Lokmat News Network
Chhatrapati Sambhajinagar:
The real estate market has shown significant activity over the past eight months, as evident from the purchase and sale figures. A total transaction volume of Rs 7,000 crore has been recorded in this sector, with 58,249 properties being bought and sold across the city and its surrounding areas.
From the 13 stamp duty registration offices, a revenue of Rs 444 crore was generated under registry transactions. Of this, substantial revenue came from the purchase and sale of plots, flats, and row houses, amounting to about Rs 430 crore, while Rs 14 crore was earned from other transactions.
The revenue collected by the Department of Registration and Stamps (DRS) so far is 52% higher compared to the previous year. However, efforts will need to be made to achieve a 48% increase in revenue in the next four months to meet the department's financial goals.
If the city's water supply project is completed, it will have a very positive impact on the real estate sector. The growth of DMIC and the Waluj sector, as well as migration of people for employment opportunities, will also prove beneficial for real estate. Besides, the new highway connecting Chhatrapati Sambhajinagar to Pune will further strengthen this sector.
Although the city's expansion is happening on all four sides, the increase in the number of citizens purchasing homes in planned residential projects is reflected in the rising transaction figures. Approximately 6% of the revenue comes from registrations outside the municipal corporation's limit, while 7% is collected within its limits to the DRS. These figures are based on registration under the Ready Reckoner (RR) rate.
291 women enjoyed the benefit
A 1% discount on stamp duty is offered when residential property is purchased in a woman's name. Over the past eight months, 291 residential properties have been registered in the names of women in the district. The DRS has claimed that these women have benefited from this concession.
Real estate transactions of Rs 10K crore in 2023-24
Between April 1, 2023 and March 31, 2024, the real estate sector saw a transaction volume of approximately Rs 10,000 crore. Based on this year's data, there is a likelihood of significant transactions over the next four months.
Compared to 2022, real estate transactions increased by Rs 2,000 crore by April 2024. Areas such as Old City, Aurangpura, Samarthnagar, Harsul, Padegaon, Mitmita, Garkheda, Bhausinghpura, Kanchanwadi, Nakshatrawadi, Shahnoormiyan Dargah, Paithan Road, Sutgirni, Chikalthana, Beed Bypass, Satara, Deolai, and Waluj are witnessing a real estate boom.