on the stamp duty reduction lines this year as well and were waiting for a positive response from the government.
A recent survey by real estate consultant Anarock said that, catalyzed by the second wave, home buyers were increasingly looking to purchase properties in the range of Rs 90 lakh to Rs 2.5 crore, rather than in the affordable segment. . While 35% preferred properties priced between Rs45 lakh and Rs90 lakh, 27% preferred affordable housing. In the previous quarter, nearly 36% had favored budget housing, according to the report.
Rollout of electronic recording software next week
The state registration department will roll out software next week that would allow developers to register properties directly from their offices. The software is currently being tested with the help of 350 developers, most of them from Pune and Mumbai. Hardikar said on Saturday that operators and developers will be trained in using the software, which aims to streamline the entire process.
âFrom the coming week the process can begin. This will allow more developers to come forward and also reduce registrar traffic, âadded Hardikar.
Pune Credai President Anil Pharande said the software will make the whole registration process easier.