Data shared by the registration department showed that from March 1 to March 15, 1.22 lakh properties were registered, generating revenue of Rs 1,981.21 crore. (representative image)
PUNE: March is proving to be a bounty month for the registration department, which has seen over 1 lakh property registrations till the middle of the month and achieved 100% of its revenue target for the 2021-2022 financial year.
A registration official attributed the trend to property buyers rushing to complete the formalities before the ready reckoner (RR) rates are announced. As per the request of the realty, the property registration offices will remain open on Holi and during weekends, he added.
Data shared by the registration department showed that from March 1 to March 15, 1.22 lakh properties were registered, generating revenue of Rs 1,981.21 crore. There were 2.44 lakh property registrations in December 2021, followed by 2.10 lakh in January 2022 and 2.2 lakh in February.
The high-value registrations, along with October 2021 (Rs 3,220 crore), December (Rs 3,790 crore) and February 2022 (Rs 3,176 crore), helped the registration department meet its revenue targets, which would normally have been Rs 2,500-Rs. 2 is more than Rs. 600 crores generated on monthly basis.
CREDAI vice-president Shantilal Kataria said the increase in property registrations was due to the increase in RR rates and citizens’ apprehension about the 1% Metro Cess. “Many people are buying property for capital gains tax purposes before the end of March. Citizens also fear that due to the unprecedented rise in construction cost by Rs 400-600 per sq ft, developers will increase the flat prices by 10-12%. can increase,” he told TOI.