Surge In Property Registrations Marks Festive Season Boom In Pune
Pune, 25th October 2023: The Maharashtra state property registration department has recorded a surge in property registrations during the Navaratra period, with daily numbers consistently surpassing the 11,000-mark. This trend mirrors the heightened activity observed in September, according to registration officials.
Data reveals that from October 16, daily registrations exceeded 11,000, reaching a peak of 13,569 on October 20, making it the highest daily log for the month.
Deputy Inspector General of Registration and Stamps (IT), Abhishek Deshmukh, noted a sudden spike in registrations from October 16 after the initial weeks of October recorded registrations in three and four digits.
Out of the 1.56 lakh registrations till October 22, the majority occurred between October 16-20, with a dip observed over the weekend of October 21-22 when some offices were closed. This mirrors a similar trend observed last month, where over half of the month experienced daily registrations exceeding 10,000, a significant increase from the usual 5,000 to 7,000 fluctuation.
Homebuyers, cautious of potential rises in steel and cement prices, are opting to invest before any anticipated cost increases.
For the first seven months of this fiscal year until October 22, 15.14 lakh property documents have been registered, with a collection of Rs 24,563.34 crore, representing 54.59% of the revenue target. Despite uncertainties in the market, the department has achieved over 50% of its revised target of Rs 45,000 crore for the fiscal year. Last year’s annual registrations reached 25.76 lakh, with a revenue collection of Rs 44,669.83 crore, surpassing the target of Rs 32,000 crore.
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