The state property registration department has registered an uptick in property registrations in the past week with the numbers mostly crossing the 11,000-mark daily during the Navaratra period.This was the trend in September too, a registration official said on Monday. Data showed that from October 16, the registrations were over 11,000 a day and October 20 witnessed the highest daily log (13,569) for the month. “The first and second weeks of October recorded property registrations in three and four digits. There was a sudden spurt from October 16,” deputy Inspector General of Registration and Stamps (IT) Abhishek Deshmukh told.
The data showed of the 1.56 lakh registrations till October 22, the maximum were registered from October 16-20. The weekend of October 21-22 witnessed a dip in property registrations when some offices were closed.
A similar trend was observed last month when more than half of the month registered over 10,000 daily registrations. This number usually fluctuates between 5,000 and 7,000. As the registration offices would remain closed on Tuesday on account of Dasara, e-registrations from developers’ offices are likely to be carried out with more than 200 developers being provided with the software for e-registration of the first sale of projects, an official said.
Confederation of Real Estate Developers’ Associations of India (Credai) national vice-president Sunil Furde said depending on the homebuyer’s requests, the developers would ensure registration of the first sale of projects from their offices. “The option to register from the developers’ offices will make it easier for the homebuyers and the developers,” he said.
State Credai president Pramod Khairnar said, “Whether it is small towns or big cities, many developers have the e-registration facility. They can use the software and help the homebuyer to get their properties registered.” Credai national governing council member Shantilal Kataria said more than the registrations, the developers would concentrate on bookings. “The buoyancy in the realty market is visible in the second quarter of the fiscal. It is expected to continue till Diwali,” he told .
With the steel and cement industry trying to jack up prices, homebuyers are cautious and deciding to invest before a rise in the cost. “We are not sure when the prices will rise. We have decided to invest in a property in the main city area on Dasara,” said Jyoti Ram, who plans to complete the booking process on Tuesday.
Ranjit Naiknavare, president of Credai Pune-Metro, said, “Pitrupaksh 2023 ended on October 14 and Navratra, which is considered very auspicious, started the following day. The new generation of buyers does not necessarily hold property purchase or registration during Pitrupaksh.”
For the first seven months of this fiscal till October 22, 15.14 lakh property documents have been registered with a collection of Rs 24,563.34 crore (54.59% of the revenue target). Last year, the annual registrations had touched 25.76 lakh, garnering a revenue collection of Rs 44,669.83 crore as against the target of Rs 32,000 crore. This year, the revised target for the department is Rs 45,000 crore and more than 50% of target has been achieved, the data showed.