In Indore, the District stamp and registrar department saw an increase of nearly 10 percent the property registration and the increasing demand for dwelling units under the affordable housing segment is said to be the main reason for the same.
However, the local body is still short of approximately Rs. 200 crore to achieve its target of collecting property tax of Rs. 1340 crore.
Also, the local stamp and registrar department witnessed that the property registration number crossed the mark of 95,000 mark that too when few days are left in the closing of the financial year. The department is hopeful to cross the mark of Rs. 1 lakh for the first time.
BK More, senior district registrar said that the department set the target of Rs. 1340 crore for the financial year 2018-19. So far, we have collected nearly Rs. 1090 crore revenue via property registrations.
He further said that we are witnessing a huge rush of people in the last week of the fiscal year 2018-19. And thus we are expecting good collection till 31st March with the revenue total crossing the mark of Rs. 1100 crore.
As per the Confederation of Real Estate Developers of India (CREDAI) Indore chapter president Naveen Mehta, the affordable housing segment is the main reason for the flourishing real estate sector as the homebuyers are opting to own a home as they get subsidy upto Rs 2.60 lakh under Credit-Linked Subsidy Scheme (CLSS).
Also, the cut in GST rates on under-construction and affordable properties are the main reasons in the increase in property purchase and registration.
Mehta, CREDAI Indore Chapter President said that the increasing demand in the sector also caught the attention of the realtors as many of them shifted focus on small-sized houses and plots ranging between Rs 6 lakh and 40 lakh.
He also said that the provision of subsidy to people will keep the sentiments of the real estate sector high in the coming three-four years.