Property registrations surge in 2018, income surpasses Rs 25,000 crore-mark

PUNE: The property registration department has earned over Rs 25,317 crore in revenue between January and November this year — over Rs 3,000 crore more when compared to Rs 21,950 crore income in the same period last year.




The department managed to process 19.34 lakh documents between January and November this year as against 20.72 lakh documents registered between January-December last year. “Since 2013, we have been registering an average of 22 lakh documents ever year, barring 2017 and 2016 when the registrations dipped to 21.49 lakh and 20.46 lakh, respectively,” department officials said. Deputy IGR Supriya Karmarkar said the department was hopeful of achieving the Rs 25,000 crore financial year (April to March) target with steady rise in registrations. “When it comes to the financial year, we have already achieved 70% of the revenue target and expect to earn the rest in the remaining months,” she said. State Credai president Shantilal Kataria said the numbers were good, especially for the affordable housing segment. The Knight Frank Affordability Index, a measure of how expensive the housing market is, pointed at rising affordability in several prominent cities. “In Pune, Kolkata and Ahmedabad, the Index is well within the comfort level of the benchmark,” chairman and managing director of Knight Frank India Shishir Baijal said. ANAROCK Property Consultants chairman Anuj Puri said, “The data suggests an annual rise of 10% in housing sales in 2018 as against 2017. This rise is largely due to the increased commercial activity and demand from IT/ITeS and co-working spaces.” He added that the housing sales numbers may increase by as much as 15% in 2019. National president CREDAI Jaxay Shah said there were highly encouraging signs that the growth in the sector will continue in 2019 as well.