Reduction in stamp duty boosts property market

Aurangabad, Dec 18:

Taking advantage of the 3 per cent reduction on stamp duty, citizens are crowding the joint sub-registrar offices for the property registrations. More than 250 registrations are being made every day. This has come as a boost to the sluggish property market

The state government has reduced stamp duty by three per cent till December 31, 2020, while a reduction of two per cent between January 1, to March 31, 2021, across the state. The real estate sector that was facing a set back since demonetization has received a helping hand from the government. The move has also encouraged new buyers and given an impetus to the realty sector that has been witnessing a slump and adverse impact of the pandemic. A total of more than 250 registrations are being done every day in 5 joint sub-registrar offices in the city. As there are only 13 days left to take benefit and increased registrations, the administration has decided to keep the sub-registrar offices open on Saturdays. On December 12, 350 registrations were made in one day. This is a record to date. Last October, there were 6,902 property registrations and 6,466 registrations were made in November. A new record is expected to be set this month with 7,500 registrations. Similarly, a record of 16,000 property registrations was done on Thursday, in-state, said joint sub-registrar D P Sonawane.

In the last eight months, 36,128 properties have been bought and sold in the city. Through this, revenue of Rs 159.17 crore has been collected in the government treasury.