By Accommodation Times Bureau
As the real estate market recovers from the effect of demonetisation and buckles up for the implications of GST and Real Estate (Regulation and Development) Act 2016 (RERA), the district stamp and registrar department has witnessed a growth of around 20 per cent in its revenue.
With friendly government schemes, experts and senior administrative officials were of the opinion that the sector would recover faster as they expected good sales.
Their predictions held true as a report from the registrar’s office showed income rose by Rs 32 crore.
According to official data, the local stamp and registrar department has earned over Rs 202 crore in the first quarter of the financial year 2017-18. There was also an increase in property registrations in June.
In first 10 days of June, the department recorded about 1,900 registrations and earned about Rs 19 crore while its income crossed Rs 20 crore by June 20 with 2,200 registrations. In the last 10 days of the month, the department recorded over 3,200 registrations and earned over Rs 40 crore. However, senior officials suspect a downfall in the real estate market.
Confederation of Real Estate Developers of India (CREDAI) Indore chapter’s president Vijay Gandhi said, On July 1, the government replaced 5 per cent VAT with 12 per cent GST. Registration and consultant fees will directly increase the cost of projects.”
He added thus the registrar department witnessed double the growth in revenue in last 10 days of June.