Gujrat sees 16% growth in revenue from property sale in Oct -DEC last year

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The real estate sector despite being hit hard by the pandemic has bounced back hard as it has gone beyond the projection made and made a recovery in such a manner that non had expected.

In the last quarter of 2020, it was seen that Gujrat has seen an increase in stamp duty and registration fees collection along with several property registrations when compared to that quarter of 2019 & government of the state has earned near about 303 crores more in the months between Oct-Dec in 2020 as when compared to the preceding year.

It was also found that revenue of Rs 1,868 crore was collected from stamp duty and registration fees in the last quarter of the 2019 calendar year (Oct-Dec). In the same period of 2020, the state government has garnered an income of Rs 2,171 from stamp duty and registration fees, and nearly 3,44,944 registration were made.

Key officials said that “Despite poor collection and registration of documents in the first few months of the present financial year, property registration has increased significantly in the past three months. We expect this trend to continue in the ongoing quarter as well.”

It was also stated that expected revenue collection from stamp duty & registration fees did not meet the expectations because stamp duty and registration fees collection during the earlier part of the year were significantly lower because of the lockdown.

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