In Pune, the property registration department has earned revenue of more than Rs. 25,317 crores between January and November this year. According to the department, this year’s collection is more than what was earned in the same tenure of the last year. The amount collected from property registration between January and November 2017was Rs. 21,950 crores which is Rs. 3,000 crore less than the current collection.
According to an official, in comparison to the document processed for the last year, the department has processed 19.34 lakh documents between January and November 2018. The official also said that from 2013, nearly 22 lakh documents are getting registered annually. However, the year 2016 and 2017 witnessed a marginal dip in the property registration process.
Supriya Karmarkar, Deputy IGR said that the department was expecting to reach the target of Rs. 25,000 crores in the financial year and this was aimed while witnessing a steady growth in property registrations. She also informed that we have already generated 70% of the revenue target and are hopeful to earn the remaining amount by the closing of this financial year.
Following this, Shantilal Kataria, the State Credai president said that the numbers of property registrations are appreciable especially for the affordable home sector.
According to a real estate expert, in comparison to 2017, this data record a yearly increase of 10% in housing sales in 2018. The increased commercial activities, demand from IT/ITeS and co-working spaces are the reasons behind this increase. The expert also feels that the residential sector here in the city will witness a growth of nearly 15% in 2019.