Property registration rakes in Rs 20,000 crore
Revenue touched Rs 20,054 crore as against last year's Rs 18,666 crore
Apr 08, 2015
Source : The Times of India


PUNE: Fewer properties were registered with the sub-registrars' offices across the state in 2014-15 as compared to the previous two years, but revenue rose by a phenomenal Rs 1,388 crore over 2013-14, according to the office of state Inspector General of Registration (IGR) and Controller of Stamps. 

As of March 31, 2015, the office registered 22.73 lakh property-related documents as against 23.30 lakh documents last year, a drop of 57,094 documents. 

But the drop was not reflected in the revenue collected through the registration of documents. Officials said revenue touched Rs 20,054 crore as against last year's Rs 18,666 crore. 

Property-related documents include sale, purchase, transfer, and leave and licence processes of properties. The revenue comes from stamp duty and registration fees. 

Sources in the industry attributed the drop in registration of documents to inflation and high prices of properties . Outgoing IGR Shrikar Pardeshi said that in 2012-13, the office had registered about 22.97 lakh documents and had mopped up revenue of Rs 17,548 crore. 

In 2013-14, document registrations and revenue went up, but last year, the document registration dropped, but revenue increased. Revenue collection in the three financial years has gone up, he added. 

Pardeshi said two apps have been developed by the office to enable citizens to calculate stamp duty on a given value of property in a particular area and identify locations of the sub-registrar's offices. 

The apps have been developed for android and Apple-based operating gadgets. The apps, IGR Sarathi and IGR Calculator, can be downloaded at play store and i-store. 

Newly appointed IGR N Ramaswami said he would improve the citizen-friendly initiatives taken up by the office while emphasizing on transparency and innovation. 

Latest Realty News

Apr 08, 2015
New Delhi: The Real Estate Bill could result in property prices go up, said Anuj Puri, chairman & country and head of property consultant JLL India
Apr 08, 2015
New Delhi: About 30 crore landless people will get employment in the industrial corridors following amendments to the land acquisition bill, Finance Minister Arun Jaitley said
Apr 08, 2015
MUMBAI: The Bombay HC has ordered 21 flat owners of a housing society in Oshiwara to vacate their apartments in 60 days to make way for the redevelopment of the building.
Apr 08, 2015
NEW DELHI: Reducing home loan rates to 8-9% can improve buyer sentiment and trigger a recovery in the housing sector
Apr 08, 2015
MUMBAI: The city crime branch is gearing up to question a builder from south Mumbai and his son for using underworld connections to settle a property deal at a throwaway price
Apr 08, 2015
Mumbai: The proposed Real Estate Regulation Bill spells bad news for errant developers
Apr 08, 2015
MUMBAI: The Union Cabinet has approved the Real Estate Development and Regulation Bill
Apr 07, 2015
BENGALURU and MUMBAI: Ascendas India Trust (a-iTrust), an Indian property trust managed by Singapore-based Ascendas Property Fund Trustee, is close to buying 15.86 acres of land from Kansai Nerolac Paints in Chennai
Apr 07, 2015
New Delhi: Realtors' apex body CREDAI today demanded that the RBI should impress upon the banks to pass on the benefits of previous two rate cuts of 0.50 per cent to the home loan borrowers
Apr 07, 2015
MUMBAI: Residential property prices in Mumbai increased by only 7% last year and a negligible 0.3% in 2013

Latest Realty News Of State

Realty Talk's