Real estate sector gets impetus after lockdown

Aurangabad, Sept 26:
Real estate industry in the city got an impetus after lockdown as those who are living in the rented houses are giving a preference to purchase the property.
The Government received Rs 86.33 crore revenue between May and August period from property registration and stamp duty.
It may be noted that the building and construction sector nearly came to a standstill in the first 70 days of lockdown.
As soon as the process of unlock began, aspiring home buyers started visiting different housing projects. Many of them booked flats and row houses in their first visit. The Government gave three per cent concession in the stamp fee.
This motivated new home buyers.
Currently, 25 to 40 customers are vising housing projects of prominent builders and developers daily.
Builders are happy to see the flow of visitors. Many builders resumed completion work of halted projects on war-footing to give possession to customers by December.
As labours who had gone to native place out of the State have started returning here and this will help in completion of housing projects on time.
The Government started registration of property at the office of Joint-District Registrar grade-I and Sub-Registrar in the city since May 8.
The Government office earned revenue of Rs 4.86 crore in the form of stamp duty and property registration charges in just 24 days. A total of 210-row houses, flats and 726 farmland deals were reported in May month.
A total of 19.35 crore deposited in the Government exchequer in June from property registration while in July and August it was Rs 38.43 crore and Rs 23.72 crore respectively.
Government concession in stamp duty and not much hike in ready reckoner has increased in sale-purchase property dealings. After Pitrupaksha, the rush started at registry office from September 18. More than 600 properties were registered in the last three days. It is certain that the real estate sector will have good business in Dussehra-Diwali festival season.
A customer can save up to Rs 90,000 over purchasing Rs 30 lakh value property because of concession in stamp duty. The concession scheme will continue for three more months.
According to experts from the real estate sector, the Government will get revenue Rs 200 to Rs 250 crore up to December.