Lokmat News Network
Chattrapati Sambhajinagar:
Last month, the ongoing Pitru Paksha period led to a significant slowdown in home purchases within the city and surrounding areas, resulting in a 10 per cent decrease in property transactions. This decline has also impacted revenue. However, the onset of Navratri is expected to boost buying and selling activities, with further increases anticipated during Diwali, according to the Department of Stamps (DoS) and builders or construction professionals.
2K properties sold in September
The transactions of around 2,000 properties took place in September. In other months, this figure is three times more. Residents prefer purchasing property during specific auspicious days or occasions.
10% decrease compared to last year
There was also a 7-8 per cent decline in property transactions in September last year, and this year's numbers have reflected a similar trend.
Revenue from Stamp Duty
DoS has generated approximately Rs 300 crore revenue so far, with a target of Rs 750 crore to be achieved by March 31, 2025.
Impact of Pitru Paksha
Property transactions during Pitru Paksha are generally stagnant, as many residents avoid buying or selling during this period, leading to a hit in revenue for the DoS. Hence the office anticipates that transactions will double leading up to Diwali.
Trend of purchasing on auspicious days
There is a tendency to purchase property on auspicious days. Hence 10 pc impact was observed during Pitru Paksha. The gap of 10 pc has been filled during Navratri and significant revenue is expected till Diwali, said the District Stamp Officer, Vivek Gangurde.