March is turning out to be a month of bounty for the registration department, which has witnessed over 1 lakh property registration by the middle of the month and also achieved 100% of its revenue target for the 2021-2022 financial year.
A registration official attributed the trend to property buyers' rush to complete the formality before the announcement of the Ready Reckoner (RR) rates. He said the property registration offices would be kept open on Holi and during weekends, as requested by realtors.
Statistics shared by the registration department revealed that 1.22 lakh properties were registered from March 1 to March 15, generating a revenue of Rs1,981.21 crore. December 2021 had witnessed 2.44 lakh property registrations, followed by 2.10 lakh in January 2022 and 2.2 lakh in February.
High-value registrations helped the registration department meet its revenue targets, with October 2021 (Rs3,220 crore), December (Rs3,790 crore) and February 2022 (Rs3,176 crore) logging higher than the usual Rs2,500-Rs2,600 crore generated on a monthly basis.
Credai Vice-President Shantilal Kataria said the citizens' apprehension about an increased RR rates and also the 1% Metro cess led to the increase in the property registrations. "Many people are buying properties before March-end for capital gain tax purposes. Citizens also fear that the developers are likely to increase flat prices by 10-12% due to an unprecedented rise in construction cost by Rs 400-Rs 600 per sq feet," he told TOI.