JAIPUR: Registration and stamp duty collection has increased by 13% in the first nine months of the current financial year compared to the same period last financial year reflecting buoyancy in the real estate sector.
The collections rose to Rs 7010.22 crore in April-January (first 10 days of the current month) against Rs 6220.54 crore during the same period last financial year.
Peeyush Samariya, Inspector general, registration and stamps department said, “We are well on course to achieve the target of Rs 9150 crore this year. We have deployed user-friendly, innovative digital tools to make it seamless for people to pay the duties.”
The real estate industry has been on a roll expanding the city’s boundary. Areas like Jagatpura, Mansarovar and Tonk road have lent new impetus to the market.
Dhananjay Singh Pachar, co-opted executive member of Credai-Rajasthan, said, “The increase in registration and stamp duty collection reflects the transactions happening on the ground. We expect the remain buoyant and ride the next phase of growth mainly fueled by mid- and premium segments.”
In the past couple of years, raw material prices have doubled with the cost of steel, cement and other materials staying at elevated levels.
Pachar said that despite rising prices, the overall sentiment in the housing market remains positive, with buyers showing an upbeat attitude towards purchasing homes.
“We expect the supply pipeline to remain robust mirroring the demand on the ground. If the interest rates come down later this year, the market will get a further fillip,” added Pachar.
The industry expects the uptrend to continue for some more years. The market has come out of a longish period of stagnancy after a boom that lasted till 2013.
