On March 31, registration offices at ISBT and Pari Bazaar experienced an overwhelming influx as buyers aimed to finalize property registrations before the new rates took effect. By late Tuesday night, over 1,000 registrations had been logged.
Beginning April 1, stamp duties rose dramatically, with increases of 50% or higher in 104 locations, and certain areas experiencing rises of 100%, 150%, and even 181%. The last day of the financial year had crowded offices despite sporadic internet lags. Over 1,000 documents were handled, resulting in Rs 20 crore in revenue within a day.
The district exceeded its yearly goal of Rs 350 crore. Senior district registrar Swapnesh Sharma mentioned that the number of registration slots at ISBT, Pari Bazaar, and Govindpura was increased to 700 per office, enabling operations to run late into the evening. Buyers remained awake to obtain slots for March 31.
Demand drafts were also created overnight. Sanjay Meena, a purchaser at Pari Bazaar, scheduled his time at 2 a.m. and received his DD at 10 a.m., yet was assigned a 3 p.m. time slot. The typical construction cost has increased from Rs 13,000 to Rs 14,000 per square metre. For a 1,000 sq. ft. For a 1,000 sq. ft. property (approx. 100 sq. m); this means an additional Rs 10,000 in registration costs. The hike applies to houses, shops, flats, warehouses and commercial premises.
