Despite the impact of COVID-19 in the first half of 2021-22, property registrations stood at 14.3 lakh, which is almost 3 lakh more than the previous year.
During the Corona epidemic, where the world economy has suffered a severe setback. For the last two years, all the businesses have seen a decline. However, after the reduction in corona cases and relaxation in restrictions, improvement is being seen in them. The same has been the case with some of the estate sectors as well. In such a situation, the state government registered an impressive increase of 43% in stamp duty in the financial year ended March 31, 2022, reversing the two-year trend of decline in revenue from stamp duty and registration of property documents as compared to the previous year. .
Let us inform you that there has also been an increase of 25% in the number of sales works executed in 2021-22 as compared to 2020-21. In the financial year 2021-2022, the state government collected Rs 10,606 crore as stamp duty. Stamp duty revenue for 2018-19, 2019-20 and 2020-21 stood at Rs 7,781 crore, Rs 7,701 crore and Rs 7,390 crore respectively. Stamp duty increased by over Rs 3,000 crore in 2021-22 as compared to 2020-21. Despite the impact of COVID-19 in the first half of 2021-22, property registrations stood at 14.3 lakh, which was nearly 3 lakh more than the previous year. In 2018-19, 2019-20 and 2020-21, the number of property registrations in Gujarat stood at 12.4 lakh, 12 lakh and 11.4 lakh respectively. The highest revenue from stamp duty and registration in the financial year 2021-22 was recorded in Ahmedabad at Rs 3,398 crore, Gandhinagar at Rs 2,513 crore, Surat at Rs 1,212 crore and Rajkot at Rs 595 crore. Gandhinagar recorded the second highest revenue numbers due to rapid urbanization.
According to a report in the Times of India, industry people said that the record level of revenue from stamp duty in the last financial year indicates that the real estate sector has recovered from the negative impact of the pandemic. Ajay Patel, president of the Gujarat chapter of the Confederation of Real Estate Developers Association of India (CREDAI), said, “There are many reasons behind the high sales. Low housing loan interest rates have encouraged people to buy homes in a big way. The lockdown After, people felt the need to invest in bigger homes fueling the demand. The real estate market in Gujarat, a manufacturing hub of India, is also booming following the influx of migrants from other states, and the second wave of Covid by NRIs. The revival of investment after the post. All these factors combined have helped the real estate sector.”